Chase Investment Counsel Corp Trims Holdings in Chevron Co. (NYSE:CVX)

Chase Investment Counsel Corp cut its position in shares of Chevron Co. (NYSE:CVX) by 81.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,248 shares of the oil and gas company’s stock after selling 14,115 shares during the quarter. Chase Investment Counsel Corp’s holdings in Chevron were worth $478,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. China Universal Asset Management Co. Ltd. acquired a new stake in shares of Chevron in the first quarter worth approximately $566,000. Empowered Funds LLC raised its position in shares of Chevron by 5.4% in the 1st quarter. Empowered Funds LLC now owns 429,000 shares of the oil and gas company’s stock worth $67,670,000 after buying an additional 22,047 shares during the period. Texas Yale Capital Corp. grew its position in Chevron by 12.8% during the first quarter. Texas Yale Capital Corp. now owns 39,811 shares of the oil and gas company’s stock valued at $6,280,000 after acquiring an additional 4,514 shares during the period. Foundry Partners LLC increased its stake in Chevron by 3.4% during the first quarter. Foundry Partners LLC now owns 167,933 shares of the oil and gas company’s stock worth $26,490,000 after acquiring an additional 5,565 shares during the last quarter. Finally, Private Management Group Inc. raised its holdings in Chevron by 9.3% in the first quarter. Private Management Group Inc. now owns 6,596 shares of the oil and gas company’s stock valued at $1,040,000 after buying an additional 561 shares during the period. Institutional investors and hedge funds own 72.42% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CVX. DZ Bank raised shares of Chevron from a “hold” rating to a “buy” rating and set a $170.00 target price on the stock in a research note on Tuesday, November 5th. Wells Fargo & Company lowered their target price on Chevron from $196.00 to $169.00 and set an “overweight” rating for the company in a research note on Friday, September 27th. Mizuho decreased their price target on Chevron from $205.00 to $189.00 and set an “outperform” rating for the company in a report on Monday, September 16th. Sanford C. Bernstein downgraded shares of Chevron from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $183.00 to $167.00 in a research report on Wednesday, July 17th. Finally, Barclays upped their target price on shares of Chevron from $168.00 to $174.00 and gave the company an “overweight” rating in a research note on Monday, November 4th. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Chevron has a consensus rating of “Moderate Buy” and an average target price of $174.93.

Chevron Trading Down 0.8 %

NYSE CVX opened at $155.30 on Wednesday. The firm has a market capitalization of $279.09 billion, a PE ratio of 17.07, a price-to-earnings-growth ratio of 3.50 and a beta of 1.09. Chevron Co. has a one year low of $135.37 and a one year high of $167.11. The company has a 50-day simple moving average of $148.18 and a 200-day simple moving average of $152.61. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07.

Chevron (NYSE:CVX) last issued its earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share for the quarter, topping the consensus estimate of $2.47 by $0.04. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The firm had revenue of $50.67 billion for the quarter, compared to analyst estimates of $48.86 billion. During the same period last year, the company earned $3.05 earnings per share. The firm’s revenue for the quarter was down 6.3% on a year-over-year basis. On average, equities analysts forecast that Chevron Co. will post 10.59 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th will be paid a $1.63 dividend. The ex-dividend date of this dividend is Monday, November 18th. This represents a $6.52 annualized dividend and a dividend yield of 4.20%. Chevron’s payout ratio is currently 71.65%.

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.