Summa Corp. Sells 35,000 Shares of Valero Energy Corporation $VLO

Key Points

• Summa Corp. has significantly reduced its stake in Valero Energy Corporation by selling 35,000 shares, resulting in an 86.6% decrease in holdings, leaving it with only 5,400 shares worth approximately $726,000.
• Valero Energy reported a quarterly earnings per share (EPS) of $2.28, exceeding analysts' estimates of $1.66, despite a 13.3% decrease in revenue year-over-year.
• The company also declared a quarterly dividend of $1.13 per share, leading to an annualized dividend yield of 2.9% and a payout ratio of 188.33%.

Summa Corp. cut its holdings in shares of Valero Energy Corporation (NYSE:VLO - Free Report) by 86.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,400 shares of the oil and gas company's stock after selling 35,000 shares during the period. Valero Energy makes up 0.4% of Summa Corp.'s holdings, making the stock its 28th biggest holding. Summa Corp.'s holdings in Valero Energy were worth $726,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in VLO. Harbor Capital Advisors Inc. increased its position in shares of Valero Energy by 1,995.1% during the first quarter. Harbor Capital Advisors Inc. now owns 6,432 shares of the oil and gas company's stock worth $849,000 after acquiring an additional 6,125 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of Valero Energy by 17.3% during the first quarter. GAMMA Investing LLC now owns 10,265 shares of the oil and gas company's stock valued at $1,356,000 after buying an additional 1,516 shares during the last quarter. Ferguson Wellman Capital Management Inc. purchased a new position in shares of Valero Energy during the first quarter valued at approximately $214,000. Everhart Financial Group Inc. purchased a new position in shares of Valero Energy during the first quarter valued at approximately $216,000. Finally, Elevation Point Wealth Partners LLC boosted its position in shares of Valero Energy by 6.9% during the first quarter. Elevation Point Wealth Partners LLC now owns 10,339 shares of the oil and gas company's stock valued at $1,366,000 after buying an additional 665 shares during the last quarter. 78.69% of the stock is owned by institutional investors.

Valero Energy Stock Down 2.4%

Shares of NYSE:VLO opened at $158.19 on Friday. The company has a market capitalization of $49.14 billion, a PE ratio of 65.91, a price-to-earnings-growth ratio of 1.69 and a beta of 1.05. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.62 and a quick ratio of 1.11. The business has a fifty day moving average price of $153.45 and a two-hundred day moving average price of $137.94. Valero Energy Corporation has a 1 year low of $99.00 and a 1 year high of $178.43.

Valero Energy (NYSE:VLO - Get Free Report) last announced its quarterly earnings data 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. The firm had revenue of $29.89 billion during 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 business's revenue for the quarter was down 13.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.71 EPS. Analysts forecast that Valero Energy Corporation will post 7.92 earnings per share for the current year.

Valero Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Thursday, July 31st were given a dividend of $1.13 per share. This represents a $4.52 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend was Thursday, July 31st. Valero Energy's dividend payout ratio is currently 188.33%.

Analyst Ratings Changes

Several research analysts recently issued reports on VLO shares. Citigroup cut Valero Energy from a "buy" rating to a "neutral" rating and lifted their target price for the company from $134.00 to $150.00 in a research report on Wednesday, July 16th. Raymond James Financial lifted their target price on Valero Energy from $170.00 to $177.00 and gave the company a "strong-buy" rating in a research report on Tuesday, September 9th. Piper Sandler lifted their target price on Valero Energy from $171.00 to $200.00 and gave the company an "overweight" rating in a research report on Thursday, September 11th. Morgan Stanley cut Valero Energy from an "overweight" rating to an "equal weight" rating and lifted their target price for the company from $160.00 to $175.00 in a research report on Friday, October 3rd. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Valero Energy in a research report on Wednesday. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $169.80.

Valero Energy Profile

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.

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