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

Kayne Anderson Rudnick Investment Management LLC cut its position in Chevron Co. (NYSE:CVX) by 9.5% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 101,076 shares of the oil and gas company’s stock after selling 10,606 shares during the period. Kayne Anderson Rudnick Investment Management LLC’s holdings in Chevron were worth $15,810,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Pacifica Partners Inc. raised its holdings in shares of Chevron by 1.8% during the 1st quarter. Pacifica Partners Inc. now owns 3,492 shares of the oil and gas company’s stock worth $546,000 after acquiring an additional 63 shares during the period. Private Wealth Management Group LLC grew its stake in shares of Chevron by 15.7% in the 1st quarter. Private Wealth Management Group LLC now owns 464 shares of the oil and gas company’s stock valued at $73,000 after buying an additional 63 shares during the period. Montz Harcus Wealth Management LLC increased its holdings in shares of Chevron by 2.2% during the 2nd quarter. Montz Harcus Wealth Management LLC now owns 2,943 shares of the oil and gas company’s stock worth $460,000 after buying an additional 63 shares during the last quarter. Hubbell Strickland Wealth Management LLC raised its position in shares of Chevron by 0.7% during the 2nd quarter. Hubbell Strickland Wealth Management LLC now owns 9,493 shares of the oil and gas company’s stock valued at $1,485,000 after buying an additional 64 shares during the period. Finally, Ellenbecker Investment Group lifted its holdings in Chevron by 1.5% in the first quarter. Ellenbecker Investment Group now owns 4,346 shares of the oil and gas company’s stock valued at $686,000 after acquiring an additional 65 shares during the last quarter. Institutional investors own 72.42% of the company’s stock.

Chevron Trading Up 0.5 %

Shares of NYSE:CVX opened at $145.68 on Monday. Chevron Co. has a 52 week low of $135.37 and a 52 week high of $171.70. The company’s 50 day moving average is $148.06 and its two-hundred day moving average is $154.53. The company has a market cap of $268.48 billion, a PE ratio of 13.40, a P/E/G ratio of 2.48 and a beta of 1.09. The company has a current ratio of 1.16, a quick ratio of 0.85 and a debt-to-equity ratio of 0.13.

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

Chevron Announces Dividend

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

Wall Street Analysts Forecast Growth

CVX has been the subject of several recent analyst reports. Wolfe Research began coverage on Chevron in a research report on Thursday, July 18th. They issued a “peer perform” rating on the stock. Truist Financial reduced their price objective on shares of Chevron from $156.00 to $154.00 and set a “hold” rating on the stock in a report on Monday, August 5th. Mizuho dropped their price target on shares of Chevron from $205.00 to $189.00 and set an “outperform” rating for the company in a research report on Monday, September 16th. Royal Bank of Canada decreased their price objective 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. Finally, Scotiabank dropped their target price on shares of Chevron from $195.00 to $180.00 and set a “sector outperform” rating for the company in a report on Friday, July 12th. Seven research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average 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.