Miller Howard Investments 13F: Cuts VLO Stake by $2.5M

Miller Howard Investments cut its stake in Valero Energy Corporation (VLO) by 6,526 shares, valued at approximately $2,529,543, in a filing on October 26, 2026. The fund now holds a total of 19,373 shares in Valero, which accounts for 0.7% of its total reported portfolio valued at about $1.08 billion.

VLO Valero Energy Corporation

$419.28 ▲ +157.38% year to date

1M 3M YTD

Daily close · Oct 23, 2026

Where Valero Energy Fits in Miller Howard Investments' Portfolio

This reduction represents a 25.2% decrease in Miller Howard's position in Valero. The fund ranks 23rd among its 159 holdings, with this position reflecting an estimated gain compared to its cost basis.

Other Institutional Activity in Valero Energy

Several other funds also adjusted their positions in Valero Energy around the same time. Ag2R la Mondiale Gestion D'Actifs cut its stake by 13,627 shares, leaving it with 28,847 shares valued at about $11.2 million. Similarly, Gf Fund Management reduced its holdings by 14,689 shares, bringing its total to 34,261 shares worth roughly $13.3 million. Sterling Capital Management also decreased its position by 16,852 shares, now holding 44,824 shares valued at about $17.4 million.

Valero Energy Corporation Stock Holds Steady

Valero Energy shares recently traded around $419.28, which is about 1.8% below the last closing price of $426.76 on October 26, 2026. The stock is currently above its 50-day moving average by 6.4% and well above its 200-day moving average by 48.9%. However, it is about 9.2% below its 52-week high of $461.52.

Recent Earnings

Valero reported trailing twelve-month revenue of approximately $146.6 billion and an EPS of $43.97. The company has a net margin of 8.8% and a year-over-year revenue growth of 51.9%. Its next earnings report is scheduled for January 28, 2027.

Dividend

Valero Energy pays an annual dividend of $4.80 per share, which gives it a yield of 1.12%. The dividend payout ratio stands at 19.4%.

Insider Buying and Selling at Valero Energy Corporation

In recent insider transactions, Eric A. Fisher, an officer at Valero, sold 8,711 shares on March 12, 2026, valued at about $1.99 million. He also sold shares on several other occasions, including 7,500 shares on May 18, 2026, for approximately $1.89 million, and 7,500 shares on June 18, 2026, valued at about $1.78 million.

Analysts Set New Price Targets

On October 22, 2026, TD Cowen maintained a "Hold" rating for Valero with a price target of $400. Freedom Broker downgraded its rating to "Sell" with a target of $276 on October 23, while Citigroup and Wells Fargo maintained their ratings of "Neutral" and "Overweight," respectively, with targets of $490 and $489.

About Valero Energy

Valero Energy Corporation manufactures and sells petroleum-based and low-carbon fuels and petrochemical products across various regions, including the U.S., Canada, and Europe. This reduction in Miller Howard's stake comes as the company continues to perform well financially, with significant revenue growth in recent quarters.

Bottom Line

Investors should note that Miller Howard's latest cut in Valero's shares reflects changes in institutional sentiment. With the next earnings report due on January 28, 2027, and ongoing adjustments from other funds, it will be important to monitor any further developments regarding Valero Energy's stock and analyst ratings.