Valero Energy (NYSE:VLO) to Repurchase $2.50 billion in Shares

Valero Energy (NYSE:VLO) announced that its board has approved a share buyback program, which permits the company to buyback $2.50 billion in outstanding shares on Tuesday, January 23rd, EventVestor reports. This buyback authorization permits the oil and gas company to reacquire shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Valero Energy (VLO) opened at $88.84 on Tuesday. The company has a quick ratio of 1.24, a current ratio of 1.91 and a debt-to-equity ratio of 0.39. The firm has a market capitalization of $39,240.00, a price-to-earnings ratio of 19.27, a price-to-earnings-growth ratio of 1.10 and a beta of 0.99. Valero Energy has a twelve month low of $60.69 and a twelve month high of $99.95.

Valero Energy (NYSE:VLO) last issued its quarterly earnings results on Thursday, February 1st. The oil and gas company reported $1.16 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.08 by $0.08. The company had revenue of $26.39 billion during the quarter, compared to the consensus estimate of $23.02 billion. Valero Energy had a return on equity of 10.55% and a net margin of 4.33%. Valero Energy’s revenue was up 27.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.81 EPS. equities research analysts anticipate that Valero Energy will post 7.23 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 6th. Stockholders of record on Tuesday, February 13th will be issued a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a dividend yield of 3.60%. This is an increase from Valero Energy’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Monday, February 12th. Valero Energy’s dividend payout ratio is presently 60.74%.

A number of analysts have recently commented on the company. Piper Jaffray Companies reiterated a “hold” rating and set a $78.00 target price on shares of Valero Energy in a research report on Friday, November 17th. Citigroup boosted their price target on Valero Energy from $68.00 to $76.00 and gave the company a “buy” rating in a research report on Wednesday, October 18th. Jefferies Group cut Valero Energy from a “buy” rating to a “hold” rating in a research report on Monday, October 16th. Cowen restated a “buy” rating and issued a $90.00 price target on shares of Valero Energy in a research report on Friday, November 3rd. Finally, Standpoint Research lowered Valero Energy from a “buy” rating to a “hold” rating and set a $84.00 price objective on the stock. in a report on Thursday, November 16th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and eight have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $89.06.

In related news, CFO Michael S. Ciskowski sold 251,530 shares of the company’s stock in a transaction on 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 sale, the chief financial officer now directly owns 309,119 shares of the company’s stock, valued at approximately $28,837,711.51. The sale was disclosed in a 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 on 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 sale, the chief financial officer now directly owns 57,589 shares of the company’s stock, valued at $5,120,237.99. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 298,187 shares of company stock valued at $27,611,828. Insiders own 0.45% of the company’s stock.

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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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