Boston Research & Management Inc. Cuts Holdings in Chevron Co. (NYSE:CVX)

Boston Research & Management Inc. reduced its position in Chevron Co. (NYSE:CVX) by 2.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,608 shares of the oil and gas company’s stock after selling 200 shares during the period. Boston Research & Management Inc.’s holdings in Chevron were worth $1,346,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Garden State Investment Advisory Services LLC raised its holdings in shares of Chevron by 10.0% during the 2nd quarter. Garden State Investment Advisory Services LLC now owns 2,319 shares of the oil and gas company’s stock worth $364,000 after acquiring an additional 210 shares in the last quarter. Sei Investments Co. increased its holdings in shares of Chevron by 8.5% in the 2nd quarter. Sei Investments Co. now owns 659,273 shares of the oil and gas company’s stock worth $103,121,000 after buying an additional 51,564 shares during the last quarter. Cedar Wealth Management LLC raised its position in shares of Chevron by 9.6% during the 2nd quarter. Cedar Wealth Management LLC now owns 2,808 shares of the oil and gas company’s stock valued at $439,000 after buying an additional 245 shares in the last quarter. Drexel Morgan & Co. grew its position in Chevron by 37.0% in the second quarter. Drexel Morgan & Co. now owns 3,500 shares of the oil and gas company’s stock worth $547,000 after acquiring an additional 945 shares in the last quarter. Finally, Weaver C. Barksdale & Associates Inc. increased its stake in Chevron by 12.9% during the second quarter. Weaver C. Barksdale & Associates Inc. now owns 12,387 shares of the oil and gas company’s stock worth $1,938,000 after acquiring an additional 1,411 shares during the last quarter. 72.42% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. 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. Sanford C. Bernstein cut shares of Chevron from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $183.00 to $167.00 in a research note on Wednesday, July 17th. UBS Group reduced their price objective on shares of Chevron from $192.00 to $189.00 and set a “buy” rating on the stock in a research report on Wednesday. Scotiabank dropped their target price on Chevron from $195.00 to $180.00 and set a “sector outperform” rating for the company in a research report on Friday, July 12th. Finally, Royal Bank of Canada reduced their price target on Chevron from $190.00 to $180.00 and set an “outperform” rating on the stock in a report on Monday, August 5th. Seven investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $182.41.

Chevron Price Performance

Shares of CVX stock opened at $145.65 on Friday. The stock’s 50-day moving average is $148.06 and its 200 day moving average is $154.45. 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 company has a market cap of $268.43 billion, a P/E ratio of 13.40, a PEG ratio of 2.48 and a beta of 1.09.

Chevron (NYSE:CVX) last issued 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 return on equity of 13.70% and a net margin of 9.31%. The business had revenue of $51.18 billion for the quarter, compared to analyst estimates of $48.68 billion. During the same period in the previous year, the company posted $3.08 earnings per share. The business’s revenue for the quarter was up 4.7% on a year-over-year basis. Research analysts predict that Chevron Co. will post 11.48 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were issued a dividend of $1.63 per share. The ex-dividend date of this dividend was Monday, August 19th. This represents a $6.52 annualized dividend and a dividend yield of 4.48%. Chevron’s dividend payout ratio (DPR) is currently 59.98%.

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.