Merriman Wealth Management LLC Decreases Stock Holdings in Chevron Co. (NYSE:CVX)

Merriman Wealth Management LLC cut its holdings in Chevron Co. (NYSE:CVX) by 5.6% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,652 shares of the oil and gas company’s stock after selling 277 shares during the period. Merriman Wealth Management LLC’s holdings in Chevron were worth $728,000 at the end of the most recent reporting period.

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

Analysts Set New Price Targets

CVX has been the topic of several recent analyst reports. Royal Bank of Canada reduced their price target on Chevron from $190.00 to $180.00 and set an “outperform” rating on the stock in a report on Monday, August 5th. Sanford C. Bernstein lowered Chevron from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $183.00 to $167.00 in a research note on Wednesday, July 17th. Scotiabank lowered their target price on shares of Chevron from $195.00 to $180.00 and set a “sector outperform” rating for the company in a research note on Friday, July 12th. Truist Financial reduced their price target on shares of Chevron from $156.00 to $154.00 and set a “hold” rating on the stock in a research note on Monday, August 5th. Finally, UBS Group dropped their target price on shares of Chevron from $192.00 to $189.00 and set a “buy” rating on the stock in a research note on Wednesday. Seven analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $182.41.

Chevron Price Performance

CVX opened at $145.65 on Friday. The firm has a market capitalization of $268.43 billion, a PE ratio of 13.40, a price-to-earnings-growth ratio of 2.48 and a beta of 1.09. The business’s 50-day moving average is $148.06 and its two-hundred day moving average is $154.45. Chevron Co. has a 1 year low of $135.37 and a 1 year high of $171.70. 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 earnings results on Friday, August 2nd. The oil and gas company reported $2.55 EPS for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.38). The firm had revenue of $51.18 billion for the quarter, compared to analysts’ expectations of $48.68 billion. Chevron had a net margin of 9.31% and a return on equity of 13.70%. The company’s revenue was up 4.7% on a year-over-year basis. During the same period in the previous year, the company earned $3.08 EPS. Research analysts anticipate that Chevron Co. will post 11.48 earnings per share for the current fiscal year.

Chevron Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were given a $1.63 dividend. The ex-dividend date of this dividend was Monday, August 19th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.48%. Chevron’s payout ratio is 59.98%.

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.