Narwhal Capital Management Cuts Holdings in Chevron Co. (NYSE:CVX)

Narwhal Capital Management lessened its position in shares of Chevron Co. (NYSE:CVX) by 2.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 35,051 shares of the oil and gas company’s stock after selling 938 shares during the period. Narwhal Capital Management’s holdings in Chevron were worth $5,483,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Weil Company Inc. grew its stake in Chevron by 5.5% during the second quarter. Weil Company Inc. now owns 2,281 shares of the oil and gas company’s stock worth $357,000 after buying an additional 118 shares during the period. Private Advisor Group LLC boosted its position in Chevron by 6.4% during the 2nd quarter. Private Advisor Group LLC now owns 243,804 shares of the oil and gas company’s stock worth $38,090,000 after purchasing an additional 14,728 shares during the period. Northwest Wealth Management LLC increased its holdings in Chevron by 5.7% in the 2nd quarter. Northwest Wealth Management LLC now owns 1,884 shares of the oil and gas company’s stock valued at $295,000 after purchasing an additional 102 shares in the last quarter. Addison Advisors LLC increased its holdings in Chevron by 2.8% in the 2nd quarter. Addison Advisors LLC now owns 5,014 shares of the oil and gas company’s stock valued at $784,000 after purchasing an additional 137 shares in the last quarter. Finally, Hemenway Trust Co LLC lifted its stake in shares of Chevron by 1.2% during the second quarter. Hemenway Trust Co LLC now owns 146,364 shares of the oil and gas company’s stock worth $22,894,000 after purchasing an additional 1,726 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Chevron Trading Down 1.7 %

Shares of NYSE CVX opened at $138.48 on Friday. The company has a quick ratio of 0.85, a current ratio of 1.16 and a debt-to-equity ratio of 0.13. The stock’s 50 day moving average price is $150.82 and its two-hundred day moving average price is $155.26. Chevron Co. has a 52-week low of $137.87 and a 52-week high of $171.70. The stock has a market capitalization of $255.21 billion, a P/E ratio of 12.74, a PEG ratio of 2.50 and a beta of 1.09.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.93 by ($0.38). The firm had revenue of $51.18 billion for the quarter, compared to analyst estimates of $48.68 billion. Chevron had a net margin of 9.31% and a return on equity of 13.70%. The business’s revenue was up 4.7% on a year-over-year basis. During the same period in the prior year, the company posted $3.08 earnings per share. On average, analysts anticipate that Chevron Co. will post 11.86 earnings per share for the current fiscal year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th will be given a $1.63 dividend. The ex-dividend date is Monday, August 19th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.71%. Chevron’s payout ratio is currently 59.98%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on CVX shares. Mizuho increased their target price on Chevron from $200.00 to $205.00 and gave the company a “buy” rating in a research note on Monday, May 13th. 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. Scotiabank reduced their target price on shares of Chevron from $195.00 to $180.00 and set a “sector outperform” rating on the stock in a research report on Friday, July 12th. Wolfe Research initiated coverage on shares of Chevron in a research note on Thursday, July 18th. They issued a “peer perform” rating for the company. Finally, Royal Bank of Canada dropped their price target on shares of Chevron from $190.00 to $180.00 and set an “outperform” rating on the stock in a research note on Monday, August 5th. Seven research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $183.82.

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.