Bruce G. Allen Investments LLC Trims Position in Chevron Co. (NYSE:CVX)

Bruce G. Allen Investments LLC trimmed its position in shares of Chevron Co. (NYSE:CVX) by 3.4% in the 3rd quarter, Holdings Channel.com reports. The firm owned 3,340 shares of the oil and gas company’s stock after selling 117 shares during the period. Bruce G. Allen Investments LLC’s holdings in Chevron were worth $492,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the company. Bridgewater Associates LP grew its stake in Chevron by 952.5% in the 4th quarter. Bridgewater Associates LP now owns 76,812 shares of the oil and gas company’s stock valued at $11,457,000 after acquiring an additional 69,514 shares during the period. Vivaldi Capital Management LP acquired a new stake in Chevron in the 4th quarter valued at $355,000. LM Advisors LLC acquired a new stake in Chevron in the 4th quarter valued at $385,000. Kestra Advisory Services LLC grew its stake in Chevron by 2.7% in the 4th quarter. Kestra Advisory Services LLC now owns 274,007 shares of the oil and gas company’s stock valued at $40,871,000 after acquiring an additional 7,216 shares during the period. Finally, Gibson Capital LLC acquired a new stake in Chevron in the 4th quarter valued at $495,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Stock Up 0.6 %

Shares of NYSE:CVX opened at $149.70 on Thursday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.16 and a quick ratio of 0.85. The firm has a market capitalization of $273.79 billion, a PE ratio of 13.77, a price-to-earnings-growth ratio of 2.72 and a beta of 1.09. The firm’s 50-day moving average is $145.66 and its two-hundred day moving average is $154.05. Chevron Co. has a 1 year low of $135.37 and a 1 year high of $170.17.

Chevron (NYSE:CVX) last released its earnings results on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.38). Chevron had a return on equity of 13.70% and a net margin of 9.31%. The firm had revenue of $51.18 billion for the quarter, compared to analysts’ expectations of $48.68 billion. During the same quarter in the previous year, the company posted $3.08 earnings per share. The firm’s quarterly revenue was up 4.7% on a year-over-year basis. Analysts predict that Chevron Co. will post 11.09 EPS for the current year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Monday, August 19th were paid a dividend of $1.63 per share. The ex-dividend date was Monday, August 19th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.36%. Chevron’s payout ratio is 59.98%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Wolfe Research assumed coverage on shares of Chevron in a research note on Thursday, July 18th. They issued a “peer perform” rating on the stock. Mizuho lowered their target price on shares of Chevron from $205.00 to $189.00 and set an “outperform” rating on the stock in a research note on Monday, September 16th. Sanford C. Bernstein cut shares of Chevron from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $183.00 to $167.00 in a research note on Wednesday, July 17th. Truist Financial lowered their target price on shares of Chevron from $154.00 to $150.00 and set a “hold” rating on the stock in a research note on Monday, September 30th. Finally, UBS Group lifted their target price on shares of Chevron from $189.00 to $192.00 and gave the stock a “buy” rating in a research note on Tuesday. Six investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $178.59.

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.