Wallace Advisory Group LLC Reduces Stock Holdings in Chevron Co. (NYSE:CVX)

Wallace Advisory Group LLC lowered its stake in shares of Chevron Co. (NYSE:CVX) by 0.2% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 44,239 shares of the oil and gas company’s stock after selling 84 shares during the period. Chevron comprises approximately 4.9% of Wallace Advisory Group LLC’s investment portfolio, making the stock its 2nd biggest holding. Wallace Advisory Group LLC’s holdings in Chevron were worth $6,920,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the company. J. W. Coons Advisors LLC boosted its stake in Chevron by 1.4% in the fourth quarter. J. W. Coons Advisors LLC now owns 7,097 shares of the oil and gas company’s stock worth $1,059,000 after buying an additional 100 shares in the last quarter. Wescott Financial Advisory Group LLC grew its position in Chevron by 10.7% during the 4th quarter. Wescott Financial Advisory Group LLC now owns 3,459 shares of the oil and gas company’s stock valued at $516,000 after purchasing an additional 334 shares during the last quarter. Wealth Quarterback LLC boosted its stake in Chevron by 5.1% during the 4th quarter. Wealth Quarterback LLC now owns 6,956 shares of the oil and gas company’s stock valued at $1,037,000 after purchasing an additional 335 shares during the last quarter. Waterloo Capital L.P. grew its stake in shares of Chevron by 90.5% in the fourth quarter. Waterloo Capital L.P. now owns 6,278 shares of the oil and gas company’s stock worth $936,000 after acquiring an additional 2,982 shares during the period. Finally, Westwood Holdings Group Inc. increased its position in Chevron by 1.0% during the fourth quarter. Westwood Holdings Group Inc. now owns 713,990 shares of the oil and gas company’s stock valued at $106,499,000 after acquiring an additional 6,744 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Stock Performance

Shares of NYSE CVX traded down $0.51 during mid-day trading on Friday, hitting $150.74. The company had a trading volume of 7,895,285 shares, compared to its average volume of 7,830,814. Chevron Co. has a 12 month low of $135.37 and a 12 month high of $170.17. The stock has a market cap of $277.81 billion, a price-to-earnings ratio of 13.87, a PEG ratio of 2.64 and a beta of 1.09. The firm’s 50 day simple moving average is $145.99 and its two-hundred day simple moving average is $154.13. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.16 and a quick ratio of 0.85.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share 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 quarterly revenue was up 4.7% on a year-over-year basis. During the same period in the previous year, the firm posted $3.08 earnings per share. As a group, equities research analysts forecast that Chevron Co. will post 11.02 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were issued a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 4.33%. The ex-dividend date of this dividend was Monday, August 19th. Chevron’s payout ratio is presently 59.98%.

Analysts Set New Price Targets

Several equities analysts have recently commented on CVX shares. Truist Financial lowered their price objective on Chevron from $154.00 to $150.00 and set a “hold” rating on the stock in a research report on Monday, September 30th. Sanford C. Bernstein downgraded Chevron from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $183.00 to $167.00 in a report on Wednesday, July 17th. Barclays dropped their target price on shares of Chevron from $185.00 to $168.00 and set an “overweight” rating on the stock in a research note on Thursday. Scotiabank decreased their price objective on Chevron from $195.00 to $180.00 and set a “sector outperform” rating for the company in a report on Friday, July 12th. Finally, Mizuho dropped their target price on Chevron from $205.00 to $189.00 and set an “outperform” rating on the stock in a research report on Monday, September 16th. Seven research 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, the company currently has an average rating of “Moderate Buy” and a consensus target price of $179.00.

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.