Sound Shore Management Inc. CT Grows Stock Position in Chevron Co. (NYSE:CVX)

Sound Shore Management Inc. CT lifted its stake in shares of Chevron Co. (NYSE:CVX) by 18.5% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 85,155 shares of the oil and gas company’s stock after purchasing an additional 13,315 shares during the quarter. Sound Shore Management Inc. CT’s holdings in Chevron were worth $13,320,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Garden State Investment Advisory Services LLC increased its holdings in Chevron by 10.0% in the 2nd quarter. Garden State Investment Advisory Services LLC now owns 2,319 shares of the oil and gas company’s stock worth $364,000 after buying an additional 210 shares during the period. Sei Investments Co. increased its stake in shares of Chevron by 8.5% in the second quarter. Sei Investments Co. now owns 659,273 shares of the oil and gas company’s stock worth $103,121,000 after acquiring an additional 51,564 shares during the period. Cedar Wealth Management LLC raised its holdings in shares of Chevron by 9.6% during the second quarter. Cedar Wealth Management LLC now owns 2,808 shares of the oil and gas company’s stock worth $439,000 after purchasing an additional 245 shares during the last quarter. Drexel Morgan & Co. lifted its position in Chevron by 37.0% during the second quarter. Drexel Morgan & Co. now owns 3,500 shares of the oil and gas company’s stock valued at $547,000 after purchasing an additional 945 shares during the period. Finally, Weaver C. Barksdale & Associates Inc. grew its position in Chevron by 12.9% during the 2nd quarter. Weaver C. Barksdale & Associates Inc. now owns 12,387 shares of the oil and gas company’s stock worth $1,938,000 after purchasing an additional 1,411 shares during the period. Institutional investors and hedge funds own 72.42% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on CVX shares. Royal Bank of Canada lowered their price objective on Chevron from $190.00 to $180.00 and set an “outperform” rating on the stock in a research report on Monday, August 5th. UBS Group lowered 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. Truist Financial lowered their price target on Chevron from $156.00 to $154.00 and set a “hold” rating on the stock in a research report on Monday, August 5th. Scotiabank reduced their price objective on shares of Chevron from $195.00 to $180.00 and set a “sector outperform” rating for the company in a research report on Friday, July 12th. Finally, Mizuho decreased their price objective on Chevron from $205.00 to $189.00 and set an “outperform” rating on the stock in a report on Monday, September 16th. Seven equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $182.41.

Chevron Trading Up 0.5 %

Shares of NYSE:CVX opened at $145.65 on Friday. The company has a 50 day moving average of $148.06 and a 200-day moving average of $154.45. 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 firm has a market cap of $268.43 billion, a P/E ratio of 13.40, a P/E/G ratio of 2.48 and a beta of 1.09. Chevron Co. has a twelve month low of $135.37 and a twelve month high of $171.70.

Chevron (NYSE:CVX) last released its quarterly 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). The company had revenue of $51.18 billion during 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 company’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same quarter last year, the business earned $3.08 EPS. As a group, analysts anticipate that Chevron Co. will post 11.48 earnings per share for the current fiscal year.

Chevron Announces Dividend

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

Chevron Company 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.