Pettee Investors Inc. Lowers Stock Holdings in Chevron Co. (NYSE:CVX)

Pettee Investors Inc. cut its holdings in shares of Chevron Co. (NYSE:CVX) by 1.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 16,894 shares of the oil and gas company’s stock after selling 335 shares during the quarter. Chevron comprises approximately 1.3% of Pettee Investors Inc.’s portfolio, making the stock its 28th biggest holding. Pettee Investors Inc.’s holdings in Chevron were worth $2,643,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Chevron in the 4th quarter valued at $2,902,007,000. Berkshire Hathaway Inc grew its position in 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 during the period. Capital World Investors increased its stake in Chevron by 43.5% during the fourth quarter. Capital World Investors now owns 15,513,887 shares of the oil and gas company’s stock worth $2,314,070,000 after acquiring an additional 4,700,289 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in Chevron by 73,888.2% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 4,602,805 shares of the oil and gas company’s stock worth $686,554,000 after acquiring an additional 4,596,584 shares during the last quarter. Finally, Franklin Resources Inc. raised its holdings in shares of Chevron by 13.0% in the 4th quarter. Franklin Resources Inc. now owns 15,622,388 shares of the oil and gas company’s stock worth $2,330,235,000 after purchasing an additional 1,797,171 shares during the period. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Stock Up 0.5 %

CVX stock opened at $145.35 on Wednesday. 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 firm has a 50 day simple moving average of $151.77 and a 200-day simple moving average of $155.56. The company has a market capitalization of $265.83 billion, a P/E ratio of 13.31, a PEG ratio of 2.50 and a beta of 1.09. Chevron Co. has a twelve month low of $139.62 and a twelve month 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 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 analyst estimates of $48.68 billion. Chevron had a return on equity of 13.70% and a net margin of 9.31%. Chevron’s revenue was up 4.7% on a year-over-year basis. During the same period in the prior year, the business earned $3.08 earnings per share. On average, equities research analysts predict that Chevron Co. will post 11.86 earnings per share for the current fiscal year.

Chevron Announces Dividend

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

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Sanford C. Bernstein downgraded shares of Chevron from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $183.00 to $167.00 in a research report on Wednesday, July 17th. Mizuho increased their price objective on shares of Chevron from $200.00 to $205.00 and gave the stock a “buy” rating in a research report on Monday, May 13th. Royal Bank of Canada reduced their target price on shares of Chevron from $190.00 to $180.00 and set an “outperform” rating on the stock in a report on Monday, August 5th. Truist Financial lowered their price target on Chevron from $156.00 to $154.00 and set a “hold” rating for the company in a report on Monday, August 5th. Finally, Wolfe Research initiated coverage on Chevron in a research report on Thursday, July 18th. They issued a “peer perform” rating for the company. Seven equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus 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.