Valero Energy Co. (VLO) Declares Quarterly Dividend of $0.80
Valero Energy Co. (NYSE:VLO) declared a quarterly dividend on Tuesday, January 23rd, RTT News reports. Investors of record on Tuesday, February 13th will be given a dividend of 0.80 per share by the oil and gas company on Tuesday, March 6th. This represents a $3.20 dividend on an annualized basis and a yield of 3.63%. The ex-dividend date is Monday, February 12th. This is a positive change from Valero Energy’s previous quarterly dividend of $0.70.
Valero Energy has raised its dividend by an average of 38.7% annually over the last three years and has increased its dividend every year for the last 7 years. Valero Energy has a payout ratio of 56.3% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Valero Energy to earn $7.55 per share next year, which means the company should continue to be able to cover its $2.80 annual dividend with an expected future payout ratio of 37.1%.
Valero Energy (VLO) opened at $88.22 on Friday. The stock has a market cap of $38,603.39, a price-to-earnings ratio of 17.71, a P/E/G ratio of 1.10 and a beta of 0.99. Valero Energy has a 1 year low of $60.69 and a 1 year high of $99.95. The company has a current ratio of 1.91, a quick ratio of 1.24 and a debt-to-equity ratio of 0.39.
VLO has been the subject of a number of research reports. ValuEngine upgraded shares of Valero Energy from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. Barclays boosted their target price on shares of Valero Energy from $86.00 to $108.00 and gave the company an “overweight” rating in a research report on Tuesday, November 14th. Credit Suisse Group initiated coverage on shares of Valero Energy in a research report on Wednesday, January 3rd. They set a “neutral” rating and a $91.00 target price for the company. Citigroup boosted their target price on shares of Valero Energy from $68.00 to $76.00 and gave the company a “buy” rating in a research report on Wednesday, October 18th. Finally, Wells Fargo & Co restated an “outperform” rating and set a $87.00 target price (up from $74.00) on shares of Valero Energy in a research report on Tuesday, October 17th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and eight have given a buy rating to the company. Valero Energy presently has a consensus rating of “Hold” and a consensus price target of $89.06.
In related news, CFO Michael S. Ciskowski sold 251,530 shares of the company’s stock in a transaction dated Wednesday, January 3rd. The shares were sold at an average price of $93.29, for a total transaction of $23,465,233.70. Following the completion of the transaction, the chief financial officer now owns 309,119 shares in the company, valued at approximately $28,837,711.51. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Michael S. Ciskowski sold 45,657 shares of the company’s stock in a transaction dated Wednesday, December 20th. The stock was sold at an average price of $88.91, for a total transaction of $4,059,363.87. Following the transaction, the chief financial officer now owns 57,589 shares of the company’s stock, valued at approximately $5,120,237.99. The disclosure for this sale can be found here. In the last quarter, insiders sold 299,687 shares of company stock valued at $27,733,958. Insiders own 0.45% of the company’s stock.
Valero Energy declared that its board has initiated a share repurchase plan on Tuesday, January 23rd that allows the company to buyback $2.50 billion in shares. This buyback authorization allows the oil and gas company to repurchase shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its stock is undervalued.
Valero Energy Company Profile
Valero Energy Corporation (Valero) is an independent petroleum refiner and ethanol producer. The Company’s segments include refining, ethanol and Valero Energy Partners LP (VLP). The refining segment includes its refining operations and the associated marketing activities. The ethanol segment includes its ethanol operations and the associated marketing activities, and logistics assets that support its ethanol operations.
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