Kayne Anderson Rudnick Investment Management LLC Cuts Position in Chevron Co. (NYSE:CVX)

Kayne Anderson Rudnick Investment Management LLC lessened its position in Chevron Co. (NYSE:CVX) by 9.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 101,076 shares of the oil and gas company’s stock after selling 10,606 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC’s holdings in Chevron were worth $15,810,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. American Capital Advisory LLC grew its holdings in shares of Chevron by 403.2% during the 1st quarter. American Capital Advisory LLC now owns 156 shares of the oil and gas company’s stock valued at $25,000 after purchasing an additional 125 shares during the last quarter. Frank Rimerman Advisors LLC bought a new position in shares of Chevron during the fourth quarter valued at about $30,000. Anfield Capital Management LLC grew its stake in shares of Chevron by 118.0% during the second quarter. Anfield Capital Management LLC now owns 218 shares of the oil and gas company’s stock valued at $34,000 after buying an additional 118 shares during the last quarter. Cooksen Wealth LLC bought a new stake in shares of Chevron in the 4th quarter valued at about $40,000. Finally, Clear Investment Research LLC boosted its holdings in Chevron by 264.9% during the 4th quarter. Clear Investment Research LLC now owns 281 shares of the oil and gas company’s stock valued at $42,000 after acquiring an additional 204 shares during the period. Institutional investors own 72.42% of the company’s stock.

Chevron Price Performance

Shares of CVX stock opened at $145.68 on Monday. The business’s fifty day moving average is $148.06 and its 200 day moving average is $154.53. 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 stock has a market cap of $268.48 billion, a price-to-earnings ratio of 13.40, a PEG ratio of 2.48 and a beta of 1.09. Chevron Co. has a twelve month low of $135.37 and a twelve month high of $171.70.

Chevron (NYSE:CVX) last released its earnings results on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share 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 during the quarter, compared to analysts’ expectations of $48.68 billion. During the same period in the prior year, the company earned $3.08 earnings per share. The firm’s quarterly revenue was up 4.7% compared to the same quarter last year. Research analysts expect that Chevron Co. will post 11.48 EPS for the current fiscal year.

Chevron Dividend Announcement

The firm also recently announced 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 was Monday, August 19th. This represents a $6.52 annualized dividend and a dividend yield of 4.48%. Chevron’s payout ratio is 59.98%.

Analysts Set New Price Targets

A number of equities analysts have commented on CVX shares. Scotiabank decreased their price target on Chevron from $195.00 to $180.00 and set a “sector outperform” rating on the stock in a research note on Friday, July 12th. Wolfe Research assumed coverage on shares of Chevron in a report on Thursday, July 18th. They set a “peer perform” rating for the company. Royal Bank of Canada cut their price target on shares of Chevron from $190.00 to $180.00 and set an “outperform” rating on the stock in a report on Monday, August 5th. Mizuho decreased their price objective on shares of Chevron from $205.00 to $189.00 and set an “outperform” rating on the stock in a research report on Monday, September 16th. Finally, UBS Group dropped their target price on shares of Chevron from $192.00 to $189.00 and set a “buy” rating for the company in a report on Wednesday, September 18th. Seven equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $182.41.

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.