Pinnacle Associates Ltd. Has $11.67 Million Position in Valero Energy Corporation (NYSE:VLO)

Key Points

• Pinnacle Associates Ltd. increased its stake in Valero Energy Corporation by 2.9% to own 88,344 shares, valued at approximately $11.67 million.
• Several investment firms have recently adjusted their price targets for Valero Energy, with targets ranging from $136.00 to $168.00, and the stock holds a consensus rating of "Moderate Buy".
• Valero announced a quarterly dividend of $1.13, resulting in an annualized dividend yield of 3.18%, despite a payout ratio of 159.72%.

Pinnacle Associates Ltd. boosted its stake in Valero Energy Corporation (NYSE:VLO - Free Report) by 2.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 88,344 shares of the oil and gas company's stock after purchasing an additional 2,486 shares during the quarter. Pinnacle Associates Ltd.'s holdings in Valero Energy were worth $11,668,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the stock. World Investment Advisors grew its holdings in Valero Energy by 1.8% in the fourth quarter. World Investment Advisors now owns 4,323 shares of the oil and gas company's stock valued at $530,000 after purchasing an additional 78 shares during the period. Proficio Capital Partners LLC lifted its position in shares of Valero Energy by 4.6% during the first quarter. Proficio Capital Partners LLC now owns 2,012 shares of the oil and gas company's stock worth $266,000 after purchasing an additional 89 shares in the last quarter. Providence Wealth Advisors LLC raised its holdings in Valero Energy by 1.1% in the fourth quarter. Providence Wealth Advisors LLC now owns 8,878 shares of the oil and gas company's stock valued at $1,086,000 after acquiring an additional 94 shares in the last quarter. Field & Main Bank raised its holdings in 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 valued at $1,054,000 after acquiring an additional 97 shares in the last quarter. Finally, Heritage Wealth Management Inc. raised its holdings in Valero Energy by 0.5% in the first 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 in the last quarter. 78.69% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on VLO. TD Cowen cut shares of Valero Energy from a "buy" rating to a "hold" rating and upped their price target for the company from $118.00 to $140.00 in a report on Tuesday. Wells Fargo & Company upped their price target on shares of Valero Energy from $151.00 to $168.00 and gave the company an "overweight" rating in a report on Wednesday, July 9th. Scotiabank cut their price target on shares of Valero Energy from $156.00 to $136.00 and set a "sector outperform" rating on the stock in a report on Friday, April 11th. UBS Group increased their target price on shares of Valero Energy from $164.00 to $165.00 and gave the stock a "buy" rating in a report on Friday. Finally, Barclays increased their target price on shares of Valero Energy from $140.00 to $141.00 and gave the stock an "overweight" rating in a report on Monday, May 12th. Five 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. Based on data from MarketBeat, Valero Energy has a consensus rating of "Moderate Buy" and an average price target of $153.87.

Valero Energy Stock Up 1.2%

VLO traded up $1.69 during midday trading on Friday, hitting $142.03. 2,786,874 shares of the company's stock traded hands, compared to its average volume of 3,458,177. The company has a market cap of $44.48 billion, a PE ratio of 59.18, a price-to-earnings-growth ratio of 2.88 and a beta of 1.00. The stock's fifty day simple moving average is $137.66 and its 200-day simple moving average is $130.81. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.56 and a quick ratio of 1.09. Valero Energy Corporation has a one year low of $99.00 and a one year high of $167.78.

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, 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 5.74%. The company had revenue of $29.89 billion for the quarter, compared to analyst estimates of $27 billion. During the same quarter last year, the firm posted $2.71 earnings per share. The company's quarterly revenue was down 13.3% compared to the same quarter last year. As a group, equities analysts anticipate that Valero Energy Corporation will post 7.92 earnings per share for the current fiscal year.

Valero Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Thursday, July 31st will be paid a $1.13 dividend. The ex-dividend date of this dividend is Thursday, July 31st. This represents a $4.52 annualized dividend and a dividend yield of 3.18%. Valero Energy's payout ratio is 159.72%.

Valero Energy Company 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.