Lynch & Associates IN Cuts Stock Holdings in Chevron Co. (NYSE:CVX)

Lynch & Associates IN decreased its holdings in shares of Chevron Co. (NYSE:CVX) by 1.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 51,081 shares of the oil and gas company’s stock after selling 691 shares during the quarter. Chevron accounts for approximately 1.9% of Lynch & Associates IN’s portfolio, making the stock its 15th largest position. Lynch & Associates IN’s holdings in Chevron were worth $8,057,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in Chevron by 0.3% in the third quarter. Vanguard Group Inc. now owns 161,924,375 shares of the oil and gas company’s stock worth $27,303,688,000 after buying an additional 458,080 shares in the last quarter. Berkshire Hathaway Inc lifted its position in 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 purchasing an additional 15,845,037 shares during the last quarter. Morgan Stanley lifted its position in Chevron by 7.0% in the third quarter. Morgan Stanley now owns 34,166,899 shares of the oil and gas company’s stock valued at $5,761,223,000 after purchasing an additional 2,244,995 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Chevron by 8.2% in the fourth 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 purchasing an additional 1,999,332 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in shares of Chevron by 2.6% during the third quarter. Northern Trust Corp now owns 22,705,118 shares of the oil and gas company’s stock valued at $3,828,537,000 after acquiring an additional 569,850 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Stock Performance

NYSE CVX opened at $156.65 on Friday. The stock has a market capitalization of $288.70 billion, a PE ratio of 14.41, a P/E/G ratio of 2.28 and a beta of 1.12. The business has a 50 day simple moving average of $159.32 and a two-hundred day simple moving average of $154.06. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.23 and a quick ratio of 0.93. Chevron Co. has a 1-year low of $139.62 and a 1-year high of $171.70.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, April 26th. The oil and gas company reported $2.93 earnings per share for the quarter, beating the consensus estimate of $2.84 by $0.09. The business had revenue of $48.72 billion during the quarter, compared to analysts’ expectations of $48.42 billion. Chevron had a return on equity of 14.40% and a net margin of 10.21%. The firm’s revenue for the quarter was down 4.1% compared to the same quarter last year. During the same quarter last year, the business posted $3.55 EPS. On average, research analysts predict that Chevron Co. will post 13.45 EPS for the current fiscal year.

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 10th. Investors of record on Friday, May 17th were paid a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.16%. The ex-dividend date of this dividend was Thursday, May 16th. Chevron’s dividend payout ratio (DPR) is currently 59.98%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Wells Fargo & Company increased their price objective on Chevron from $198.00 to $206.00 and gave the stock an “overweight” rating in a report on Tuesday, April 30th. TD Cowen increased their target price on Chevron from $155.00 to $160.00 and gave the stock a “hold” rating in a research note on Monday, April 29th. UBS Group increased their target price on Chevron from $185.00 to $197.00 and gave the stock a “buy” rating in a research note on Tuesday, April 9th. Barclays began coverage on Chevron in a research report on Wednesday, April 10th. They set an “overweight” rating and a $203.00 price objective on the stock. Finally, Truist Financial increased their price objective on Chevron from $156.00 to $166.00 and gave the company a “hold” rating in a research report on Friday, May 10th. Five equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, Chevron currently has an average rating of “Moderate Buy” and a consensus target price of $186.95.

Insider Buying and Selling

In other Chevron news, Director Enrique Hernandez, Jr. sold 2,549 shares of the stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $161.00, for a total value of $410,389.00. Following the completion of the sale, the director now directly owns 7,647 shares in the company, valued at $1,231,167. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, Director Enrique Hernandez, Jr. sold 2,549 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $161.00, for a total transaction of $410,389.00. Following the sale, the director now directly owns 7,647 shares of the company’s stock, valued at $1,231,167. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Enrique Hernandez, Jr. sold 5,098 shares of the firm’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $163.50, for a total value of $833,523.00. Following the sale, the director now directly owns 2,549 shares in the company, valued at $416,761.50. The disclosure for this sale can be found here. Insiders sold 19,546 shares of company stock worth $3,176,223 in the last three months. 0.20% of the stock is owned by insiders.

About Chevron

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.