Panagora Asset Management Inc. Sells 616,346 Shares of Valero Energy Corporation $VLO

Key Points

• Panagora Asset Management Inc. significantly reduced its stake in Valero Energy Corporation by 97.3%, now holding only 17,296 shares worth about $2.28 million.
• Valero Energy's stock recently reported a 1.4% increase, trading at $154.20, with a market capitalization of approximately $47.90 billion.
• The company declared a quarterly dividend of $1.13, reflecting an annualized payout of $4.52 and a dividend yield of 2.9%.

Panagora Asset Management Inc. cut its position in Valero Energy Corporation (NYSE:VLO - Free Report) by 97.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,296 shares of the oil and gas company's stock after selling 616,346 shares during the quarter. Panagora Asset Management Inc.'s holdings in Valero Energy were worth $2,284,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Kestra Private Wealth Services LLC raised its stake in shares of Valero Energy by 18.5% during the 1st quarter. Kestra Private Wealth Services LLC now owns 22,402 shares of the oil and gas company's stock valued at $2,959,000 after purchasing an additional 3,503 shares during the period. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund purchased a new stake in Valero Energy during the 1st quarter valued at about $766,000. Sendero Wealth Management LLC boosted its holdings in Valero Energy by 11.0% during the 1st quarter. Sendero Wealth Management LLC now owns 20,198 shares of the oil and gas company's stock valued at $2,668,000 after acquiring an additional 2,000 shares during the period. Focus Partners Advisor Solutions LLC raised its position in Valero Energy by 130.0% during the 4th quarter. Focus Partners Advisor Solutions LLC now owns 7,884 shares of the oil and gas company's stock valued at $967,000 after purchasing an additional 4,456 shares during the last quarter. Finally, Dynamic Advisor Solutions LLC bought a new position in Valero Energy during the 1st quarter valued at approximately $462,000. 78.69% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

VLO has been the subject of several research reports. Wells Fargo & Company increased their target price on Valero Energy from $151.00 to $168.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 9th. Morgan Stanley increased their target price on Valero Energy from $145.00 to $160.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 16th. Evercore ISI initiated coverage on Valero Energy in a research report on Wednesday, June 18th. They issued an "in-line" rating and a $135.00 target price for the company. Wolfe Research lowered Valero Energy from an "outperform" rating to a "peer perform" rating in a research report on Monday, July 14th. Finally, UBS Group increased their target price on Valero Energy from $164.00 to $165.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, Valero Energy currently has an average rating of "Moderate Buy" and a consensus price target of $156.40.

Valero Energy Stock Up 0.8%

Shares of Valero Energy stock traded up $1.26 during midday trading on Friday, hitting $156.65. The company had a trading volume of 2,599,302 shares, compared to its average volume of 2,107,999. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.11 and a current ratio of 1.62. The stock has a market capitalization of $48.66 billion, a P/E ratio of 65.27, a P/E/G ratio of 1.86 and a beta of 1.10. The company has a 50 day moving average of $143.44 and a 200 day moving average of $132.07. Valero Energy Corporation has a 52-week low of $99.00 and a 52-week high of $159.26.

Valero Energy (NYSE:VLO - Get Free Report) last issued its earnings results on Thursday, July 24th. The oil and gas company reported $2.28 EPS for the quarter, beating the consensus estimate of $1.66 by $0.62. The business had revenue of $29.89 billion for the quarter, compared to the consensus estimate of $27 billion. Valero Energy had a return on equity of 5.76% and a net margin of 0.62%.The company's revenue was down 13.3% compared to the same quarter last year. During the same period last year, the business posted $2.71 EPS. On average, equities analysts predict that Valero Energy Corporation will post 7.92 earnings per share for the current fiscal year.

Valero Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Thursday, July 31st were issued a $1.13 dividend. This represents a $4.52 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend was Thursday, July 31st. Valero Energy's dividend payout ratio (DPR) is currently 188.33%.

About Valero Energy

Valero Energy Corporation manufactures, markets, and sells petroleum-based and low-carbon liquid transportation fuels and petrochemical products in the United States, Canada, the United Kingdom, Ireland, Latin America, Mexico, Peru, and internationally. It operates through three segments: Refining, Renewable Diesel, and Ethanol.