Estabrook Capital Management Sells 576 Shares of Chevron Co. (NYSE:CVX)

Estabrook Capital Management decreased its stake in shares of Chevron Co. (NYSE:CVX) by 0.7% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 86,451 shares of the oil and gas company’s stock after selling 576 shares during the period. Chevron comprises about 2.1% of Estabrook Capital Management’s investment portfolio, making the stock its 10th biggest holding. Estabrook Capital Management’s holdings in Chevron were worth $13,523,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Gilbert & Cook Inc. raised its position in shares of Chevron by 3.7% during the 4th quarter. Gilbert & Cook Inc. now owns 10,312 shares of the oil and gas company’s stock valued at $1,538,000 after acquiring an additional 369 shares in the last quarter. Aveo Capital Partners LLC increased its stake in Chevron by 1.0% during the fourth quarter. Aveo Capital Partners LLC now owns 8,617 shares of the oil and gas company’s stock valued at $1,285,000 after purchasing an additional 82 shares during the last quarter. Gryphon Financial Partners LLC raised its holdings in shares of Chevron by 55.0% during the fourth quarter. Gryphon Financial Partners LLC now owns 11,404 shares of the oil and gas company’s stock worth $1,648,000 after purchasing an additional 4,047 shares during the period. TrinityPoint Wealth LLC raised its holdings in shares of Chevron by 6.8% during the fourth quarter. TrinityPoint Wealth LLC now owns 10,646 shares of the oil and gas company’s stock worth $1,588,000 after purchasing an additional 680 shares during the period. Finally, AXS Investments LLC lifted its position in shares of Chevron by 14.1% in the 4th quarter. AXS Investments LLC now owns 1,095 shares of the oil and gas company’s stock worth $163,000 after buying an additional 135 shares during the last quarter. 72.42% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

CVX has been the subject of a number of recent research reports. Barclays lowered their price objective on shares of Chevron from $203.00 to $185.00 and set an “overweight” rating for the company in a research report on Tuesday, August 6th. Sanford C. Bernstein cut Chevron from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $183.00 to $167.00 in a research report on Wednesday, July 17th. Mizuho cut their price target on Chevron from $205.00 to $189.00 and set an “outperform” rating on the stock in a report on Monday, September 16th. UBS Group lowered their price objective on Chevron from $192.00 to $189.00 and set a “buy” rating for the company in a research note on Wednesday. Finally, Scotiabank cut their target price on Chevron from $195.00 to $180.00 and set a “sector outperform” rating on the stock in a research note on Friday, July 12th. Seven analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $182.41.

Chevron Price Performance

Shares of Chevron stock opened at $145.68 on Friday. Chevron Co. has a 52 week low of $135.37 and a 52 week high of $171.70. The company has a current ratio of 1.16, a quick ratio of 0.85 and a debt-to-equity ratio of 0.13. The company’s 50-day moving average price is $148.06 and its two-hundred day moving average price is $154.48. The stock has a market cap of $268.48 billion, a PE ratio of 13.40, a price-to-earnings-growth ratio of 2.48 and a beta of 1.09.

Chevron (NYSE:CVX) last released its earnings results on Friday, August 2nd. The oil and gas company reported $2.55 EPS for the quarter, missing the consensus estimate of $2.93 by ($0.38). The business had revenue of $51.18 billion for the quarter, compared to analyst estimates of $48.68 billion. Chevron had a net margin of 9.31% and a return on equity of 13.70%. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same period in the prior year, the company earned $3.08 earnings per share. As a group, sell-side analysts anticipate that Chevron Co. will post 11.48 EPS for the current fiscal year.

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were paid a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 4.48%. The ex-dividend date of this dividend was Monday, August 19th. Chevron’s dividend payout ratio is presently 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.