Lyell Wealth Management LP decreased its holdings in Chevron Co. (NYSE:CVX) by 9.8% during the 2nd quarter, Holdings Channel.com reports. The fund owned 21,124 shares of the oil and gas company’s stock after selling 2,307 shares during the quarter. Lyell Wealth Management LP’s holdings in Chevron were worth $1,885,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also made changes to their positions in the company. TradeLink Capital LLC purchased a new stake in shares of Chevron during the 2nd quarter worth approximately $493,000. Mitchell Capital Management Co. lifted its holdings in shares of Chevron by 0.8% during the 2nd quarter. Mitchell Capital Management Co. now owns 15,721 shares of the oil and gas company’s stock worth $1,403,000 after acquiring an additional 121 shares during the last quarter. State of Michigan Retirement System lifted its stake in Chevron by 10.0% in the second quarter. State of Michigan Retirement System now owns 476,777 shares of the oil and gas company’s stock worth $42,543,000 after purchasing an additional 43,409 shares during the last quarter. Accredited Investors Inc. lifted its stake in Chevron by 5.2% in the second quarter. Accredited Investors Inc. now owns 4,684 shares of the oil and gas company’s stock worth $418,000 after purchasing an additional 233 shares during the last quarter. Finally, Tompkins Financial Corp lifted its stake in Chevron by 9.8% in the second quarter. Tompkins Financial Corp now owns 7,783 shares of the oil and gas company’s stock worth $694,000 after purchasing an additional 692 shares during the last quarter. 64.60% of the stock is currently owned by institutional investors and hedge funds.
Shares of CVX traded down $2.33 during mid-day trading on Friday, hitting $83.94. 19,120,651 shares of the company’s stock were exchanged, compared to its average volume of 7,507,398. The stock’s 50-day moving average is $88.84 and its 200-day moving average is $92.49. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.78 and a current ratio of 1.01. Chevron Co. has a fifty-two week low of $51.60 and a fifty-two week high of $125.27. The company has a market cap of $156.71 billion, a price-to-earnings ratio of 40.95, a P/E/G ratio of 21.46 and a beta of 1.29.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th will be given a dividend of $1.29 per share. The ex-dividend date is Tuesday, August 18th. This represents a $5.16 dividend on an annualized basis and a dividend yield of 6.15%. Chevron’s dividend payout ratio (DPR) is presently 82.30%.
Several analysts have weighed in on CVX shares. Scotiabank boosted their price target on shares of Chevron from $90.00 to $95.00 and gave the stock a “sector outperform” rating in a research note on Monday, July 13th. UBS Group cut shares of Chevron from a “buy” rating to a “neutral” rating and set a $95.00 price objective on the stock. in a research report on Tuesday, May 12th. Credit Suisse Group upped their price objective on shares of Chevron from $81.00 to $100.00 and gave the stock an “outperform” rating in a report on Monday, May 4th. Independent Research downgraded shares of Chevron to a “hold” rating in a research note on Tuesday, April 14th. Finally, Morgan Stanley upped their target price on shares of Chevron from $103.00 to $107.00 and gave the company an “overweight” rating in a report on Tuesday, July 21st. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $111.25.
Chevron Corporation, through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, and production of crude oil and natural gas; processing, liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.
Further Reading: Asset Allocation, Balancing Your Investments
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