Chase Investment Counsel Corp Trims Holdings in Chevron Co. (NYSE:CVX)

Chase Investment Counsel Corp trimmed its holdings in Chevron Co. (NYSE:CVX) by 6.4% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 17,363 shares of the oil and gas company’s stock after selling 1,197 shares during the period. Chase Investment Counsel Corp’s holdings in Chevron were worth $2,715,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in CVX. American Capital Advisory LLC lifted its holdings in shares of Chevron by 403.2% during the first quarter. American Capital Advisory LLC now owns 156 shares of the oil and gas company’s stock worth $25,000 after purchasing an additional 125 shares during the period. Frank Rimerman Advisors LLC acquired a new stake in shares of Chevron in the 4th quarter worth $30,000. Anfield Capital Management LLC boosted its holdings in shares of Chevron by 118.0% in the second quarter. Anfield Capital Management LLC now owns 218 shares of the oil and gas company’s stock valued at $34,000 after acquiring an additional 118 shares in the last quarter. Cyrus J. Lawrence LLC boosted its holdings in shares of Chevron by 66.7% in the second quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company’s stock valued at $39,000 after acquiring an additional 100 shares in the last quarter. Finally, Cooksen Wealth LLC purchased a new position in Chevron during the fourth quarter worth about $40,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Price Performance

Chevron stock opened at $145.49 on Monday. The company has a quick ratio of 0.85, a current ratio of 1.16 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $268.13 billion, a P/E ratio of 13.38, a PEG ratio of 2.68 and a beta of 1.09. The firm has a fifty day moving average of $146.63 and a 200-day moving average of $154.31. Chevron Co. has a 52-week low of $135.37 and a 52-week high of $171.70.

Chevron (NYSE:CVX) last posted its 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 quarter last year, the business posted $3.08 EPS. Chevron’s quarterly revenue was up 4.7% compared to the same quarter last year. As a group, analysts predict that Chevron Co. will post 11.02 EPS for the current year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Monday, August 19th were issued a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 4.48%. The ex-dividend date of this dividend was Monday, August 19th. Chevron’s payout ratio is 59.98%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on CVX shares. UBS Group decreased their price target on Chevron from $192.00 to $189.00 and set a “buy” rating on the stock in a research note on Wednesday, September 18th. Wolfe Research assumed coverage on Chevron in a report on Thursday, July 18th. They issued a “peer perform” rating on the stock. Barclays lowered their target price on Chevron from $203.00 to $185.00 and set an “overweight” rating on the stock in a report on Tuesday, August 6th. Mizuho lowered their price objective on shares of Chevron from $205.00 to $189.00 and set an “outperform” rating on the stock in a research note on Monday, September 16th. Finally, Sanford C. Bernstein cut shares of Chevron from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $183.00 to $167.00 in a research note on Wednesday, July 17th. Seven analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $180.24.

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.