Coho Partners Ltd. Has $70.15 Million Stake in Chevron Co. (NYSE:CVX)

Coho Partners Ltd. reduced its stake in shares of Chevron Co. (NYSE:CVX) by 10.8% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 476,346 shares of the oil and gas company’s stock after selling 57,562 shares during the quarter. Chevron comprises 2.6% of Coho Partners Ltd.’s holdings, making the stock its 24th largest position. Coho Partners Ltd.’s holdings in Chevron were worth $70,152,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Prentice Wealth Management LLC lifted its holdings in Chevron by 7.0% in the first quarter. Prentice Wealth Management LLC now owns 3,122 shares of the oil and gas company’s stock valued at $492,000 after buying an additional 203 shares during the period. P&S Credit Management L.P. bought a new stake in shares of Chevron during the 1st quarter worth approximately $3,155,000. Richelieu Gestion SA acquired a new stake in Chevron in the first quarter valued at $142,000. First Bancorp Inc ME lifted its stake in Chevron by 16.8% in the 1st quarter. First Bancorp Inc ME now owns 1,638 shares of the oil and gas company’s stock valued at $258,000 after purchasing an additional 236 shares during the last quarter. Finally, Arkfeld Wealth Strategies L.L.C. lifted its position in shares of Chevron by 6.4% in the first quarter. Arkfeld Wealth Strategies L.L.C. now owns 2,385 shares of the oil and gas company’s stock valued at $388,000 after buying an additional 144 shares during the last quarter. 72.42% of the stock is owned by institutional investors.

Chevron Stock Performance

Shares of Chevron stock opened at $150.46 on Thursday. The company has a market cap of $277.29 billion, a P/E ratio of 13.84, a PEG ratio of 2.73 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. The business has a 50-day moving average price of $146.44 and a two-hundred day moving average price of $153.45. Chevron Co. has a 1-year low of $135.37 and a 1-year high of $167.11.

Chevron (NYSE:CVX) last released its 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 company had revenue of $51.18 billion for the quarter, compared to analyst estimates of $48.68 billion. Chevron had a net margin of 9.31% and a return on equity of 13.70%. The firm’s revenue was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.08 EPS. As a group, analysts anticipate that Chevron Co. will post 10.95 EPS for the current year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Monday, August 19th were issued a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.33%. The ex-dividend date was Monday, August 19th. Chevron’s dividend payout ratio is currently 59.98%.

Analysts Set New Price Targets

Several analysts recently commented on the stock. UBS Group lifted their target price on shares of Chevron from $189.00 to $192.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. Barclays cut their target price on Chevron from $185.00 to $168.00 and set an “overweight” rating for the company in a research report on Thursday, October 3rd. Scotiabank decreased their price objective on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. Royal Bank of Canada reissued an “outperform” rating and set a $170.00 target price on shares of Chevron in a research note on Tuesday, October 8th. Finally, Wolfe Research initiated coverage on Chevron in a report on Thursday, July 18th. They set a “peer perform” rating on the stock. Five research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $173.07.

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.