Valicenti Advisory Services Inc. Decreases Position in Chevron Co. (NYSE:CVX)

Valicenti Advisory Services Inc. lowered its stake in Chevron Co. (NYSE:CVX) by 0.3% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 57,084 shares of the oil and gas company’s stock after selling 189 shares during the quarter. Chevron comprises 2.4% of Valicenti Advisory Services Inc.’s portfolio, making the stock its 14th largest position. Valicenti Advisory Services Inc.’s holdings in Chevron were worth $8,929,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of CVX. Berkshire Hathaway Inc grew its stake 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 acquiring an additional 15,845,037 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in 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 in the last quarter. Norges Bank purchased a new stake in Chevron during the 4th quarter worth approximately $2,902,007,000. Bank of New York Mellon Corp raised its position in shares of 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 valued at $2,540,135,000 after purchasing an additional 654,482 shares in the last quarter. Finally, Capital World Investors boosted its stake in shares of 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 buying an additional 495,879 shares during the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Stock Performance

NYSE:CVX traded up $0.47 during mid-day trading on Thursday, hitting $145.79. The stock had a trading volume of 2,078,289 shares, compared to its average volume of 7,820,930. Chevron Co. has a 52 week low of $139.62 and a 52 week high of $171.70. 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 stock has a market capitalization of $266.64 billion, a price-to-earnings ratio of 13.42, a P/E/G ratio of 2.46 and a beta of 1.10. The company has a 50 day simple moving average of $153.21 and a 200-day simple moving average of $155.89.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.93 by ($0.38). Chevron had a return on equity of 13.70% and a net margin of 9.31%. The business had revenue of $51.18 billion for the quarter, compared to analyst estimates of $48.68 billion. During the same quarter in the prior year, the firm posted $3.08 earnings per share. The business’s quarterly revenue was up 4.7% on a year-over-year basis. On average, research analysts expect that Chevron Co. will post 11.96 earnings per share for the current fiscal year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th will be paid a $1.63 dividend. The ex-dividend date is Monday, August 19th. This represents a $6.52 annualized dividend and a dividend yield of 4.47%. Chevron’s payout ratio is 59.98%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CVX. 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. Mizuho upped their target price 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. Wolfe Research initiated coverage on Chevron in a research note on Thursday, July 18th. They issued a “peer perform” rating for the company. Scotiabank cut their price objective on Chevron from $195.00 to $180.00 and set a “sector outperform” rating on the stock in a research note on Friday, July 12th. Finally, TD Cowen lifted their target price on Chevron from $155.00 to $160.00 and gave the stock a “hold” rating in a research report on Monday, April 29th. Seven equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price 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.