Kanawha Capital Management LLC Raises Holdings in Chevron Corporation (NYSE:CVX)

Kanawha Capital Management LLC lifted its position in shares of Chevron Corporation (NYSE:CVX) by 0.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 111,359 shares of the oil and gas company’s stock after purchasing an additional 993 shares during the period. Chevron comprises about 1.4% of Kanawha Capital Management LLC’s holdings, making the stock its 21st largest position. Kanawha Capital Management LLC’s holdings in Chevron were worth $18,629,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Moody Lynn & Lieberson LLC grew its stake in Chevron by 8.9% during the 1st quarter. Moody Lynn & Lieberson LLC now owns 78,976 shares of the oil and gas company’s stock worth $13,212,000 after buying an additional 6,472 shares during the last quarter. Aaron Wealth Advisors LLC boosted its holdings in shares of Chevron by 4.1% in the first quarter. Aaron Wealth Advisors LLC now owns 9,223 shares of the oil and gas company’s stock valued at $1,543,000 after acquiring an additional 363 shares during the period. First Bank & Trust grew its position in shares of Chevron by 24.1% during the first quarter. First Bank & Trust now owns 23,647 shares of the oil and gas company’s stock worth $3,956,000 after acquiring an additional 4,594 shares during the last quarter. Coastline Trust Co grew its position in shares of Chevron by 4.4% during the first quarter. Coastline Trust Co now owns 13,757 shares of the oil and gas company’s stock worth $2,301,000 after acquiring an additional 583 shares during the last quarter. Finally, NovaPoint Capital LLC increased its holdings in shares of Chevron by 3.2% in the 1st quarter. NovaPoint Capital LLC now owns 17,268 shares of the oil and gas company’s stock valued at $2,889,000 after acquiring an additional 542 shares during the period. 72.42% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CVX has been the subject of a number of recent research reports. Hsbc Global Res cut shares of Chevron from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 13th. Redburn Atlantic reaffirmed a “sell” rating and issued a $124.00 target price (down from $156.00) on shares of Chevron in a report on Wednesday, April 23rd. Scotiabank downgraded shares of Chevron from a “sector outperform” rating to a “sector perform” rating and decreased their target price for the stock from $160.00 to $143.00 in a research note on Friday, April 11th. Piper Sandler dropped their price target on Chevron from $173.00 to $162.00 and set an “overweight” rating on the stock in a research report on Tuesday, May 13th. Finally, HSBC downgraded Chevron from a “buy” rating to a “hold” rating and reduced their price objective for the company from $176.00 to $158.00 in a research note on Tuesday, May 13th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $160.29.

Chevron Trading Up 1.6%

NYSE:CVX opened at $145.46 on Wednesday. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $168.96. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.82 and a current ratio of 1.08. The stock has a fifty day moving average price of $140.56 and a two-hundred day moving average price of $148.08. The stock has a market capitalization of $254.03 billion, a price-to-earnings ratio of 16.62, a PEG ratio of 2.51 and a beta of 0.83.

Chevron (NYSE:CVX) last announced 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 the consensus estimate of $49.05 billion. Chevron had a net margin of 7.76% and a return on equity of 10.73%. The business’s revenue was down 2.3% compared to the same quarter last year. During the same quarter last year, the firm posted $2.93 EPS. As a group, sell-side analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th were given 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 dividend yield of 4.70%. Chevron’s payout ratio is 78.17%.

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.