Resona Asset Management Co. Ltd. Boosts Position in Valero Energy Corporation (NYSE:VLO)

Key Points

• Resona Asset Management Co. Ltd. increased its holdings in Valero Energy Corporation by 7.9%, owning 103,462 shares worth approximately $13.65 million as of the latest SEC filing.
• Valero Energy reported a quarterly EPS of $2.28, exceeding estimates of $1.66, despite a 13.3% year-over-year decline in revenue.
• The company declared a quarterly dividend of $1.13, representing a 3.3% dividend yield, with a high payout ratio of 188.33%.

Resona Asset Management Co. Ltd. increased its position in Valero Energy Corporation (NYSE:VLO - Free Report) by 7.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 103,462 shares of the oil and gas company's stock after purchasing an additional 7,547 shares during the period. Resona Asset Management Co. Ltd.'s holdings in Valero Energy were worth $13,654,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of VLO. Rockefeller Capital Management L.P. grew its holdings in Valero Energy by 9.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 77,622 shares of the oil and gas company's stock valued at $9,520,000 after buying an additional 6,791 shares in the last quarter. Townsquare Capital LLC grew its stake in shares of Valero Energy by 26.3% during the fourth quarter. Townsquare Capital LLC now owns 24,623 shares of the oil and gas company's stock worth $3,019,000 after acquiring an additional 5,134 shares during the last quarter. Sagespring Wealth Partners LLC acquired a new stake in shares of Valero Energy during the fourth quarter worth about $219,000. Advisors Capital Management LLC lifted its holdings in Valero Energy by 6.1% in the fourth quarter. Advisors Capital Management LLC now owns 2,617 shares of the oil and gas company's stock valued at $321,000 after acquiring an additional 151 shares during the period. Finally, SageView Advisory Group LLC raised its stake in shares of Valero Energy by 58.6% during the 4th quarter. SageView Advisory Group LLC now owns 2,512 shares of the oil and gas company's stock worth $308,000 after buying an additional 928 shares during the period. Institutional investors own 78.69% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Barclays upped their price target on Valero Energy from $140.00 to $141.00 and gave the company an "overweight" rating in a research note on Monday, May 12th. Mizuho increased their price target on Valero Energy from $158.00 to $166.00 and gave the company an "outperform" rating in a research report on Tuesday, May 13th. TD Cowen downgraded Valero Energy from a "buy" rating to a "hold" rating and increased their price objective for the company from $118.00 to $140.00 in a report on Tuesday, July 22nd. Piper Sandler raised their price target on Valero Energy from $159.00 to $168.00 and gave the stock an "overweight" rating in a research note on Monday, July 28th. Finally, Citigroup downgraded 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 note on Wednesday, July 16th. Five equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Valero Energy presently has an average rating of "Moderate Buy" and a consensus price target of $154.47.

Valero Energy Stock Performance

Shares of NYSE VLO traded up $0.91 during midday trading on Friday, hitting $136.73. The company's stock had a trading volume of 2,037,284 shares, compared to its average volume of 2,810,699. The stock has a fifty day moving average price of $139.81 and a 200 day moving average price of $130.77. The company has a current ratio of 1.62, a quick ratio of 1.11 and a debt-to-equity ratio of 0.38. The firm has a market capitalization of $42.48 billion, a price-to-earnings ratio of 56.97, a P/E/G ratio of 3.24 and a beta of 1.03. Valero Energy Corporation has a one year low of $99.00 and a one year high of $155.12.

Valero Energy (NYSE:VLO - Get Free Report) last released 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 company had revenue of $29.89 billion for 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 firm's quarterly revenue was down 13.3% compared to the same quarter last year. During the same quarter last year, the firm earned $2.71 EPS. On average, research analysts forecast that Valero Energy Corporation will post 7.92 EPS for the current fiscal year.

Valero Energy Dividend Announcement

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