Stonebrook Private Inc. Decreases Stake in Chevron Co. (NYSE:CVX)

Stonebrook Private Inc. lessened its holdings in Chevron Co. (NYSE:CVX) by 30.5% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,685 shares of the oil and gas company’s stock after selling 1,615 shares during the period. Stonebrook Private Inc.’s holdings in Chevron were worth $576,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of CVX. Berkshire Hathaway Inc grew its position in Chevron by 14.4% during 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 buying an additional 15,845,037 shares during the period. Norges Bank bought a new position in shares of Chevron during the 4th quarter valued at approximately $2,902,007,000. Bank of New York Mellon Corp increased its stake in shares of Chevron by 4.2% during the 1st quarter. Bank of New York Mellon Corp now owns 16,103,302 shares of the oil and gas company’s stock worth $2,540,135,000 after purchasing an additional 654,482 shares during the last quarter. Capital World Investors lifted its stake in Chevron by 3.2% in the first quarter. Capital World Investors now owns 16,009,766 shares of the oil and gas company’s stock valued at $2,525,380,000 after purchasing an additional 495,879 shares during the last quarter. Finally, Franklin Resources Inc. lifted its stake in Chevron by 13.0% in the fourth quarter. Franklin Resources Inc. now owns 15,622,388 shares of the oil and gas company’s stock valued at $2,330,235,000 after purchasing an additional 1,797,171 shares during the last quarter. 72.42% of the stock is owned by institutional investors.

Chevron Price Performance

Chevron stock traded down $2.37 during mid-day trading on Friday, hitting $138.56. 7,836,358 shares of the company traded hands, compared to its average volume of 7,768,067. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.85 and a current ratio of 1.16. Chevron Co. has a one year low of $137.87 and a one year high of $171.70. The stock has a market cap of $255.36 billion, a price-to-earnings ratio of 12.74, a price-to-earnings-growth ratio of 2.50 and a beta of 1.09. The stock has a fifty day moving average price of $150.82 and a 200-day moving average price of $155.26.

Chevron (NYSE:CVX) last posted 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). Chevron had a return on equity of 13.70% and a net margin of 9.31%. The company had revenue of $51.18 billion for the quarter, compared to the consensus estimate of $48.68 billion. During the same period in the prior year, the firm posted $3.08 earnings per share. The business’s revenue was up 4.7% on a year-over-year basis. On average, equities analysts predict that Chevron Co. will post 11.86 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Monday, August 19th will be issued a dividend of $1.63 per share. The ex-dividend date is Monday, August 19th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.71%. Chevron’s dividend payout ratio is 59.98%.

Analyst Upgrades and Downgrades

CVX has been the subject of several research reports. Truist Financial cut their price target on Chevron from $156.00 to $154.00 and set a “hold” rating for the company in a research note on Monday, August 5th. 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 upped their price target on shares of Chevron from $200.00 to $205.00 and gave the company a “buy” rating in a research note on Monday, May 13th. Scotiabank reduced their price objective on shares of Chevron from $195.00 to $180.00 and set a “sector outperform” rating for the company in a research note on Friday, July 12th. Finally, Wolfe Research assumed coverage on Chevron in a research report on Thursday, July 18th. They set a “peer perform” rating on the stock. Seven equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, Chevron has an average rating of “Moderate Buy” and an average price target of $183.82.

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.