Lafayette Investments Inc. Cuts Stock Holdings in Chevron Co. (NYSE:CVX)

Lafayette Investments Inc. cut its holdings in shares of Chevron Co. (NYSE:CVX) by 1.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,625 shares of the oil and gas company’s stock after selling 168 shares during the period. Lafayette Investments Inc.’s holdings in Chevron were worth $2,131,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. International Assets Investment Management LLC lifted its holdings in Chevron by 4.9% in the fourth quarter. International Assets Investment Management LLC now owns 21,470 shares of the oil and gas company’s stock valued at $3,202,000 after acquiring an additional 1,005 shares during the period. GUNN & Co INVESTMENT MANAGEMENT INC. increased its position in shares of Chevron by 796.5% during the 4th quarter. GUNN & Co INVESTMENT MANAGEMENT INC. now owns 15,599 shares of the oil and gas company’s stock valued at $2,327,000 after purchasing an additional 13,859 shares during the last quarter. Gilbert & Cook Inc. lifted its stake in shares of Chevron by 3.7% in the 4th quarter. Gilbert & Cook Inc. now owns 10,312 shares of the oil and gas company’s stock worth $1,538,000 after purchasing an additional 369 shares during the period. Summit Financial LLC boosted its holdings in shares of Chevron by 2.0% in the fourth quarter. Summit Financial LLC now owns 6,951 shares of the oil and gas company’s stock worth $1,037,000 after buying an additional 139 shares during the last quarter. Finally, Rogco LP grew its position in Chevron by 32.5% during the fourth quarter. Rogco LP now owns 10,243 shares of the oil and gas company’s stock valued at $1,528,000 after buying an additional 2,511 shares during the period. 72.42% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have weighed in on CVX shares. Wolfe Research initiated coverage on shares of Chevron in a research report on Thursday, July 18th. They issued a “peer perform” rating on the stock. Barclays lowered their target price on Chevron from $203.00 to $185.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 6th. Mizuho upped their price target on Chevron from $200.00 to $205.00 and gave the stock a “buy” rating in a research report on Monday, May 13th. Truist Financial decreased their price objective on Chevron from $156.00 to $154.00 and set a “hold” rating on the stock in a research note on Monday, August 5th. Finally, Sanford C. Bernstein downgraded Chevron from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $183.00 to $167.00 in a research note on Wednesday, July 17th. Seven research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $183.82.

Chevron Price Performance

CVX stock opened at $147.95 on Friday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.85 and a current ratio of 1.16. The company’s fifty day moving average price is $152.27 and its 200-day moving average price is $155.65. Chevron Co. has a one year low of $139.62 and a one year high of $171.70. The company has a market capitalization of $272.67 billion, a PE ratio of 13.61, a price-to-earnings-growth ratio of 2.50 and a beta of 1.10.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, August 2nd. The oil and gas company reported $2.55 EPS for the quarter, missing the consensus estimate of $2.93 by ($0.38). The company had revenue of $51.18 billion during 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% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.08 EPS. On average, equities analysts anticipate that Chevron Co. will post 11.86 EPS for the current fiscal year.

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Monday, August 19th will be paid a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 4.41%. The ex-dividend date of this dividend is Monday, August 19th. Chevron’s payout ratio is presently 59.98%.

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.