Lynch & Associates IN Decreases Stake in Chevron Co. (NYSE:CVX)

Lynch & Associates IN cut its position in shares of Chevron Co. (NYSE:CVX) by 1.7% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 52,742 shares of the oil and gas company’s stock after selling 936 shares during the quarter. Chevron accounts for 1.9% of Lynch & Associates IN’s investment portfolio, making the stock its 14th biggest holding. Lynch & Associates IN’s holdings in Chevron were worth $8,823,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Chicago Capital LLC raised its holdings in Chevron by 42.1% during the first quarter. Chicago Capital LLC now owns 10,995 shares of the oil and gas company’s stock worth $1,839,000 after purchasing an additional 3,260 shares during the last quarter. Schaper Benz & Wise Investment Counsel Inc. WI lifted its position in shares of Chevron by 1.2% in the first quarter. Schaper Benz & Wise Investment Counsel Inc. WI now owns 108,659 shares of the oil and gas company’s stock valued at $18,178,000 after acquiring an additional 1,291 shares in the last quarter. AA Financial Advisors LLC purchased a new stake in shares of Chevron in the first quarter valued at $245,000. Inscription Capital LLC purchased a new stake in shares of Chevron in the first quarter valued at $11,873,000. Finally, Blackston Financial Advisory Group LLC lifted its position in shares of Chevron by 8.9% in the first quarter. Blackston Financial Advisory Group LLC now owns 2,299 shares of the oil and gas company’s stock valued at $385,000 after acquiring an additional 188 shares in the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Stock Performance

Shares of NYSE:CVX opened at $146.07 on Tuesday. The firm has a market capitalization of $255.09 billion, a PE ratio of 15.03, a P/E/G ratio of 1.46 and a beta of 0.83. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80. The business has a 50-day moving average of $138.72 and a two-hundred day moving average of $148.91. Chevron Co. has a 12 month low of $132.04 and a 12 month high of $168.96.

Chevron (NYSE:CVX) last posted its earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.15 by $0.03. Chevron had a return on equity of 11.44% and a net margin of 8.71%. The business had revenue of $47.61 billion during the quarter, compared to analyst estimates of $49.05 billion. During the same quarter last year, the firm earned $2.93 earnings per share. The company’s revenue for the quarter was down 2.3% compared to the same quarter last year. As a group, research analysts forecast that Chevron Co. will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th were paid a dividend of $1.71 per share. The ex-dividend date of this dividend was Monday, May 19th. This represents a $6.84 dividend on an annualized basis and a yield of 4.68%. Chevron’s dividend payout ratio (DPR) is presently 78.17%.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. Piper Sandler reduced their price objective on Chevron from $173.00 to $162.00 and set an “overweight” rating on the stock in a research report on Tuesday, May 13th. TD Cowen reduced their price objective on Chevron from $155.00 to $150.00 and set a “hold” rating on the stock in a research report on Monday, May 5th. Redburn Atlantic restated a “sell” rating and issued a $124.00 price objective (down from $156.00) on shares of Chevron in a research report on Wednesday, April 23rd. Mizuho dropped their target price on Chevron from $188.00 to $186.00 and set an “outperform” rating for the company in a research note on Tuesday, May 13th. Finally, Scotiabank lowered Chevron from a “sector outperform” rating to a “sector perform” rating and dropped their target price for the company from $160.00 to $143.00 in a research note on Friday, April 11th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, Chevron has an average rating of “Hold” and a consensus target price of $160.24.

Chevron Company 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.