Kovitz Investment Group Partners LLC cut its position in shares of Chevron Co. (NYSE:CVX) by 4.0% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 10,701 shares of the oil and gas company’s stock after selling 445 shares during the quarter. Kovitz Investment Group Partners LLC’s holdings in Chevron were worth $770,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently modified their holdings of CVX. New Mexico Educational Retirement Board increased its position in Chevron by 15.5% during the third quarter. New Mexico Educational Retirement Board now owns 146,956 shares of the oil and gas company’s stock worth $17,429,000 after buying an additional 19,700 shares in the last quarter. Winslow Evans & Crocker Inc. increased its position in Chevron by 2.3% during the second quarter. Winslow Evans & Crocker Inc. now owns 29,423 shares of the oil and gas company’s stock worth $2,625,000 after buying an additional 653 shares in the last quarter. Horizon Investments LLC grew its position in shares of Chevron by 105.2% in the second quarter. Horizon Investments LLC now owns 53,029 shares of the oil and gas company’s stock valued at $4,732,000 after purchasing an additional 27,185 shares during the period. Braun Stacey Associates Inc. grew its position in shares of Chevron by 11.3% in the second quarter. Braun Stacey Associates Inc. now owns 146,455 shares of the oil and gas company’s stock valued at $13,068,000 after purchasing an additional 14,915 shares during the period. Finally, Cornerstone Wealth Management LLC grew its position in shares of Chevron by 4.0% in the third quarter. Cornerstone Wealth Management LLC now owns 17,864 shares of the oil and gas company’s stock valued at $1,286,000 after purchasing an additional 686 shares during the period. 58.89% of the stock is owned by hedge funds and other institutional investors.
NYSE CVX opened at $85.79 on Friday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.97 and a current ratio of 1.26. The firm has a 50-day simple moving average of $74.49 and a 200 day simple moving average of $84.07. Chevron Co. has a twelve month low of $51.60 and a twelve month high of $122.72. The stock has a market cap of $160.20 billion, a PE ratio of -13.97 and a beta of 1.21.
Chevron (NYSE:CVX) last released its earnings results on Wednesday, November 4th. The oil and gas company reported $0.11 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.27) by $0.38. Chevron had a negative net margin of 10.86% and a positive return on equity of 1.75%. The business had revenue of $24.45 billion during the quarter, compared to analysts’ expectations of $26.34 billion. During the same quarter last year, the company earned $1.55 earnings per share. The firm’s revenue was down 32.3% on a year-over-year basis. Research analysts forecast that Chevron Co. will post -0.09 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 10th. Investors of record on Wednesday, November 18th will be paid a $1.29 dividend. This represents a $5.16 annualized dividend and a dividend yield of 6.01%. The ex-dividend date of this dividend is Tuesday, November 17th. Chevron’s payout ratio is presently 82.30%.
A number of research analysts have commented on CVX shares. MKM Partners started coverage on Chevron in a research note on Thursday, September 24th. They set a “buy” rating and a $121.00 price objective on the stock. Raymond James reiterated a “buy” rating on shares of Chevron in a research note on Friday, October 30th. Bank of America upgraded Chevron from a “neutral” rating to a “buy” rating and set a $96.00 price target on the stock in a research note on Monday, September 28th. Truist cut Chevron to a “buy” rating and cut their price target for the stock from $113.00 to $112.00 in a research note on Friday, October 9th. Finally, HSBC lowered their price objective on Chevron from $93.00 to $86.00 and set a “hold” rating for the company in a report on Wednesday, October 14th. Eleven investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $107.28.
Chevron Corporation, through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, and production of crude oil and natural gas; processing, liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.
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