SouthState Corp Buys 79,389 Shares of Valero Energy Corporation (NYSE:VLO)

Key Points

• SouthState Corp increased its stake in Valero Energy by 195.3%, acquiring an additional 79,389 shares during the first quarter, bringing its total holdings to 120,041 shares valued at approximately $15.85 million.
• Valero Energy reported quarterly earnings of $2.28 per share, exceeding analyst expectations of $1.66, despite revenues being down 13.3% year-over-year.
• The company recently declared a quarterly dividend of $1.13 per share, representing a yield of 3.4% and a payout ratio of 188.33%.

SouthState Corp increased its stake in Valero Energy Corporation (NYSE:VLO - Free Report) by 195.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 120,041 shares of the oil and gas company's stock after buying an additional 79,389 shares during the quarter. SouthState Corp's holdings in Valero Energy were worth $15,854,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Citizens Financial Group Inc. RI boosted its position in Valero Energy by 2.2% in the first quarter. Citizens Financial Group Inc. RI now owns 3,798 shares of the oil and gas company's stock worth $502,000 after purchasing an additional 82 shares during the last quarter. Proficio Capital Partners LLC raised its stake in shares of Valero Energy by 4.6% during the 1st quarter. Proficio Capital Partners LLC now owns 2,012 shares of the oil and gas company's stock valued at $266,000 after purchasing an additional 89 shares during the period. Hemington Wealth Management boosted its position in shares of Valero Energy by 39.9% in the first quarter. Hemington Wealth Management now owns 333 shares of the oil and gas company's stock valued at $43,000 after acquiring an additional 95 shares during the period. Field & Main Bank increased its holdings in shares of Valero Energy by 1.2% in the first quarter. Field & Main Bank now owns 7,982 shares of the oil and gas company's stock worth $1,054,000 after purchasing an additional 97 shares during the period. Finally, Heritage Wealth Management Inc. boosted its position in shares of Valero Energy by 0.5% during the 1st quarter. Heritage Wealth Management Inc. now owns 19,349 shares of the oil and gas company's stock valued at $2,555,000 after acquiring an additional 97 shares during the last quarter. 78.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

VLO has been the subject of several research reports. Mizuho upped their target price on Valero Energy from $158.00 to $166.00 and gave the stock an "outperform" rating in a research note on Tuesday, May 13th. UBS Group upped their target price on Valero Energy from $164.00 to $165.00 and gave the company a "buy" rating in a report on Friday, July 25th. Citigroup lowered Valero Energy from a "buy" rating to a "neutral" rating and increased their target price for the stock from $134.00 to $150.00 in a research report on Wednesday, July 16th. Barclays boosted their price objective on shares of Valero Energy from $140.00 to $141.00 and gave the stock an "overweight" rating in a research note on Monday, May 12th. Finally, The Goldman Sachs Group raised Valero Energy from a "neutral" rating to a "buy" rating and increased their target price for the stock from $127.00 to $154.00 in a research note on Tuesday, May 13th. Five equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Valero Energy presently has an average rating of "Moderate Buy" and a consensus target price of $154.47.

Valero Energy Trading Up 2.0%

VLO traded up $2.70 during trading on Wednesday, reaching $136.08. The company had a trading volume of 2,092,854 shares, compared to its average volume of 3,330,087. The company has a quick ratio of 1.11, a current ratio of 1.62 and a debt-to-equity ratio of 0.38. Valero Energy Corporation has a 52 week low of $99.00 and a 52 week high of $155.12. The stock has a market cap of $42.27 billion, a P/E ratio of 56.70, a PEG ratio of 3.12 and a beta of 1.03. The business has a 50 day simple moving average of $139.27 and a 200-day simple moving average of $130.84.

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

Valero Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Thursday, July 31st will be issued a $1.13 dividend. The ex-dividend date is Thursday, July 31st. This represents a $4.52 annualized dividend and a dividend yield of 3.3%. Valero Energy's payout ratio 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.