Keene & Associates Inc. Cuts Stake in Chevron Co. (NYSE:CVX)

Keene & Associates Inc. lowered its holdings in shares of Chevron Co. (NYSE:CVX) by 35.6% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 17,703 shares of the oil and gas company’s stock after selling 9,774 shares during the period. Chevron comprises about 2.3% of Keene & Associates Inc.’s investment portfolio, making the stock its 29th biggest position. Keene & Associates Inc.’s holdings in Chevron were worth $2,769,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the business. Berkshire Hathaway Inc increased 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 worth $18,808,081,000 after buying an additional 15,845,037 shares during the period. Capital World Investors grew its position in Chevron by 43.5% during the 4th quarter. Capital World Investors now owns 15,513,887 shares of the oil and gas company’s stock worth $2,314,070,000 after acquiring an additional 4,700,289 shares during the last quarter. Franklin Resources Inc. increased its stake in Chevron by 13.0% in the 4th quarter. Franklin Resources Inc. now owns 15,622,388 shares of the oil and gas company’s stock worth $2,330,235,000 after purchasing an additional 1,797,171 shares during the period. Public Employees Retirement Association of Colorado lifted its position in Chevron by 68,604.0% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 1,207,817 shares of the oil and gas company’s stock valued at $180,158,000 after purchasing an additional 1,206,059 shares during the last quarter. Finally, Global Assets Advisory LLC purchased a new stake in shares of Chevron during the first quarter valued at approximately $156,482,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Trading Up 1.0 %

Shares of NYSE CVX opened at $140.61 on Monday. Chevron Co. has a 1 year low of $135.37 and a 1 year high of $171.70. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.16 and a quick ratio of 0.85. The firm has a 50-day moving average of $149.12 and a 200 day moving average of $154.75. The stock has a market cap of $257.16 billion, a P/E ratio of 12.94, a price-to-earnings-growth ratio of 2.41 and a beta of 1.09.

Chevron (NYSE:CVX) last released its earnings results on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.93 by ($0.38). The business had revenue of $51.18 billion for the quarter, compared to analysts’ expectations of $48.68 billion. Chevron had a net margin of 9.31% and a return on equity of 13.70%. Chevron’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $3.08 earnings per share. As a group, sell-side analysts expect that Chevron Co. will post 11.57 EPS for the current fiscal year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were paid a $1.63 dividend. The ex-dividend date of this dividend was Monday, August 19th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.64%. Chevron’s dividend payout ratio is currently 59.98%.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Wolfe Research assumed coverage on shares of Chevron in a research note on Thursday, July 18th. They issued a “peer perform” rating on the stock. Truist Financial decreased their price objective on shares of Chevron from $156.00 to $154.00 and set a “hold” rating on the stock in a research report on Monday, August 5th. Sanford C. Bernstein lowered shares of Chevron from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $183.00 to $167.00 in a report on Wednesday, July 17th. Scotiabank reduced their price target on Chevron from $195.00 to $180.00 and set a “sector outperform” rating on the stock in a report on Friday, July 12th. Finally, Royal Bank of Canada dropped their price objective on Chevron from $190.00 to $180.00 and set an “outperform” rating for the company in a report on Monday, August 5th. Seven equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, Chevron has an average rating of “Moderate Buy” and an average target price 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.