Valero Energy (NYSE:VLO) Releases Earnings Results

Key Points

• Valero Energy reported $3.66 earnings per share for the quarter, surpassing analysts' estimates of $3.15, with a revenue of $32.17 billion compared to expectations of $28.80 billion.
• The company's stock price rose 6.4% to $172.24, with a market capitalization of $53.51 billion and a current price-to-earnings ratio of 71.83.
• Equities research analysts have given Valero Energy a mixed outlook, with price target adjustments ranging from $150 to $200, resulting in an average rating of "Moderate Buy".

Valero Energy (NYSE:VLO - Get Free Report) issued its earnings results on Thursday. The oil and gas company reported $3.66 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.15 by $0.51, Zacks reports. The company had revenue of $32.17 billion during the quarter, compared to analyst estimates of $28.80 billion. Valero Energy had a net margin of 0.62% and a return on equity of 5.76%. The company's revenue for the quarter was down 2.2% on a year-over-year basis. During the same quarter last year, the business posted $1.14 EPS.

Valero Energy Stock Up 6.4%

Shares of Valero Energy stock traded up $10.37 during midday trading on Thursday, reaching $172.24. 1,913,337 shares of the company's stock traded hands, compared to its average volume of 3,152,730. The company has a market cap of $53.51 billion, a price-to-earnings ratio of 71.83, a price-to-earnings-growth ratio of 1.59 and a beta of 1.05. The company's 50 day simple moving average is $157.56 and its 200 day simple moving average is $139.72. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.11 and a current ratio of 1.62. Valero Energy has a 52 week low of $99.00 and a 52 week high of $178.43.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Piper Sandler lifted their target price on shares of Valero Energy from $171.00 to $200.00 and gave the company an "overweight" rating in a research note on Thursday, September 11th. Morgan Stanley lowered shares of Valero Energy from an "overweight" rating to an "equal weight" rating and lifted their target price for the company from $160.00 to $175.00 in a research note on Friday, October 3rd. Jefferies Financial Group lifted their target price on shares of Valero Energy from $181.00 to $194.00 and gave the company a "buy" rating in a research note on Friday, October 10th. Evercore ISI lifted their target price on shares of Valero Energy from $135.00 to $185.00 and gave the company an "in-line" rating in a research note on Friday, September 19th. Finally, Citigroup downgraded shares of Valero Energy from a "buy" rating to a "neutral" rating and raised their price target for the company from $134.00 to $150.00 in a report on Wednesday, July 16th. Three equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, Valero Energy currently has an average rating of "Moderate Buy" and an average price target of $173.27.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Osterweis Capital Management Inc. raised its holdings in Valero Energy by 7,180.0% in the 2nd quarter. Osterweis Capital Management Inc. now owns 364 shares of the oil and gas company's stock worth $49,000 after acquiring an additional 359 shares during the period. WFA of San Diego LLC bought a new position in Valero Energy in the 2nd quarter worth $95,000. MUFG Securities EMEA plc bought a new position in Valero Energy in the 2nd quarter worth $125,000. Modern Wealth Management LLC bought a new position in Valero Energy in the 2nd quarter worth $214,000. Finally, Sivia Capital Partners LLC raised its holdings in Valero Energy by 13.0% in the 2nd quarter. Sivia Capital Partners LLC now owns 1,929 shares of the oil and gas company's stock worth $259,000 after acquiring an additional 222 shares during the period. Institutional investors own 78.69% of the company's stock.

About Valero Energy

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.

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