Valero Energy Partners LP (VLP) Cut to Strong Sell at Zacks Investment Research
Zacks Investment Research cut shares of Valero Energy Partners LP (NYSE:VLP) from a hold rating to a strong sell rating in a research note released on Wednesday.
According to Zacks, “Valero Energy Partners LP is engaged in the ownership, development and acquisition of crude oil and refined petroleum products pipelines, terminals and other transportation and logistics assets. The Company’s assets primarily situated in the Gulf Coast and Mid-Continent regions of the United States that are integral to the operations of Valero Energy Corporation’s refinery based in Port Arthur, Texas, McKee refinery based in Sunray, Texas and its refinery based in Memphis, Tennessee. Valero Energy Partners LP is based in San Antonio, United States. “
A number of other research analysts have also recently commented on the stock. Citigroup Inc. reissued a neutral rating and issued a $50.00 target price on shares of Valero Energy Partners in a report on Wednesday. ValuEngine cut shares of Valero Energy Partners from a buy rating to a hold rating in a report on Friday, September 1st. BidaskClub raised shares of Valero Energy Partners from a strong sell rating to a sell rating in a report on Friday, August 25th. Jefferies Group LLC raised shares of Valero Energy Partners from a hold rating to a buy rating and dropped their target price for the stock from $51.00 to $50.00 in a report on Wednesday, August 23rd. Finally, Scotiabank set a $51.00 target price on shares of Valero Energy Partners and gave the stock a buy rating in a report on Saturday, July 22nd. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the stock. Valero Energy Partners currently has a consensus rating of Hold and an average price target of $53.25.
Valero Energy Partners (VLP) opened at 41.71 on Wednesday. Valero Energy Partners has a one year low of $38.90 and a one year high of $51.00. The company’s 50-day moving average is $43.04 and its 200 day moving average is $44.76. The company has a market capitalization of $2.84 billion, a P/E ratio of 13.81 and a beta of 0.74.
Valero Energy Partners (NYSE:VLP) last posted its earnings results on Friday, July 28th. The pipeline company reported $0.69 EPS for the quarter, missing analysts’ consensus estimates of $0.72 by ($0.03). The company had revenue of $110.50 million during the quarter, compared to the consensus estimate of $107.14 million. Valero Energy Partners had a return on equity of 266.53% and a net margin of 55.29%. The firm’s revenue was up 26.0% compared to the same quarter last year. During the same period last year, the company posted $0.67 EPS. Analysts predict that Valero Energy Partners will post $2.85 EPS for the current year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 9th. Investors of record on Wednesday, November 1st will be issued a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a yield of 4.60%. The ex-dividend date of this dividend is Tuesday, October 31st. This is a positive change from Valero Energy Partners’s previous quarterly dividend of $0.46. Valero Energy Partners’s dividend payout ratio (DPR) is 61.69%.
A number of institutional investors have recently added to or reduced their stakes in VLP. Bank of New York Mellon Corp bought a new position in Valero Energy Partners during the 1st quarter worth approximately $298,000. Alliancebernstein L.P. bought a new position in Valero Energy Partners during the 1st quarter worth approximately $248,000. PNC Financial Services Group Inc. raised its holdings in Valero Energy Partners by 471.1% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,570 shares of the pipeline company’s stock worth $124,000 after purchasing an additional 2,120 shares during the last quarter. Renaissance Technologies LLC raised its holdings in Valero Energy Partners by 14.1% during the 1st quarter. Renaissance Technologies LLC now owns 113,478 shares of the pipeline company’s stock worth $5,437,000 after purchasing an additional 14,036 shares during the last quarter. Finally, Bank of America Corp DE raised its holdings in Valero Energy Partners by 18.2% during the 1st quarter. Bank of America Corp DE now owns 265,652 shares of the pipeline company’s stock worth $12,728,000 after purchasing an additional 40,863 shares during the last quarter. Hedge funds and other institutional investors own 29.93% of the company’s stock.
About Valero Energy Partners
Valero Energy Partners LP owns, operates, develops and acquires crude oil and refined petroleum products pipelines, terminals, and other transportation and logistics assets. The Company’s assets include crude oil and refined petroleum products pipelines, terminals, and other logistics assets in the United States Gulf Coast and the United States Mid-Continent regions that are integral to the operations of the ten of Valero Energy Corporation (Valero) refineries.
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