China Universal Asset Management Co. Ltd. Cuts Stock Holdings in Chevron Co. (NYSE:CVX)

China Universal Asset Management Co. Ltd. lessened its stake in shares of Chevron Co. (NYSE:CVX) by 24.3% in the 2nd quarter, Holdings Channel reports. The firm owned 2,718 shares of the oil and gas company’s stock after selling 872 shares during the period. China Universal Asset Management Co. Ltd.’s holdings in Chevron were worth $425,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Berkshire Hathaway Inc grew its position in Chevron by 14.4% in the fourth quarter. Berkshire Hathaway Inc now owns 126,093,326 shares of the oil and gas company’s stock worth $18,808,081,000 after acquiring an additional 15,845,037 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Chevron by 8.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 26,235,473 shares of the oil and gas company’s stock valued at $3,886,821,000 after purchasing an additional 1,999,332 shares during the last quarter. Norges Bank purchased a new stake in Chevron during the 4th quarter valued at $2,902,007,000. Bank of New York Mellon Corp lifted its position in Chevron by 4.2% in the first 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. Finally, Capital World Investors boosted its stake in Chevron by 3.2% during the first quarter. Capital World Investors now owns 16,009,766 shares of the oil and gas company’s stock worth $2,525,380,000 after buying an additional 495,879 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Stock Down 1.1 %

CVX traded down $1.66 during trading on Tuesday, hitting $145.17. The stock had a trading volume of 1,841,028 shares, compared to its average volume of 7,832,943. The stock has a 50 day simple moving average of $153.62 and a two-hundred day simple moving average of $156.01. The company has a market capitalization of $267.54 billion, a PE ratio of 13.36, a PEG ratio of 2.42 and a beta of 1.10. 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 twelve month low of $139.62 and a twelve month high of $171.70.

Chevron (NYSE:CVX) last released 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 company 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 revenue for the quarter was up 4.7% on a year-over-year basis. During the same period in the prior year, the firm posted $3.08 EPS. On average, research analysts predict that Chevron Co. will post 11.96 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Monday, August 19th will be paid a $1.63 dividend. The ex-dividend date of this dividend is Monday, August 19th. This represents a $6.52 dividend on an annualized basis and a yield of 4.49%. Chevron’s dividend payout ratio (DPR) is 59.98%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on CVX shares. Wells Fargo & Company lifted their price target on shares of Chevron from $198.00 to $206.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 30th. Wolfe Research started coverage on Chevron in a report on Thursday, July 18th. They issued a “peer perform” rating on the stock. Scotiabank dropped their price objective on Chevron from $195.00 to $180.00 and set a “sector outperform” rating for the company in a report on Friday, July 12th. Royal Bank of Canada decreased their target price on Chevron from $190.00 to $180.00 and set an “outperform” rating for the company in a research report on Monday, August 5th. Finally, HSBC upped their price target on shares of Chevron from $175.00 to $178.00 and gave the stock a “buy” rating in a report on Tuesday, April 30th. Seven investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $183.82.

Chevron Company 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.