Chevron Co. (NYSE:CVX) Stake Decreased by Bahl & Gaynor Inc.

Bahl & Gaynor Inc. cut its holdings in shares of Chevron Co. (NYSE:CVX) by 3.1% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 2,303,048 shares of the oil and gas company’s stock after selling 73,790 shares during the period. Chevron accounts for approximately 1.8% of Bahl & Gaynor Inc.’s portfolio, making the stock its 18th biggest holding. Bahl & Gaynor Inc.’s holdings in Chevron were worth $333,573,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in CVX. Charles Schwab Investment Management Inc. increased its holdings in shares of Chevron by 11.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 31,108,760 shares of the oil and gas company’s stock valued at $4,581,137,000 after purchasing an additional 3,203,899 shares during the period. RPG Investment Advisory LLC grew its position in Chevron by 3.4% in the 3rd quarter. RPG Investment Advisory LLC now owns 121,167 shares of the oil and gas company’s stock valued at $17,844,000 after buying an additional 3,933 shares in the last quarter. State Street Corp increased its stake in Chevron by 0.6% during the 3rd quarter. State Street Corp now owns 159,105,244 shares of the oil and gas company’s stock valued at $23,431,429,000 after buying an additional 874,962 shares during the period. LPL Financial LLC raised its position in shares of Chevron by 5.7% during the 3rd quarter. LPL Financial LLC now owns 3,147,686 shares of the oil and gas company’s stock worth $463,560,000 after buying an additional 171,089 shares in the last quarter. Finally, Dale Q Rice Investment Management Ltd acquired a new stake in shares of Chevron in the 4th quarter worth approximately $594,000. 72.42% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. Royal Bank of Canada reiterated an “outperform” rating and set a $175.00 price objective on shares of Chevron in a research note on Monday, February 3rd. Raymond James dropped their price objective on Chevron from $180.00 to $175.00 and set an “outperform” rating on the stock in a research note on Monday, February 3rd. Barclays cut their price objective on Chevron from $174.00 to $171.00 and set an “overweight” rating for the company in a report on Wednesday, February 5th. DZ Bank raised Chevron from a “hold” rating to a “buy” rating and set a $170.00 target price on the stock in a report on Tuesday, November 5th. Finally, Truist Financial reduced their price objective on shares of Chevron from $164.00 to $160.00 and set a “hold” rating for the company in a research report on Tuesday, February 4th. Four equities 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 $174.13.

Insider Activity

In related news, VP Jeff B. Gustavson sold 9,325 shares of the business’s stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $152.50, for a total transaction of $1,422,062.50. Following the transaction, the vice president now directly owns 1,057 shares of the company’s stock, valued at approximately $161,192.50. The trade was a 89.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.20% of the stock is owned by corporate insiders.

Chevron Stock Down 3.5 %

Shares of NYSE:CVX opened at $153.05 on Tuesday. Chevron Co. has a 52 week low of $135.37 and a 52 week high of $167.11. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. The company has a market cap of $269.46 billion, a PE ratio of 15.75, a price-to-earnings-growth ratio of 1.46 and a beta of 1.11. The firm has a 50 day simple moving average of $153.35 and a 200 day simple moving average of $151.58.

Chevron (NYSE:CVX) last issued its earnings results on Friday, January 31st. The oil and gas company reported $2.06 EPS for the quarter, missing the consensus estimate of $2.42 by ($0.36). Chevron had a return on equity of 11.44% and a net margin of 8.71%. During the same period last year, the firm posted $3.45 earnings per share. As a group, research analysts expect that Chevron Co. will post 10.79 earnings per share for the current year.

Chevron Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 10th. Shareholders of record on Friday, February 14th will be paid a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 4.47%. The ex-dividend date is Friday, February 14th. This is a boost from Chevron’s previous quarterly dividend of $1.63. Chevron’s payout ratio is 70.37%.

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.