Valero Energy Corporation (VLO) Plans Quarterly Dividend of $0.70
Valero Energy Corporation (NYSE:VLO) declared a quarterly dividend on Wednesday, November 1st, RTT News reports. Stockholders of record on Tuesday, November 21st will be given a dividend of 0.70 per share by the oil and gas company on Tuesday, December 12th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.55%.
Valero Energy Corporation has raised its dividend by an average of 41.3% annually over the last three years and has raised its dividend annually for the last 6 consecutive years. Valero Energy Corporation has a dividend payout ratio of 58.3% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Valero Energy Corporation to earn $5.99 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 46.7%.
Valero Energy Corporation (NYSE:VLO) last posted its quarterly earnings data on Thursday, October 26th. The oil and gas company reported $1.91 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.83 by $0.08. The firm had revenue of $23.56 billion for the quarter, compared to the consensus estimate of $19.42 billion. Valero Energy Corporation had a return on equity of 9.93% and a net margin of 2.33%. The company’s quarterly revenue was up 19.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.24 EPS.
Several equities research analysts recently issued reports on the company. BidaskClub upgraded Valero Energy Corporation from a “hold” rating to a “buy” rating in a report on Wednesday, July 12th. US Capital Advisors downgraded Valero Energy Corporation from an “overweight” rating to a “hold” rating in a report on Thursday, August 17th. Macquarie reiterated a “neutral” rating on shares of Valero Energy Corporation in a report on Monday, October 23rd. They noted that the move was a valuation call. Citigroup Inc. cut their price objective on Valero Energy Corporation from $70.00 to $68.00 and set a “buy” rating on the stock in a report on Monday, July 17th. Finally, Jefferies Group LLC cut their price objective on Valero Energy Corporation from $80.00 to $78.00 and set a “buy” rating on the stock in a report on Wednesday, August 23rd. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twelve have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $77.19.
In related news, Director Stephen M. Waters sold 1,500 shares of the company’s stock in a transaction dated Wednesday, September 6th. The stock was sold at an average price of $68.00, for a total value of $102,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Michael S. Ciskowski sold 53,012 shares of the company’s stock in a transaction dated Tuesday, September 19th. The shares were sold at an average price of $72.88, for a total value of $3,863,514.56. Following the completion of the sale, the chief financial officer now directly owns 67,413 shares of the company’s stock, valued at $4,913,059.44. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 56,768 shares of company stock valued at $4,141,471. Insiders own 0.45% of the company’s stock.
About Valero Energy Corporation
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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