Macquarie Cuts Rating On Valero Energy Corporation (VLO)

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Valero Energy Corporation (NYSE:VLO).

On July 17 Citigroup left the company rating at “Buy” and raised the price target to $68.00 from $61.00. On October 6 the company was downgraded from “Neutral” to “Neutral” in a report from JP Morgan.

October 10 investment analysts at Barclays left the stock rating at “Overweight” and lowered the price expectation from $93.00 to $86.00. On October 18 Citigroup made no change to the company rating of “Buy” but moved up the price target to $76.00 from $68.00.

The company is now up by 0.31% percent from yesterday’s close. The company declared a dividend paid on Thursday the 7th of September 2017. The dividend payment was $0.700 per share for the quarter which is $2.80 annualized. This dividend represents a yield of $3.61. The ex-dividend date was set for Monday the 7th of August 2017.

Shares are trading at $77.64 a tad above the 50 day moving average of $74.63 and which is impressively higher than the 200 day moving average of $68.14. The 50 day moving average moved up $3.01 whereas the 200 day moving average was up $9.50 or +13.95%.

Valero Energy Corporation (Valero), launched on June 8, 1981, is an independent petroleum refiner and ethanol producer. The Business’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. The Company owns logistics assets (crude oil pipelines, refined petroleum product pipelines, terminals, tanks, marine docks, truck rack bays and other assets) that support its refining operations. Some of these assets are owned by VLP, which is a midstream master limited partnership owned by the Company. VLP’s assets include crude oil and refined petroleum products pipeline and terminal systems in the United States Gulf Coast and the United States Mid-Continent regions. The Business’s refineries produce conventional gasolines, premium gasolines, gasoline meeting the specifications of the California Air Resources Board (CARB), diesel, low-sulfur diesel, ultra-low-sulfur diesel, CARB diesel, other distillates, jet fuel, asphalt, petrochemicals, lubricants and other refined petroleum products..

The company currently has a P/E ratio of 19.17 and market cap is 34.29B. In the latest earnings report the EPS was $4.05 and is estimated to be $4.74 for the current year with 441,663,000 shares currently outstanding. Next quarter’s EPS is estimated at $1.11 and the next full year EPS is projected to be $6.03.

Investors are more bearish on shares of Valero Energy Corporation if you pay attention to the uptick in short interest. The firm experienced a rise in short interest of 12.14% between September 15, 2017 and September 29, 2017. Short interest grew 2,320,604 over that period. With short interest at 21,443,173 and short average daily volume at 3,910,619, days to cover is 5.0 and the percentage of shorted shares is 0.05% as of September 29.

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