Synovus Financial Corp Trims Stock Position in Valero Energy Corporation $VLO

Key Points

• Synovus Financial Corp has reduced its stake in Valero Energy Corporation by 24.3%, now holding 11,384 shares worth approximately $1.5 million.
• Several analysts have recently adjusted their price targets for Valero Energy, with Raymond James raising its target to $172, reflecting strong bullish sentiment towards the stock.
• Valero Energy recently declared a quarterly dividend of $1.13 per share, resulting in an annualized dividend yield of 3.1%, although it has a high dividend payout ratio of 188.33%.

Synovus Financial Corp trimmed its stake in Valero Energy Corporation (NYSE:VLO - Free Report) by 24.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,384 shares of the oil and gas company's stock after selling 3,654 shares during the period. Synovus Financial Corp's holdings in Valero Energy were worth $1,503,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Valero Energy by 12.0% in the 1st quarter. Vanguard Group Inc. now owns 38,881,222 shares of the oil and gas company's stock worth $5,135,043,000 after purchasing an additional 4,155,522 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Valero Energy by 6.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 11,437,765 shares of the oil and gas company's stock worth $1,510,586,000 after purchasing an additional 736,533 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Valero Energy by 276.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 10,795,436 shares of the oil and gas company's stock worth $1,425,754,000 after purchasing an additional 7,931,018 shares in the last quarter. Ameriprise Financial Inc. increased its stake in shares of Valero Energy by 5.7% in the 4th quarter. Ameriprise Financial Inc. now owns 7,938,335 shares of the oil and gas company's stock worth $973,119,000 after purchasing an additional 429,252 shares in the last quarter. Finally, Invesco Ltd. increased its stake in shares of Valero Energy by 34.1% in the 1st quarter. Invesco Ltd. now owns 4,905,145 shares of the oil and gas company's stock worth $647,823,000 after purchasing an additional 1,247,196 shares in the last quarter. 78.69% of the stock is currently owned by hedge funds and other institutional investors.

Valero Energy Trading Up 0.7%

Shares of NYSE:VLO traded up $1.11 during trading on Friday, reaching $152.27. The company's stock had a trading volume of 2,242,681 shares, compared to its average volume of 2,159,081. 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 Corporation has a 12 month low of $99.00 and a 12 month high of $155.12. The firm's 50 day simple moving average is $141.57 and its two-hundred day simple moving average is $131.39. The stock has a market capitalization of $47.30 billion, a PE ratio of 63.44, a price-to-earnings-growth ratio of 3.53 and a beta of 1.03.

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. Valero Energy had a net margin of 0.62% and a return on equity of 5.76%. The firm had revenue of $29.89 billion during the quarter, compared to the consensus estimate of $27 billion. During the same quarter last year, the firm earned $2.71 EPS. The firm's revenue for the quarter was down 13.3% compared to the same quarter last year. On average, research analysts predict that Valero Energy Corporation will post 7.92 EPS for the current fiscal year.

Valero Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Thursday, July 31st will be issued a $1.13 dividend. The ex-dividend date of this dividend is Thursday, July 31st. This represents a $4.52 dividend on an annualized basis and a dividend yield of 3.0%. Valero Energy's dividend payout ratio (DPR) is presently 188.33%.

Wall Street Analyst Weigh In

VLO has been the subject of several analyst reports. Piper Sandler upped their price objective on Valero Energy from $159.00 to $168.00 and gave the stock an "overweight" rating in a research note on Monday, July 28th. Mizuho increased their price target on Valero Energy from $158.00 to $166.00 and gave the stock an "outperform" rating in a research note on Tuesday, May 13th. Barclays increased their price target on Valero Energy from $140.00 to $141.00 and gave the stock an "overweight" rating in a research note on Monday, May 12th. Wolfe Research lowered Valero Energy from an "outperform" rating to a "peer perform" rating in a research note on Monday, July 14th. Finally, Morgan Stanley increased their price target on Valero Energy from $145.00 to $160.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 16th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, Valero Energy has an average rating of "Moderate Buy" and a consensus price target of $154.47.

Valero Energy 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.