Gabelli Funds LLC Boosts Stock Holdings in Valero Energy Corporation $VLO

Key Points

• Gabelli Funds LLC increased its stake in Valero Energy by 11%, acquiring an additional 6,300 shares, bringing its total holdings to 63,400 shares valued at approximately $8.37 million.
• Valero Energy reported $2.28 earnings per share for the last quarter, surpassing analysts' expectations of $1.66, despite a 13.3% decline in quarterly revenue year-over-year.
• The company announced a quarterly dividend of $1.13 per share, resulting in an annualized dividend yield of 3.0%, although its payout ratio stands at an exceptionally high 188.33%.

Gabelli Funds LLC boosted its holdings in Valero Energy Corporation (NYSE:VLO - Free Report) by 11.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 63,400 shares of the oil and gas company's stock after buying an additional 6,300 shares during the quarter. Gabelli Funds LLC's holdings in Valero Energy were worth $8,373,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in VLO. Keeley Teton Advisors LLC raised its holdings in Valero Energy by 1.1% during the 1st quarter. Keeley Teton Advisors LLC now owns 7,764 shares of the oil and gas company's stock worth $1,025,000 after purchasing an additional 81 shares during the last quarter. FORA Capital LLC bought a new position in Valero Energy during the 1st quarter worth approximately $866,000. Bank of Hawaii bought a new position in Valero Energy during the 1st quarter worth approximately $259,000. Kayne Anderson Rudnick Investment Management LLC raised its holdings in Valero Energy by 28.2% during the 1st quarter. Kayne Anderson Rudnick Investment Management LLC now owns 13,281 shares of the oil and gas company's stock worth $1,754,000 after purchasing an additional 2,922 shares during the last quarter. Finally, Comerica Bank raised its holdings in Valero Energy by 1.8% during the 1st quarter. Comerica Bank now owns 72,541 shares of the oil and gas company's stock worth $9,581,000 after purchasing an additional 1,258 shares during the last quarter. Institutional investors own 78.69% of the company's stock.

Valero Energy Stock Up 0.7%

VLO stock traded up $1.11 during midday trading on Monday, reaching $152.27. 2,242,681 shares of the company's stock traded hands, compared to its average volume of 2,158,698. The company has a market cap of $47.30 billion, a price-to-earnings ratio of 63.44, a P/E/G ratio of 3.55 and a beta of 1.10. The firm's fifty day moving average price is $141.57 and its 200-day moving average price is $131.40. 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.

Valero Energy (NYSE:VLO - Get Free Report) last announced 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. 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%. Valero Energy's quarterly revenue was down 13.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.71 EPS. As a group, sell-side analysts forecast that Valero Energy Corporation will post 7.92 earnings per share for the current fiscal year.

Valero Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Thursday, July 31st will be issued a dividend of $1.13 per share. This represents a $4.52 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend is Thursday, July 31st. Valero Energy's payout ratio is currently 188.33%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on VLO shares. Piper Sandler raised their price target on shares of Valero Energy from $159.00 to $168.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. The Goldman Sachs Group raised shares of Valero Energy from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $127.00 to $154.00 in a research report on Tuesday, May 13th. Wolfe Research downgraded shares of Valero Energy from an "outperform" rating to a "peer perform" rating in a research report on Monday, July 14th. Evercore ISI assumed coverage on shares of Valero Energy in a research report on Wednesday, June 18th. They set an "in-line" rating and a $135.00 price objective for the company. Finally, Morgan Stanley raised their price objective on shares of Valero Energy from $145.00 to $160.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 16th. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, Valero Energy currently has an average rating of "Moderate Buy" and a consensus target price of $154.47.

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.