Second Line Capital LLC Reduces Holdings in Chevron Co. (NYSE:CVX)

Second Line Capital LLC lessened its position in shares of Chevron Co. (NYSE:CVX - Free Report) by 15.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 25,420 shares of the oil and gas company's stock after selling 4,595 shares during the period. Chevron accounts for 1.0% of Second Line Capital LLC's investment portfolio, making the stock its 23rd largest position. Second Line Capital LLC's holdings in Chevron were worth $3,682,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in CVX. Regent Peak Wealth Advisors LLC boosted its holdings in Chevron by 4.3% during the 4th quarter. Regent Peak Wealth Advisors LLC now owns 4,117 shares of the oil and gas company's stock valued at $596,000 after acquiring an additional 168 shares during the period. Kathmere Capital Management LLC increased its position in Chevron by 24.7% during the 4th quarter. Kathmere Capital Management LLC now owns 2,759 shares of the oil and gas company's stock valued at $400,000 after buying an additional 547 shares in the last quarter. Sawyer & Company Inc increased its position in Chevron by 1.0% during the 4th quarter. Sawyer & Company Inc now owns 12,698 shares of the oil and gas company's stock valued at $1,839,000 after buying an additional 120 shares in the last quarter. BluePath Capital Management LLC bought a new position in Chevron during the 4th quarter valued at approximately $215,000. Finally, ERn Financial LLC increased its holdings in shares of Chevron by 1.7% in the 4th quarter. ERn Financial LLC now owns 6,738 shares of the oil and gas company's stock worth $976,000 after purchasing an additional 114 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company's stock.

Analyst Ratings Changes

A number of analysts have commented on CVX shares. Wells Fargo & Company reduced their target price on Chevron from $173.00 to $164.00 and set an "overweight" rating for the company in a report on Monday, May 5th. Scotiabank downgraded Chevron from a "sector outperform" rating to a "sector perform" rating and lowered their target price for the company from $160.00 to $143.00 in a research report on Friday, April 11th. Royal Bank of Canada restated an "outperform" rating and issued a $175.00 price objective on shares of Chevron in a research report on Monday, February 3rd. Piper Sandler lowered their price objective on Chevron from $173.00 to $162.00 and set an "overweight" rating on the stock in a research report on Tuesday. Finally, Redburn Atlantic reiterated a "sell" rating and issued a $124.00 target price (down from $156.00) on shares of Chevron in a research report on Wednesday, April 23rd. Three analysts have rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $160.24.

Chevron Trading Down 0.2%

Shares of NYSE CVX opened at $142.04 on Friday. Chevron Co. has a twelve month low of $132.04 and a twelve month high of $168.96. The stock has a market capitalization of $248.06 billion, a PE ratio of 14.61, a PEG ratio of 1.46 and a beta of 0.83. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. The stock has a fifty day simple moving average of $146.65 and a 200-day simple moving average of $151.76.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings data on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $0.03. The business had revenue of $47.61 billion during the quarter, compared to analysts' expectations of $49.05 billion. Chevron had a return on equity of 11.44% and a net margin of 8.71%. The business's quarterly revenue was down 2.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.93 EPS. On average, equities analysts forecast that Chevron Co. will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Monday, May 19th will be given a $1.71 dividend. The ex-dividend date of this dividend is Monday, May 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.82%. Chevron's dividend payout ratio (DPR) is presently 78.17%.

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.

Want to see what other hedge funds are holding CVX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Chevron Co. (NYSE:CVX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.