Valero Energy Corporation $VLO Stock Position Cut by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company reduced its stake in Valero Energy Corporation by 2.3% during the first quarter, now owning 694,669 shares valued at approximately $91.7 million.
• Several other institutional investors have significantly increased their positions in Valero, with notable increases from Canada Pension Plan Investment Board and Transamerica Financial Advisors.
• Valero Energy recently reported $2.28 earnings per share for the quarter, surpassing estimates and also announced a quarterly dividend of $1.13 per share.

The Manufacturers Life Insurance Company decreased its holdings in Valero Energy Corporation (NYSE:VLO - Free Report) by 2.3% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 694,669 shares of the oil and gas company's stock after selling 16,622 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.22% of Valero Energy worth $91,745,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its holdings in shares of Valero Energy by 276.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 10,795,436 shares of the oil and gas company's stock valued at $1,425,754,000 after buying an additional 7,931,018 shares during the period. Vanguard Group Inc. raised its holdings in shares of Valero Energy by 12.0% during the 1st quarter. Vanguard Group Inc. now owns 38,881,222 shares of the oil and gas company's stock valued at $5,135,043,000 after buying an additional 4,155,522 shares during the period. Nuveen LLC purchased a new stake in shares of Valero Energy during the first quarter valued at approximately $529,864,000. GAMMA Investing LLC raised its stake in shares of Valero Energy by 15,395.5% during the first quarter. GAMMA Investing LLC now owns 1,355,699 shares of the oil and gas company's stock valued at $179,047,000 after purchasing an additional 1,346,950 shares during the period. Finally, Invesco Ltd. raised its stake in shares of Valero Energy by 34.1% during the first quarter. Invesco Ltd. now owns 4,905,145 shares of the oil and gas company's stock valued at $647,823,000 after purchasing an additional 1,247,196 shares during the period. Hedge funds and other institutional investors own 78.69% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on VLO. Citigroup downgraded shares of Valero Energy from a "buy" rating to a "neutral" rating and lifted their price target for the stock from $134.00 to $150.00 in a research note on Wednesday, July 16th. Barclays lifted their target price on Valero Energy from $140.00 to $141.00 and gave the stock an "overweight" rating in a research report on Monday, May 12th. Mizuho lifted their target price on Valero Energy from $158.00 to $166.00 and gave the stock an "outperform" rating in a research report on Tuesday, May 13th. Piper Sandler lifted their price objective on Valero Energy from $159.00 to $168.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. Finally, The Goldman Sachs Group upgraded shares of Valero Energy from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $127.00 to $154.00 in a research note on Tuesday, May 13th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $156.40.

Valero Energy Stock Performance

Shares of NYSE:VLO traded up $1.09 during trading on Wednesday, hitting $155.37. 3,061,764 shares of the company traded hands, compared to its average volume of 3,233,093. The stock has a market capitalization of $48.26 billion, a price-to-earnings ratio of 64.74, a PEG ratio of 3.55 and a beta of 1.10. The business's fifty day moving average is $142.24 and its 200-day moving average is $131.67. 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 one year low of $99.00 and a one year high of $159.26.

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

Valero Energy Announces Dividend

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