Valero Energy (NYSE:VLO) Given New $340.00 Price Target at Raymond James Financial

Key Points

• Raymond James Financial raised Valero Energy’s price target from $300 to $340 and kept a strong-buy rating, implying about 17.15% upside from the stock’s current price.
• Valero shares were up 3.4% on Monday, trading at $290.24 near their 52-week high of $294.00. The stock has also drawn a generally positive Street view, with MarketBeat showing a Moderate Buy consensus and an average target of $250.53.
• The company recently posted strong quarterly results, with EPS of $4.22 beating estimates of $3.16 and revenue of $32.38 billion topping forecasts. Insider activity included SVP Eric A. Fisher selling 7,500 shares in late June.

Valero Energy (NYSE:VLO - Get Free Report) had its price target boosted by stock analysts at Raymond James Financial from $300.00 to $340.00 in a report issued on Monday,Benzinga reports. The firm currently has a "strong-buy" rating on the oil and gas company's stock. Raymond James Financial's price objective suggests a potential upside of 17.15% from the stock's current price.

A number of other analysts have also recently issued reports on VLO. Barclays lifted their price objective on Valero Energy from $261.00 to $279.00 and gave the company an "overweight" rating in a research report on Wednesday, July 1st. Morgan Stanley raised their price target on Valero Energy from $232.00 to $255.00 and gave the stock an "equal weight" rating in a research note on Friday, June 12th. Mizuho lifted their price target on Valero Energy from $222.00 to $289.00 and gave the company a "neutral" rating in a report on Wednesday, May 27th. UBS Group reissued a "buy" rating and issued a $280.00 price target on shares of Valero Energy in a research note on Thursday, June 11th. Finally, Piper Sandler increased their price objective on Valero Energy from $236.00 to $263.00 and gave the stock an "overweight" rating in a report on Wednesday, April 8th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $250.53.

Valero Energy Stock Up 3.4%

Valero Energy stock traded up $9.55 during trading hours on Monday, hitting $290.24. The company had a trading volume of 336,302 shares, compared to its average volume of 3,473,302. Valero Energy has a fifty-two week low of $130.78 and a fifty-two week high of $294.00. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.58 and a quick ratio of 1.15. The firm has a market capitalization of $86.18 billion, a P/E ratio of 21.01, a price-to-earnings-growth ratio of 0.35 and a beta of 0.55. The firm's fifty day moving average is $253.35 and its 200-day moving average is $224.99.

Valero Energy (NYSE:VLO - Get Free Report) last issued its earnings results on Thursday, April 30th. The oil and gas company reported $4.22 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.16 by $1.06. Valero Energy had a net margin of 3.37% and a return on equity of 15.94%. The company had revenue of $32.38 billion during the quarter, compared to analyst estimates of $31.38 billion. During the same quarter last year, the business posted $0.89 EPS. The company's revenue for the quarter was up 7.0% on a year-over-year basis. On average, research analysts forecast that Valero Energy will post 31.04 earnings per share for the current year.

Insider Activity at Valero Energy

In other news, SVP Eric A. Fisher sold 7,500 shares of the stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $268.17, for a total value of $2,011,275.00. Following the completion of the sale, the senior vice president directly owned 19,742 shares of the company's stock, valued at approximately $5,294,212.14. This represents a 27.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.36% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Valero Energy

Large investors have recently bought and sold shares of the stock. State Street Corp raised its position in shares of Valero Energy by 0.9% during the fourth quarter. State Street Corp now owns 18,177,191 shares of the oil and gas company's stock valued at $2,959,065,000 after buying an additional 163,975 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in Valero Energy by 0.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 11,950,982 shares of the oil and gas company's stock valued at $1,945,500,000 after acquiring an additional 63,919 shares during the period. Norges Bank bought a new position in Valero Energy during the fourth quarter valued at about $1,111,542,000. Franklin Resources Inc. raised its holdings in Valero Energy by 7.5% in the 4th quarter. Franklin Resources Inc. now owns 5,668,210 shares of the oil and gas company's stock valued at $922,728,000 after acquiring an additional 394,693 shares in the last quarter. Finally, Bank of America Corp DE raised its holdings 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 acquiring an additional 516,975 shares in the last quarter. 78.69% of the stock is currently owned by institutional investors and hedge funds.

About Valero Energy

Valero Energy Corporation is a San Antonio, Texas–based integrated downstream energy company that manufactures and markets transportation fuels, petrochemical feedstocks and other industrial products. The company's operations focus on refining crude oil into finished fuels such as gasoline, diesel and jet fuel, as well as producing asphalt and other refined product streams for commercial and industrial customers.

In addition to refining, Valero has significant operations in renewable fuels, including the production of ethanol and other biofuels, and it manages an extensive logistics network of pipelines, terminals, rail and marine assets to move feedstocks and finished products.

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