Chevron Co. (NYSE:CVX) Shares Acquired by Kinsale Capital Group Inc.

Kinsale Capital Group Inc. lifted its stake in shares of Chevron Co. (NYSE:CVX) by 21.7% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 36,718 shares of the oil and gas company’s stock after buying an additional 6,554 shares during the quarter. Chevron makes up approximately 2.0% of Kinsale Capital Group Inc.’s portfolio, making the stock its 14th biggest position. Kinsale Capital Group Inc.’s holdings in Chevron were worth $5,743,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Berkshire Hathaway Inc boosted its holdings in Chevron by 14.4% in the fourth quarter. Berkshire Hathaway Inc now owns 126,093,326 shares of the oil and gas company’s stock valued at $18,808,081,000 after purchasing an additional 15,845,037 shares in the last quarter. Norges Bank acquired a new position in Chevron in the fourth quarter valued at approximately $2,902,007,000. Bank of New York Mellon Corp boosted its holdings in Chevron by 4.2% in the first quarter. Bank of New York Mellon Corp now owns 16,103,302 shares of the oil and gas company’s stock valued at $2,540,135,000 after purchasing an additional 654,482 shares in the last quarter. Capital World Investors boosted its holdings in Chevron by 3.2% in the first quarter. Capital World Investors now owns 16,009,766 shares of the oil and gas company’s stock valued at $2,525,380,000 after purchasing an additional 495,879 shares in the last quarter. Finally, Franklin Resources Inc. boosted its holdings in Chevron by 13.0% in the fourth quarter. Franklin Resources Inc. now owns 15,622,388 shares of the oil and gas company’s stock valued at $2,330,235,000 after purchasing an additional 1,797,171 shares in the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CVX. Sanford C. Bernstein downgraded Chevron from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $183.00 to $167.00 in a report on Wednesday, July 17th. Truist Financial lowered their price target on Chevron from $156.00 to $154.00 and set a “hold” rating for the company in a report on Monday, August 5th. Royal Bank of Canada reduced their price objective on Chevron from $190.00 to $180.00 and set an “outperform” rating for the company in a research note on Monday, August 5th. Barclays reduced their price objective on Chevron from $203.00 to $185.00 and set an “overweight” rating for the company in a research note on Tuesday, August 6th. Finally, Scotiabank reduced their price objective on Chevron from $195.00 to $180.00 and set a “sector outperform” rating for the company in a research note on Friday, July 12th. Seven research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $183.82.

Chevron Price Performance

Chevron stock opened at $138.22 on Wednesday. Chevron Co. has a 12 month low of $137.09 and a 12 month high of $171.70. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.16 and a quick ratio of 0.85. The business has a 50 day simple moving average of $150.13 and a 200-day simple moving average of $155.04. The stock has a market capitalization of $254.73 billion, a PE ratio of 12.72, a price-to-earnings-growth ratio of 2.34 and a beta of 1.09.

Chevron (NYSE:CVX) last released its quarterly earnings data 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 business had revenue of $51.18 billion during the quarter, compared to analysts’ expectations of $48.68 billion. Chevron had a return on equity of 13.70% and a net margin of 9.31%. The company’s revenue was up 4.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.08 EPS. Equities analysts predict that Chevron Co. will post 11.86 earnings per share for the current year.

Chevron Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th were given a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 4.72%. The ex-dividend date of this dividend was Monday, August 19th. Chevron’s payout ratio is 59.98%.

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.