Zacks Investment Research downgraded shares of Valero Energy Partners (NYSE:VLP) from a buy rating to a hold rating in a report issued on Thursday morning.
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. “
VLP has been the subject of a number of other reports. SunTrust Banks cut Valero Energy Partners from a buy rating to a hold rating and set a $42.00 price target for the company. in a report on Friday, October 19th. Morgan Stanley dropped their price target on Valero Energy Partners from $46.00 to $45.00 and set an equal weight rating for the company in a report on Friday, August 17th. Wells Fargo & Co dropped their price target on Valero Energy Partners from $43.00 to $42.00 and set a market perform rating for the company in a report on Thursday, September 13th. ValuEngine raised Valero Energy Partners from a sell rating to a hold rating in a report on Thursday, October 18th. Finally, Royal Bank of Canada reissued a sector perform rating on shares of Valero Energy Partners in a research note on Friday, October 19th. Thirteen investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company has an average rating of Hold and a consensus price target of $45.29.
Valero Energy Partners (NYSE:VLP) last released its quarterly earnings results on Thursday, October 25th. The pipeline company reported $0.75 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.68 by $0.07. Valero Energy Partners had a return on equity of 94.57% and a net margin of 43.11%. The firm had revenue of $140.59 million during the quarter, compared to analysts’ expectations of $137.85 million. On average, equities analysts expect that Valero Energy Partners will post 2.89 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, November 9th. Stockholders of record on Thursday, November 1st were paid a $0.551 dividend. The ex-dividend date of this dividend was Wednesday, October 31st. This represents a $2.20 annualized dividend and a dividend yield of 5.25%. Valero Energy Partners’s dividend payout ratio (DPR) is currently 79.42%.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in VLP. BlackRock Inc. increased its holdings in Valero Energy Partners by 8.4% in the first quarter. BlackRock Inc. now owns 238,549 shares of the pipeline company’s stock valued at $8,452,000 after purchasing an additional 18,554 shares during the period. Conning Inc. grew its holdings in Valero Energy Partners by 15.7% during the 2nd quarter. Conning Inc. now owns 14,096 shares of the pipeline company’s stock worth $537,000 after acquiring an additional 1,916 shares during the period. First Trust Advisors LP acquired a new stake in Valero Energy Partners during the 2nd quarter worth about $2,989,000. Dividend Assets Capital LLC grew its holdings in Valero Energy Partners by 3.6% during the 2nd quarter. Dividend Assets Capital LLC now owns 222,175 shares of the pipeline company’s stock worth $8,458,000 after acquiring an additional 7,715 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new stake in Valero Energy Partners during the 2nd quarter worth about $3,399,000. 29.14% of the stock is owned by institutional investors.
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 in the United States. Its assets consists of the Port Arthur logistics system, the McKee logistics system, the Memphis logistics system, the Three Rivers logistics system, the Ardmore logistics system, the Houston logistics system, the St.
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