Diamond Hill Capital Management Inc. Sells 93,555 Shares of Chevron Corporation (NYSE:CVX)

Diamond Hill Capital Management Inc. trimmed its holdings in Chevron Corporation (NYSE:CVX) by 32.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 190,769 shares of the oil and gas company’s stock after selling 93,555 shares during the period. Diamond Hill Capital Management Inc.’s holdings in Chevron were worth $31,914,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Life Planning Partners Inc bought a new stake in Chevron in the fourth quarter valued at approximately $25,000. Mizuho Securities Co. Ltd. acquired a new position in shares of Chevron during the 4th quarter worth $29,000. 10Elms LLP bought a new stake in Chevron during the 4th quarter worth $29,000. Navigoe LLC bought a new stake in Chevron during the 4th quarter worth $33,000. Finally, IFS Advisors LLC raised its position in shares of Chevron by 119.6% during the first quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company’s stock worth $36,000 after acquiring an additional 116 shares during the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CVX has been the subject of a number of recent research reports. Wells Fargo & Company raised their target price on Chevron from $165.00 to $178.00 and gave the stock an “overweight” rating in a research report on Wednesday. HSBC downgraded Chevron from a “buy” rating to a “hold” rating and reduced their target price for the stock from $176.00 to $158.00 in a report on Tuesday, May 13th. DZ Bank cut Chevron from a “buy” rating to a “sell” rating and set a $130.00 price objective on the stock. in a research report on Tuesday, May 6th. Scotiabank reaffirmed a “sector perform” rating and issued a $160.00 target price (up from $143.00) on shares of Chevron in a report on Friday, July 11th. Finally, TD Cowen cut their price target on Chevron from $155.00 to $150.00 and set a “hold” rating for the company in a research note on Monday, May 5th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, Chevron currently has a consensus rating of “Hold” and an average target price of $162.13.

Chevron Stock Up 1.9%

CVX opened at $152.96 on Thursday. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.08 and a quick ratio of 0.82. The firm’s fifty day moving average price is $144.59 and its two-hundred day moving average price is $148.73. The company has a market capitalization of $267.12 billion, a P/E ratio of 17.48, a P/E/G ratio of 2.48 and a beta of 0.83.

Chevron (NYSE:CVX) last released its quarterly 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. The business had revenue of $47.61 billion during the quarter, compared to analysts’ expectations of $49.05 billion. Chevron had a return on equity of 10.73% and a net margin of 7.76%. The firm’s revenue for the quarter was down 2.3% compared to the same quarter last year. During the same period in the previous year, the business posted $2.93 earnings per share. On average, analysts anticipate that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th were given a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 4.47%. The ex-dividend date was Monday, May 19th. Chevron’s dividend payout ratio (DPR) is currently 78.17%.

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.