Valero Energy Corporation $VLO Stock Sold by Cincinnati Insurance Co.

Key Points

• Cincinnati Insurance Co. cut its Valero stake by 36.4% in the third quarter, selling 129,870 shares and retaining 226,668 shares valued at about $87.9 million.
• Institutional investors held 78.69% of Valero shares, while several firms—including Amundi and UBS AM—increased their positions.
• Valero beat quarterly earnings and revenue expectations, reported year-over-year revenue growth of 43.3%, and declared a $1.20-per-share quarterly dividend. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $406.32.

Cincinnati Insurance Co. lessened its stake in Valero Energy Corporation (NYSE:VLO - Free Report) by 36.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 226,668 shares of the oil and gas company's stock after selling 129,870 shares during the quarter. Valero Energy comprises about 1.3% of Cincinnati Insurance Co.'s holdings, making the stock its 29th largest holding. Cincinnati Insurance Co. owned 0.08% of Valero Energy worth $87,859,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in VLO. Bank of America Corp DE purchased a new stake in Valero Energy in the 2nd quarter valued at $1,195,943,000. Amundi increased its stake in shares of Valero Energy by 45.3% in the 1st quarter. Amundi now owns 2,584,976 shares of the oil and gas company's stock worth $638,695,000 after acquiring an additional 806,018 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Valero Energy by 33.9% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,058,341 shares of the oil and gas company's stock worth $536,074,000 after acquiring an additional 520,642 shares during the period. Corient Private Wealth LP purchased a new position in shares of Valero Energy during the 2nd quarter worth $59,917,000. Finally, Arrowstreet Capital Limited Partnership boosted its position in shares of Valero Energy by 18.4% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,842,339 shares of the oil and gas company's stock valued at $702,285,000 after acquiring an additional 442,177 shares during the last quarter. Hedge funds and other institutional investors own 78.69% of the company's stock.

Valero Energy Stock Performance

Shares of VLO stock opened at $346.29 on Friday. The firm's 50 day moving average price is $399.61 and its 200-day moving average price is $289.61. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.33 and a current ratio of 1.72. Valero Energy Corporation has a one year low of $159.90 and a one year high of $461.52. The firm has a market cap of $99.71 billion, a P/E ratio of 7.79, a P/E/G ratio of 0.18 and a beta of 0.58.

Valero Energy (NYSE:VLO - Get Free Report) last posted its earnings results on Thursday, October 22nd. The oil and gas company reported $23.90 earnings per share for the quarter, beating the consensus estimate of $21.17 by $2.73. Valero Energy had a net margin of 8.44% and a return on equity of 45.90%. The firm had revenue of $46.10 billion during the quarter, compared to the consensus estimate of $42.71 billion. During the same quarter last year, the firm earned $3.66 EPS. The firm's revenue for the quarter was up 43.3% on a year-over-year basis. As a group, equities research analysts predict that Valero Energy Corporation will post 57.83 EPS for the current year.

Valero Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 21st. Shareholders of record on Tuesday, November 24th will be paid a dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date is Tuesday, November 24th. Valero Energy's dividend payout ratio is 10.80%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on VLO shares. Freedom Broker lowered shares of Valero Energy from a "hold" rating to a "sell" rating and set a $276.00 price objective for the company. in a report on Friday, October 23rd. Zacks Research upgraded shares of Valero Energy from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 4th. Raymond James Financial boosted their target price on shares of Valero Energy from $450.00 to $530.00 in a report on Monday, October 19th. Piper Sandler increased their price objective on Valero Energy from $329.00 to $435.00 and gave the stock an "overweight" rating in a research report on Thursday, September 3rd. Finally, The Goldman Sachs Group increased their price target on Valero Energy from $457.00 to $496.00 and gave the stock a "buy" rating in a report on Friday, October 9th. Three investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $406.32.

Valero Energy Company Profile

Valero Energy Corporation is an international refiner and producer of transportation fuels and other petroleum products, headquartered in San Antonio, Texas. Its refining business processes crude oil and other feedstocks into products such as gasoline, diesel, jet fuel, asphalt and petrochemical feedstocks.

The company markets and distributes fuels to wholesale customers and through branded distribution networks. Its refining operations span the United States, Canada and the United Kingdom, with products serving customers in North America and other markets.

Valero also produces renewable fuels, including ethanol and renewable diesel.

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