Rhumbline Advisers Cuts Stock Position in Chevron Co. (NYSE:CVX)

Rhumbline Advisers trimmed its position in shares of Chevron Co. (NYSE:CVX) by 2.0% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,218,862 shares of the oil and gas company’s stock after selling 65,832 shares during the quarter. Chevron makes up approximately 0.5% of Rhumbline Advisers’ investment portfolio, making the stock its 26th largest position. Rhumbline Advisers owned about 0.17% of Chevron worth $503,494,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in CVX. Norges Bank purchased a new stake in shares of Chevron during the fourth quarter worth approximately $2,902,007,000. Berkshire Hathaway Inc increased its position in shares of Chevron by 14.4% during the fourth quarter. Berkshire Hathaway Inc now owns 126,093,326 shares of the oil and gas company’s stock worth $18,808,081,000 after purchasing an additional 15,845,037 shares in the last quarter. Capital World Investors grew its holdings in Chevron by 43.5% in the 4th quarter. Capital World Investors now owns 15,513,887 shares of the oil and gas company’s stock valued at $2,314,070,000 after buying an additional 4,700,289 shares in the last quarter. Massachusetts Financial Services Co. MA grew its holdings in Chevron by 73,888.2% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 4,602,805 shares of the oil and gas company’s stock valued at $686,554,000 after buying an additional 4,596,584 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in Chevron by 8.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 26,235,473 shares of the oil and gas company’s stock valued at $3,886,821,000 after buying an additional 1,999,332 shares in the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Trading Up 0.4 %

CVX opened at $147.95 on Tuesday. Chevron Co. has a one year low of $139.62 and a one year high of $171.70. The company has a market cap of $272.67 billion, a P/E ratio of 13.61, a PEG ratio of 2.50 and a beta of 1.10. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.85 and a current ratio of 1.16. The business’s 50-day simple moving average is $152.04 and its 200-day simple moving average is $155.63.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.38). The firm had revenue of $51.18 billion for the quarter, compared to analysts’ expectations of $48.68 billion. Chevron had a return on equity of 13.70% and a net margin of 9.31%. The company’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.08 EPS. As a group, equities research analysts expect that Chevron Co. will post 11.86 EPS for the current fiscal year.

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th will be given a dividend of $1.63 per share. The ex-dividend date is Monday, August 19th. This represents a $6.52 dividend on an annualized basis and a yield of 4.41%. Chevron’s payout ratio is 59.98%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Truist Financial dropped their target price on Chevron from $156.00 to $154.00 and set a “hold” rating for the company in a report on Monday, August 5th. Wolfe Research assumed coverage on Chevron in a report on Thursday, July 18th. They issued a “peer perform” rating for the company. Sanford C. Bernstein cut Chevron from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $183.00 to $167.00 in a report on Wednesday, July 17th. Barclays dropped their target price on Chevron from $203.00 to $185.00 and set an “overweight” rating for the company in a report on Tuesday, August 6th. Finally, Mizuho upped their price target on Chevron from $200.00 to $205.00 and gave the company a “buy” rating in a research note on Monday, May 13th. Seven equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $183.82.

Chevron Profile

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.