Keene & Associates Inc. Cuts Stock Holdings in Chevron Co. (NYSE:CVX)

Keene & Associates Inc. reduced its position in Chevron Co. (NYSE:CVX) by 35.6% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 17,703 shares of the oil and gas company’s stock after selling 9,774 shares during the period. Chevron comprises approximately 2.3% of Keene & Associates Inc.’s holdings, making the stock its 29th largest position. Keene & Associates Inc.’s holdings in Chevron were worth $2,769,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in CVX. Berkshire Hathaway Inc lifted its holdings in shares of 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 purchasing an additional 15,845,037 shares in the last quarter. Bank of New York Mellon Corp raised its position in Chevron by 4.2% in 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 buying an additional 654,482 shares during the last quarter. Capital World Investors lifted its stake in Chevron by 3.2% during the 1st 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 acquiring an additional 495,879 shares during the period. Franklin Resources Inc. boosted its holdings in shares of Chevron by 13.0% during the 4th 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 acquiring an additional 1,797,171 shares during the last quarter. Finally, Capital International Investors grew its stake in shares of Chevron by 5.9% in the first quarter. Capital International Investors now owns 13,418,287 shares of the oil and gas company’s stock worth $2,116,600,000 after acquiring an additional 743,042 shares during the period. 72.42% of the stock is owned by institutional investors.

Chevron Stock Up 1.0 %

Shares of CVX stock opened at $140.61 on Monday. The company has a market capitalization of $257.16 billion, a price-to-earnings ratio of 12.94, a PEG ratio of 2.41 and a beta of 1.09. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.16 and a quick ratio of 0.85. The company’s fifty day moving average price is $149.12 and its 200-day moving average price is $154.75. Chevron Co. has a one year low of $135.37 and a one year high of $171.70.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, August 2nd. The oil and gas company reported $2.55 EPS for the quarter, missing the consensus estimate of $2.93 by ($0.38). Chevron had a net margin of 9.31% and a return on equity of 13.70%. The business had revenue of $51.18 billion during the quarter, compared to analysts’ expectations of $48.68 billion. During the same quarter in the previous year, the firm earned $3.08 earnings per share. Chevron’s revenue was up 4.7% on a year-over-year basis. Sell-side analysts expect that Chevron Co. will post 11.57 EPS for the current fiscal year.

Chevron Announces Dividend

The firm 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 4.64%. Chevron’s payout ratio is 59.98%.

Analyst Ratings Changes

A number of brokerages recently weighed in on CVX. Royal Bank of Canada lowered their price objective on shares of Chevron from $190.00 to $180.00 and set an “outperform” rating on the stock in a research report on Monday, August 5th. Barclays lowered their price target on Chevron from $203.00 to $185.00 and set an “overweight” rating on the stock in a report on Tuesday, August 6th. Sanford C. Bernstein downgraded Chevron from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $183.00 to $167.00 in a research note on Wednesday, July 17th. Truist Financial reduced their price objective on Chevron from $156.00 to $154.00 and set a “hold” rating for the company in a research report on Monday, August 5th. Finally, 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. Seven research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $183.82.

Chevron 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.