Valero Energy’s stock fell 3.05% on the most recent trading day, underperforming a market that posted gains of more than 1%. This drop follows a rally that saw the company’s shares trade near a 52-week high of $192.00 just days earlier. Investors cited concerns over narrower refining margins, as the company reported downstream crack spreads that contracted by 8% sequentially in the fourth quarter, according to industry data.

In its latest Form 13F filing, Benjamin Edwards Inc. raised its holding in Valero Energy by 17.3%, acquiring an additional 2,721 shares to bring its total to 18,440 shares valued at $3.14 million at quarter end. Other notable increases include Highline Wealth Partners LLC, which boosted its position by 70.2% to 160 shares, and Private Trust Co. NA, which added 65 shares for a 2.0% gain. Overall, institutional ownership stands at 78.7% of the outstanding shares.

For the quarter ended September 30, Valero Energy reported adjusted earnings of $3.66 per share, surpassing consensus estimates by $0.51. Revenue totaled $32.17 billion, up 11.7% year-over-year and ahead of analyst projections of $28.80 billion. The downstream segment delivered a 15% increase in gasoline sales volumes, while diesel throughput rose 7%, offsetting a 2.2% decline in overall revenue compared to the same period last year.

Valero Energy declared a quarterly dividend of $1.13 per share, payable December 18 to shareholders of record November 20. This represents an annualized payout of $4.52 and a yield of approximately 2.4%, with a payout ratio of 94.4%. Management reaffirmed its commitment to maintaining the dividend, highlighting a debt-to-equity ratio of 0.36 and a strong free cash flow generation of $2.1 billion in the quarter.