Valero Energy Corporation $VLO Stock Sold by Red Cedar Investment Management LLC

Key Points

• Red Cedar Investment Management cut its Valero Energy stake by 37.8% in the third quarter, selling 10,237 shares and retaining 16,815 shares worth about $6.52 million.
• Other major institutional investors increased their holdings, and institutions collectively owned 78.69% of Valero’s shares.
• Valero beat quarterly earnings and revenue estimates, while analysts’ consensus rating was “Moderate Buy” with an average price target of $406.32. The company also declared a $1.20 quarterly dividend.

Red Cedar Investment Management LLC lowered its position in shares of Valero Energy Corporation (NYSE:VLO - Free Report) by 37.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,815 shares of the oil and gas company's stock after selling 10,237 shares during the quarter. Red Cedar Investment Management LLC's holdings in Valero Energy were worth $6,518,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Bank of America Corp DE raised its stake in Valero Energy by 11.4% in the 1st quarter. Bank of America Corp DE now owns 5,033,310 shares of the oil and gas company's stock valued at $1,243,630,000 after purchasing an additional 516,975 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Valero Energy by 9.4% in the 1st quarter. Bank of New York Mellon Corp now owns 2,969,320 shares of the oil and gas company's stock valued at $733,660,000 after purchasing an additional 254,604 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in Valero Energy by 18.4% in 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 purchasing an additional 442,177 shares in the last quarter. Amundi boosted its stake in Valero Energy by 45.3% during the 1st quarter. Amundi now owns 2,584,976 shares of the oil and gas company's stock worth $638,695,000 after purchasing an additional 806,018 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Valero Energy by 33.9% during the second 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 buying an additional 520,642 shares in the last quarter. Hedge funds and other institutional investors own 78.69% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Morgan Stanley increased their target price on shares of Valero Energy from $411.00 to $420.00 and gave the company an "equal weight" rating in a research report on Monday, November 2nd. Dbs Bank downgraded shares of Valero Energy to a "hold" rating and set a $436.00 price target on the stock. in a research note on Monday, October 19th. Barclays boosted their price target on shares of Valero Energy from $441.00 to $443.00 and gave the stock an "overweight" rating in a research report on Friday, October 23rd. Citigroup upped their price objective on shares of Valero Energy from $485.00 to $490.00 and gave the company a "neutral" rating in a research note on Friday, October 23rd. Finally, Zacks Research upgraded shares of Valero Energy from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 4th. Three analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $406.32.

Valero Energy Stock Performance

Shares of Valero Energy stock opened at $356.64 on Tuesday. Valero Energy Corporation has a one year low of $159.90 and a one year high of $461.52. The company has a market cap of $102.69 billion, a price-to-earnings ratio of 8.02, a PEG ratio of 0.19 and a beta of 0.58. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.33 and a current ratio of 1.72. The business's 50 day moving average price is $399.69 and its 200 day moving average price is $290.45.

Valero Energy (NYSE:VLO - Get Free Report) last released its quarterly earnings data on Thursday, October 22nd. The oil and gas company reported $23.90 earnings per share for the quarter, topping analysts' consensus estimates of $21.17 by $2.73. The company had revenue of $46.10 billion for the quarter, compared to analyst estimates 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 in the previous year, the company posted $3.66 earnings per share. On average, 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. Stockholders of record on Tuesday, November 24th will be given a dividend of $1.20 per share. The ex-dividend date of this dividend is Tuesday, November 24th. This represents a $4.80 annualized dividend and a dividend yield of 1.3%. Valero Energy's payout ratio is presently 10.80%.

Valero Energy 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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