Bahl & Gaynor Inc. Cuts Position in Chevron Co. (NYSE:CVX)

Bahl & Gaynor Inc. trimmed its holdings in shares of Chevron Co. (NYSE:CVX) by 1.1% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,668,679 shares of the oil and gas company’s stock after selling 28,937 shares during the period. Chevron makes up 2.3% of Bahl & Gaynor Inc.’s investment portfolio, making the stock its 10th largest holding. Bahl & Gaynor Inc. owned about 0.14% of Chevron worth $417,435,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. American Capital Advisory LLC boosted 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 worth $25,000 after buying an additional 125 shares in the last quarter. Frank Rimerman Advisors LLC bought a new position in shares of Chevron during the 4th quarter worth approximately $30,000. Anfield Capital Management LLC raised its position 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 worth $34,000 after purchasing an additional 118 shares during the period. Cooksen Wealth LLC acquired a new position in shares of Chevron during the fourth quarter worth approximately $40,000. Finally, Clear Investment Research LLC raised its position in shares of Chevron by 264.9% during the fourth quarter. Clear Investment Research LLC now owns 281 shares of the oil and gas company’s stock worth $42,000 after purchasing an additional 204 shares during the period. 72.42% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on CVX. Scotiabank lowered 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. Barclays lowered their target price on Chevron from $203.00 to $185.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 6th. Truist Financial lowered their target price on Chevron from $156.00 to $154.00 and set a “hold” rating on the stock in a research report on Monday, August 5th. Wolfe Research assumed coverage on Chevron in a research report on Thursday, July 18th. They set a “peer perform” rating on the stock. Finally, Sanford C. Bernstein lowered Chevron from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $183.00 to $167.00 in a research report on Wednesday, July 17th. Seven equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $183.82.

Chevron Price Performance

CVX opened at $138.22 on Wednesday. The company has a market capitalization of $254.73 billion, a price-to-earnings ratio of 12.72, a PEG ratio of 2.34 and a beta of 1.09. 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 firm has a 50-day moving average price of $150.13 and a 200-day moving average price of $155.04. Chevron Co. has a twelve month low of $137.09 and a twelve month high of $171.70.

Chevron (NYSE:CVX) last posted its earnings results on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share for the quarter, missing the consensus estimate 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 return on equity of 13.70% and a net margin of 9.31%. Chevron’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.08 EPS. Equities analysts expect that Chevron Co. will post 11.86 EPS for the current 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 paid a $1.63 dividend. The ex-dividend date was Monday, August 19th. This represents a $6.52 annualized dividend and a dividend yield of 4.72%. Chevron’s payout ratio is 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.