Bank of America Corp. reissued their buy rating on shares of Valero Energy Corp. (NYSE:VLO) in a research report released on Tuesday morning, AmericanBankingNews.com reports. Bank of America Corp. currently has a $59.00 price objective on the stock, up from their previous price objective of $45.00.
“Valero remains our top overall pick amongst the large cap US refiners. At the core of the investment case is a favorable position on the US Gulf Coast that we believe is poised to benefit from the next phase of the crude dislocation in the US: heavy and medium sour crude.,” the firm’s analyst wrote.
Valero Energy Corp. (NYSE:VLO) opened at 46.77 on Tuesday. Valero Energy Corp. has a one year low of $28.2998 and a one year high of $47.26. The stock has a 50-day moving average of $41.51 and a 200-day moving average of $37.51. The company has a market cap of $25.235 billion and a P/E ratio of 10.54.
Valero Energy Corp. (NYSE:VLO) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.03. The company had revenue of $36.14 billion for the quarter, compared to the consensus estimate of $29.76 billion. During the same quarter in the previous year, the company posted $1.91 earnings per share. The company’s revenue for the quarter was up 4.1% on a year-over-year basis. On average, analysts predict that Valero Energy Corp. will post $3.26 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Wednesday, December 18th. Shareholders of record on Wednesday, November 27th will be given a dividend of $0.23 per share. This represents a $0.90 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date of this dividend is Monday, November 25th.
Other equities research analysts have also recently issued reports about the stock. Analysts at Zacks reiterated a neutral rating on shares of Valero Energy Corp. in a research note to investors on Friday, November 29th. They now have a $48.00 price target on the stock. Separately, analysts at Imperial Capital raised their price target on shares of Valero Energy Corp. from $37.00 to $41.00 in a research note to investors on Monday, November 4th. They now have an in-line rating on the stock. Finally, analysts at Cowen and Company upgraded shares of Valero Energy Corp. from a market perform rating to an outperform rating in a research note to investors on Friday, November 1st. They now have a $52.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of Buy and an average price target of $47.50.
Valero Energy Corporation (NYSE:VLO) is an independent petroleum refining and marketing company.
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