Valero Energy Corporation $VLO Stock Sold by Commonwealth Equity Services LLC

Key Points

• Commonwealth Equity Services cut its Valero Energy stake by 10.5% in the third quarter, selling 14,019 shares and retaining 119,127 shares valued at about $46.2 million.
• Valero reported quarterly earnings of $23.90 per share, beating estimates of $21.17, while revenue of $46.1 billion also topped forecasts and rose 43.3% year over year.
• The company declared a quarterly dividend of $1.20 per share, equivalent to $4.80 annually and a 1.4% yield; analysts’ average rating was “Moderate Buy,” with an average price target of $406.32.

Commonwealth Equity Services LLC reduced its stake in shares of Valero Energy Corporation (NYSE:VLO - Free Report) by 10.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 119,127 shares of the oil and gas company's stock after selling 14,019 shares during the quarter. Commonwealth Equity Services LLC's holdings in Valero Energy were worth $46,175,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in VLO. Moore Capital Management LP bought a new position in shares of Valero Energy during the 2nd quarter worth $13,193,000. QRG Capital Management Inc. raised its holdings in shares of Valero Energy by 5.5% in the second quarter. QRG Capital Management Inc. now owns 58,558 shares of the oil and gas company's stock valued at $15,251,000 after acquiring an additional 3,037 shares in the last quarter. Atlatl Advisers LLC bought a new stake in shares of Valero Energy in the third quarter valued at about $10,206,000. Jennison Associates LLC lifted its stake in Valero Energy by 377.1% in the first quarter. Jennison Associates LLC now owns 413,437 shares of the oil and gas company's stock worth $102,152,000 after acquiring an additional 326,777 shares during the period. Finally, QP Wealth Management LLC purchased a new stake in Valero Energy in the third quarter worth about $1,423,000. 78.69% of the stock is currently owned by hedge funds and other institutional investors.

Valero Energy Trading Down 1.4%

Shares of NYSE VLO opened at $346.29 on Friday. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.72 and a quick ratio of 1.33. The stock has a market capitalization of $99.71 billion, a P/E ratio of 7.79, a price-to-earnings-growth ratio of 0.18 and a beta of 0.58. Valero Energy Corporation has a 1-year low of $159.90 and a 1-year high of $461.52. The business has a fifty day moving average price of $399.61 and a 200 day moving average price of $289.61.

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

Valero Energy Announces Dividend

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

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. TD Cowen increased their target price on shares of Valero Energy from $375.00 to $400.00 and gave the stock a "hold" rating in a report on Thursday, October 22nd. Raymond James Financial boosted their price target on shares of Valero Energy from $450.00 to $530.00 in a report on Monday, October 19th. Bank of America upped their price target on shares of Valero Energy from $395.00 to $414.00 and gave the stock a "neutral" rating in a research report on Friday, October 2nd. Freedom Broker downgraded shares of Valero Energy from a "hold" rating to a "sell" rating and set a $276.00 price objective on the stock. in a research note on Friday, October 23rd. Finally, Erste Group Bank lowered shares of Valero Energy from a "buy" rating to a "hold" rating in a report on Thursday, August 27th. Three analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Valero Energy has an average rating of "Moderate Buy" and an average target price of $406.32.

About Valero Energy

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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