Lederer & Associates Investment Counsel CA Sells 496 Shares of Chevron Co. (NYSE:CVX)

Lederer & Associates Investment Counsel CA trimmed its holdings in shares of Chevron Co. (NYSE:CVX) by 5.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,065 shares of the oil and gas company’s stock after selling 496 shares during the quarter. Lederer & Associates Investment Counsel CA’s holdings in Chevron were worth $1,262,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in CVX. Norges Bank bought a new stake in shares of Chevron during the fourth quarter worth $2,902,007,000. Berkshire Hathaway Inc raised its holdings in shares of Chevron by 14.4% in the fourth quarter. Berkshire Hathaway Inc now owns 126,093,326 shares of the oil and gas company’s stock valued at $18,808,081,000 after acquiring an additional 15,845,037 shares in the last quarter. Capital World Investors raised its holdings in shares of Chevron by 43.5% in the fourth 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 acquiring an additional 4,700,289 shares in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in shares of Chevron by 73,888.2% in the fourth 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 acquiring an additional 4,596,584 shares in the last quarter. Finally, Franklin Resources Inc. raised its holdings in shares of Chevron by 13.0% in the fourth quarter. Franklin Resources Inc. now owns 15,622,388 shares of the oil and gas company’s stock valued at $2,330,235,000 after acquiring an additional 1,797,171 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms recently weighed in on CVX. Wolfe Research began coverage on Chevron in a report on Thursday, July 18th. They issued a “peer perform” rating for the company. Scotiabank reduced their target price on shares of Chevron from $195.00 to $180.00 and set a “sector outperform” rating for the company in a report on Friday, July 12th. Royal Bank of Canada reduced their target price on shares of Chevron from $190.00 to $180.00 and set an “outperform” rating for the company in a report on Monday, August 5th. Sanford C. Bernstein downgraded shares of Chevron from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $183.00 to $167.00 in a report on Wednesday, July 17th. Finally, Mizuho boosted their target price on shares of Chevron from $200.00 to $205.00 and gave the stock a “buy” rating in a report on Monday, May 13th. Seven investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $183.82.

Chevron Price Performance

Shares of NYSE CVX opened at $144.85 on Wednesday. Chevron Co. has a 52 week low of $139.62 and a 52 week high of $171.70. The firm has a market cap of $264.92 billion, a P/E ratio of 13.31, a P/E/G ratio of 2.50 and a beta of 1.09. The business’s 50 day moving average price is $151.77 and its 200 day moving average price is $155.56. The company has a quick ratio of 0.85, a current ratio of 1.16 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last announced 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). Chevron had a net margin of 9.31% and a return on equity of 13.70%. The company had revenue of $51.18 billion during the quarter, compared to analyst estimates of $48.68 billion. During the same period in the previous year, the firm posted $3.08 earnings per share. The company’s revenue was up 4.7% compared to the same quarter last year. On average, sell-side analysts expect that Chevron Co. will post 11.86 earnings per share for the current year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th will be issued a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 4.50%. The ex-dividend date is Monday, August 19th. Chevron’s payout ratio is presently 59.98%.

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.