Chevron Corporation $CVX Holdings Trimmed by Edgar Lomax Co. VA

Key Points

• Edgar Lomax Co. VA has decreased its holdings in Chevron Corporation by 18.5%, owning 280,037 shares worth approximately $46.8 million after selling 63,535 shares in the first quarter.
• Despite the sell-off by some investors, other institutional investors such as Aptus Capital Advisors LLC have significantly increased their holdings in Chevron, with a 296.7% increase, now owning 303,704 shares valued at $50.8 million.
• The company recently announced a quarterly dividend of $1.71 per share, which signifies a yield of 4.4% and reflects a payout ratio of 88.03%.

Edgar Lomax Co. VA lessened its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 18.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 280,037 shares of the oil and gas company's stock after selling 63,535 shares during the period. Chevron accounts for about 2.9% of Edgar Lomax Co. VA's investment portfolio, making the stock its 11th biggest holding. Edgar Lomax Co. VA's holdings in Chevron were worth $46,847,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Harvest Fund Management Co. Ltd raised its holdings in shares of Chevron by 420.7% during the first quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock valued at $25,000 after buying an additional 122 shares during the last quarter. 10Elms LLP bought a new stake in shares of Chevron during the fourth quarter valued at approximately $29,000. Elequin Capital LP bought a new stake in shares of Chevron during the first quarter valued at approximately $31,000. Navigoe LLC bought a new stake in shares of Chevron during the fourth quarter valued at approximately $33,000. Finally, IFS Advisors LLC increased its stake 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 valued at $36,000 after acquiring an additional 116 shares during the period. Institutional investors own 72.42% of the company's stock.

Chevron Price Performance

Chevron stock traded up $1.9460 during mid-day trading on Thursday, hitting $155.1660. The company's stock had a trading volume of 7,519,805 shares, compared to its average volume of 9,354,119. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $268.13 billion, a P/E ratio of 19.97, a P/E/G ratio of 2.25 and a beta of 0.87. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $168.96. The stock's fifty day moving average price is $150.76 and its two-hundred day moving average price is $148.59.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.19. The firm had revenue of $44.82 billion for the quarter, compared to analyst estimates of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The firm's quarterly revenue was down 12.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.55 earnings per share. Research analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th will be given a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 4.4%. The ex-dividend date is Tuesday, August 19th. Chevron's payout ratio is presently 88.03%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. DZ Bank cut Chevron from a "buy" rating to a "sell" rating and set a $130.00 target price on the stock. in a report on Tuesday, May 6th. Piper Sandler boosted their target price on Chevron from $164.00 to $168.00 and gave the stock an "overweight" rating in a report on Monday. Wells Fargo & Company reissued an "overweight" rating and set a $178.00 target price on shares of Chevron in a report on Friday, August 1st. UBS Group boosted their target price on Chevron from $186.00 to $197.00 and gave the stock a "buy" rating in a report on Wednesday. Finally, Jefferies Financial Group reissued a "buy" rating on shares of Chevron in a report on Friday, July 18th. Eleven research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have issued a Sell rating to the company's stock. According to data from MarketBeat.com, Chevron has a consensus rating of "Hold" and a consensus price target of $163.95.

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.