Valero Energy Partners LP (VLP) Raises Dividend to $0.48 Per Share
Valero Energy Partners LP (NYSE:VLP) announced a quarterly dividend on Friday, October 20th, Wall Street Journal reports. Shareholders of record on Wednesday, November 1st will be paid a dividend of 0.48 per share by the pipeline company on Thursday, November 9th. This represents a $1.92 annualized dividend 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 has a payout ratio of 63.0% indicating that its dividend is sufficiently covered by earnings. Analysts expect Valero Energy Partners to earn $3.33 per share next year, which means the company should continue to be able to cover its $1.82 annual dividend with an expected future payout ratio of 54.7%.
Shares of Valero Energy Partners (VLP) traded down 0.55% during mid-day trading on Friday, reaching $41.71. 29,412 shares of the company’s stock traded hands. The firm’s 50-day moving average is $43.10 and its 200 day moving average is $44.82. Valero Energy Partners has a one year low of $38.90 and a one year high of $51.00. The firm has a market cap of $2.84 billion, a price-to-earnings ratio of 13.81 and a beta of 0.74.
Valero Energy Partners (NYSE:VLP) last announced its earnings results on Friday, July 28th. The pipeline company reported $0.69 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.72 by ($0.03). The business had revenue of $110.50 million for the quarter, compared to analysts’ expectations of $107.14 million. Valero Energy Partners had a return on equity of 266.53% and a net margin of 55.29%. The business’s revenue was up 26.0% on a year-over-year basis. During the same quarter last year, the business posted $0.67 earnings per share. Analysts predict that Valero Energy Partners will post $2.85 earnings per share for the current year.
VLP has been the topic of a number of research reports. BidaskClub lowered shares of Valero Energy Partners from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. Scotiabank set a $51.00 target price on shares of Valero Energy Partners and gave the stock a “buy” rating in a research report on Saturday, July 22nd. ValuEngine upgraded shares of Valero Energy Partners from a “hold” rating to a “buy” rating in a research report on Wednesday, July 19th. Citigroup Inc. restated a “neutral” rating and set a $50.00 target price on shares of Valero Energy Partners in a research report on Wednesday. Finally, Zacks Investment Research lowered shares of Valero Energy Partners from a “buy” rating to a “hold” rating in a research report on Saturday, July 8th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $53.25.
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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