Valero Energy Corporation $VLO Shares Bought by Cullen Frost Bankers Inc.

Key Points

• Cullen Frost Bankers Inc. increased its stake in Valero Energy Corporation by 2.4% during the second quarter, acquiring an additional 3,605 shares, bringing their total holdings to 155,423 shares valued at approximately $20.89 million.
• Equities analysts have raised their price targets for Valero Energy, with estimates ranging from $179.00 to $216.00, reflecting a generally positive outlook for the stock.
• Valero Energy reported earnings of $2.28 per share in its latest quarter, exceeding expectations and indicating a revenue of $29.89 billion, despite a 13.3% year-over-year decline.

Cullen Frost Bankers Inc. raised its position in Valero Energy Corporation (NYSE:VLO - Free Report) by 2.4% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 155,423 shares of the oil and gas company's stock after buying an additional 3,605 shares during the quarter. Cullen Frost Bankers Inc.'s holdings in Valero Energy were worth $20,892,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in VLO. Wayfinding Financial LLC acquired a new position in shares of Valero Energy during the 1st quarter worth $26,000. Hoey Investments Inc. acquired a new position in shares of Valero Energy during the 2nd quarter worth $26,000. GFG Capital LLC acquired a new position in shares of Valero Energy during the 2nd quarter worth $27,000. Hazlett Burt & Watson Inc. grew its stake in shares of Valero Energy by 156.6% during the 1st quarter. Hazlett Burt & Watson Inc. now owns 213 shares of the oil and gas company's stock worth $28,000 after purchasing an additional 130 shares during the period. Finally, Hemington Wealth Management grew its stake in shares of Valero Energy by 39.9% during the 1st quarter. Hemington Wealth Management now owns 333 shares of the oil and gas company's stock worth $43,000 after purchasing an additional 95 shares during the period. 78.69% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Evercore ISI upped their price target on shares of Valero Energy from $135.00 to $185.00 and gave the stock an "in-line" rating in a research note on Friday, September 19th. Bank of America raised shares of Valero Energy from a "neutral" rating to a "buy" rating and upped their price target for the stock from $152.00 to $179.00 in a research note on Wednesday, September 3rd. Piper Sandler upped their price target on shares of Valero Energy from $171.00 to $200.00 and gave the stock an "overweight" rating in a research note on Thursday, September 11th. Jefferies Financial Group boosted their price objective on shares of Valero Energy from $181.00 to $194.00 and gave the stock a "buy" rating in a research report on Friday, October 10th. Finally, Wells Fargo & Company initiated coverage on shares of Valero Energy in a research report on Friday, October 17th. They issued an "overweight" rating and a $216.00 price objective on the stock. Three research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $173.27.

Valero Energy Price Performance

NYSE:VLO opened at $157.76 on Wednesday. Valero Energy Corporation has a 12-month low of $99.00 and a 12-month high of $178.43. The firm has a market cap of $49.01 billion, a price-to-earnings ratio of 65.73, a price-to-earnings-growth ratio of 1.61 and a beta of 1.05. The company's 50-day moving average is $157.05 and its two-hundred day moving average is $139.56. The company has a current ratio of 1.62, a quick ratio of 1.11 and a debt-to-equity ratio of 0.38.

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 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.66 by $0.62. Valero Energy had a net margin of 0.62% and a return on equity of 5.76%. The company had revenue of $29.89 billion for the quarter, compared to analysts' expectations of $27 billion. During the same period last year, the company earned $2.71 EPS. The firm's revenue for the quarter was down 13.3% compared to the same quarter last year. Research analysts expect that Valero Energy Corporation will post 7.92 EPS for the current year.

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.

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