Gabelli Funds LLC Decreases Stake in Chevron Co. (NYSE:CVX)

Gabelli Funds LLC lessened its holdings in Chevron Co. (NYSE:CVX) by 2.0% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 342,199 shares of the oil and gas company’s stock after selling 6,851 shares during the period. Gabelli Funds LLC’s holdings in Chevron were worth $53,527,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Greenline Partners LLC increased its stake in shares of Chevron by 13.1% during the 2nd quarter. Greenline Partners LLC now owns 26,566 shares of the oil and gas company’s stock worth $4,158,000 after purchasing an additional 3,075 shares during the last quarter. Frank Rimerman Advisors LLC increased its holdings in Chevron by 13,094.9% in the 2nd quarter. Frank Rimerman Advisors LLC now owns 26,126 shares of the oil and gas company’s stock worth $4,087,000 after acquiring an additional 25,928 shares during the last quarter. Holderness Investments Co. increased its holdings in Chevron by 0.3% in the 2nd quarter. Holderness Investments Co. now owns 25,128 shares of the oil and gas company’s stock worth $3,931,000 after acquiring an additional 77 shares during the last quarter. Kowal Investment Group LLC raised its stake in Chevron by 2.8% in the 2nd quarter. Kowal Investment Group LLC now owns 11,250 shares of the oil and gas company’s stock valued at $1,760,000 after acquiring an additional 309 shares during the period. Finally, Beddow Capital Management Inc. lifted its holdings in Chevron by 6.6% during the second quarter. Beddow Capital Management Inc. now owns 2,025 shares of the oil and gas company’s stock valued at $317,000 after purchasing an additional 125 shares during the last quarter. 72.42% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Barclays reduced their target price on shares of Chevron from $203.00 to $185.00 and set an “overweight” rating for the company in a research note on Tuesday, August 6th. Mizuho reduced their price objective on shares of Chevron from $205.00 to $189.00 and set an “outperform” rating for the company in a research note on Monday, September 16th. Scotiabank dropped their target price on Chevron from $195.00 to $180.00 and set a “sector outperform” rating on the stock in a research report on Friday, July 12th. Sanford C. Bernstein lowered Chevron from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $183.00 to $167.00 in a research note on Wednesday, July 17th. Finally, UBS Group dropped their price objective on Chevron from $192.00 to $189.00 and set a “buy” rating on the stock in a report on Wednesday. Seven analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Chevron currently has a consensus rating of “Moderate Buy” and an average target price of $182.41.

Chevron Stock Up 0.5 %

Shares of CVX opened at $145.68 on Friday. The firm has a market cap of $268.48 billion, a P/E ratio of 13.40, a P/E/G ratio of 2.48 and a beta of 1.09. Chevron Co. has a 1 year low of $135.37 and a 1 year high of $171.70. The stock has a 50 day simple moving average of $148.06 and a two-hundred day simple moving average of $154.48. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.16 and a quick ratio of 0.85.

Chevron (NYSE:CVX) last announced its quarterly earnings data 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). The business had revenue of $51.18 billion during 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 period last year, the company posted $3.08 EPS. On average, analysts forecast that Chevron Co. will post 11.48 earnings per share for the current fiscal year.

Chevron Announces Dividend

The business also recently announced 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 annualized dividend and a yield of 4.48%. The ex-dividend date of this dividend was Monday, August 19th. Chevron’s dividend payout ratio is presently 59.98%.

Chevron Company 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.