Red Cedar Investment Management LLC Cuts Stock Position in Valero Energy Co. (NYSE:VLO)

Red Cedar Investment Management LLC cut its position in Valero Energy Co. (NYSE:VLO) by 23.6% during the third quarter, HoldingsChannel.com reports. The fund owned 16,390 shares of the oil and gas company’s stock after selling 5,076 shares during the period. Red Cedar Investment Management LLC’s holdings in Valero Energy were worth $2,213,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in VLO. EdgeRock Capital LLC acquired a new position in Valero Energy during the second quarter worth $27,000. Lynx Investment Advisory acquired a new position in Valero Energy during the second quarter worth $29,000. Pathway Financial Advisers LLC acquired a new position in Valero Energy during the first quarter worth $33,000. Summit Securities Group LLC acquired a new position in Valero Energy during the second quarter worth $31,000. Finally, First Foundation Advisors acquired a new position in Valero Energy during the first quarter worth $37,000. 78.69% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

VLO has been the topic of several recent analyst reports. Bank of America initiated coverage on Valero Energy in a research note on Thursday, October 17th. They issued a “neutral” rating and a $150.00 price target on the stock. Mizuho decreased their price target on Valero Energy from $175.00 to $171.00 and set an “outperform” rating on the stock in a research note on Monday, September 16th. Wells Fargo & Company raised Valero Energy from an “equal weight” rating to an “overweight” rating and decreased their price target for the company from $172.00 to $165.00 in a research note on Wednesday, October 9th. Scotiabank decreased their price target on Valero Energy from $173.00 to $141.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. Finally, TD Cowen cut their price target on Valero Energy from $145.00 to $140.00 and set a “buy” rating on the stock in a report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $156.29.

Valero Energy Stock Performance

Shares of VLO stock traded up $3.80 during trading hours on Monday, reaching $132.02. 536,072 shares of the company’s stock were exchanged, compared to its average volume of 2,970,383. The company has a market cap of $42.30 billion, a P/E ratio of 11.50, a price-to-earnings-growth ratio of 2.32 and a beta of 1.39. The company’s 50 day moving average is $136.69 and its two-hundred day moving average is $148.29. Valero Energy Co. has a 1 year low of $119.88 and a 1 year high of $184.79. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.57 and a quick ratio of 1.04.

Valero Energy (NYSE:VLO) last issued its 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 return on equity of 13.07% and a net margin of 2.74%. The business had revenue of $32.88 billion during the quarter, compared to the consensus estimate of $31.04 billion. During the same period in the prior year, the business posted $7.49 EPS. The company’s revenue for the quarter was down 14.4% on a year-over-year basis. Equities research analysts anticipate that Valero Energy Co. will post 9.32 EPS for the current fiscal year.

Valero Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Wednesday, November 20th will be paid a $1.07 dividend. This represents a $4.28 annualized dividend and a yield of 3.24%. The ex-dividend date is Wednesday, November 20th. Valero Energy’s payout ratio is currently 38.39%.

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.