Covenant Asset Management LLC Sells 286 Shares of Valero Energy Co. (NYSE:VLO)

Covenant Asset Management LLC cut its stake in shares of Valero Energy Co. (NYSE:VLO) by 2.1% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 13,243 shares of the oil and gas company’s stock after selling 286 shares during the period. Covenant Asset Management LLC’s holdings in Valero Energy were worth $1,788,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. EdgeRock Capital LLC bought a new stake in shares of Valero Energy in the 2nd quarter valued at about $27,000. Peterson Financial Group Inc. bought a new stake in Valero Energy in the third quarter valued at approximately $28,000. Lynx Investment Advisory acquired a new stake in shares of Valero Energy in the second quarter valued at approximately $29,000. Summit Securities Group LLC acquired a new position in shares of Valero Energy during the 2nd quarter worth approximately $31,000. Finally, Pathway Financial Advisers LLC bought a new stake in Valero Energy in the 1st quarter valued at $33,000. 78.69% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages recently commented on VLO. Scotiabank reduced their target price on shares of Valero Energy from $173.00 to $141.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. Piper Sandler cut Valero Energy from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $169.00 to $123.00 in a report on Friday, September 20th. Mizuho decreased their price objective on Valero Energy from $175.00 to $171.00 and set an “outperform” rating on the stock in a report on Monday, September 16th. Citigroup dropped their target price on Valero Energy from $192.00 to $176.00 and set a “buy” rating for the company in a report on Friday, October 25th. Finally, TD Cowen lowered their price target on shares of Valero Energy from $145.00 to $140.00 and set a “buy” rating on the stock in a research report on Friday, October 25th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $155.86.

Valero Energy Price Performance

Shares of VLO opened at $141.41 on Friday. The business has a 50-day moving average of $136.46 and a 200-day moving average of $146.09. Valero Energy Co. has a 1 year low of $120.21 and a 1 year high of $184.79. The company has a market capitalization of $44.77 billion, a price-to-earnings ratio of 12.68, a price-to-earnings-growth ratio of 2.65 and a beta of 1.39. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.57 and a quick ratio of 1.11.

Valero Energy (NYSE:VLO) last issued its quarterly earnings results on Thursday, October 24th. The oil and gas company reported $1.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.98 by $0.16. Valero Energy had a net margin of 2.74% and a return on equity of 13.07%. The firm had revenue of $32.88 billion for the quarter, compared to the consensus estimate of $31.04 billion. During the same quarter in the previous year, the company earned $7.49 EPS. The company’s revenue for the quarter was down 14.4% on a year-over-year basis. As a group, equities research analysts anticipate that Valero Energy Co. will post 8.92 earnings per share for the current year.

Valero Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Wednesday, November 20th will be paid a $1.07 dividend. This represents a $4.28 dividend on an annualized basis and a dividend yield of 3.03%. The ex-dividend date of this dividend is Wednesday, November 20th. Valero Energy’s dividend payout ratio is 38.39%.

Valero Energy Company Profile

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.