Commonwealth Financial Services LLC Boosts Stake in Chevron Co. (NYSE:CVX)

Commonwealth Financial Services LLC lifted its stake in shares of Chevron Co. (NYSE:CVX) by 2.9% in the second quarter, according to its most recent filing with the SEC. The fund owned 3,359 shares of the oil and gas company’s stock after acquiring an additional 96 shares during the period. Commonwealth Financial Services LLC’s holdings in Chevron were worth $518,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CVX. Eagle Capital Management LLC raised its position in Chevron by 0.5% in the 1st quarter. Eagle Capital Management LLC now owns 34,455 shares of the oil and gas company’s stock worth $5,435,000 after purchasing an additional 163 shares during the period. Lane & Associates LLC purchased a new position in shares of Chevron in the first quarter worth about $345,000. KCM Investment Advisors LLC lifted its stake in shares of Chevron by 2.5% in the 1st quarter. KCM Investment Advisors LLC now owns 331,550 shares of the oil and gas company’s stock valued at $52,299,000 after acquiring an additional 8,168 shares during the last quarter. Livelsberger Financial Advisory purchased a new stake in Chevron during the 4th quarter valued at about $46,000. Finally, Hosking Partners LLP bought a new position in Chevron during the 1st quarter worth approximately $4,924,000. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Stock Performance

Shares of Chevron stock opened at $145.68 on Monday. Chevron Co. has a 1 year low of $135.37 and a 1 year high of $171.70. The firm’s 50-day moving average is $148.06 and its 200 day moving average is $154.53. The stock has a market cap of $268.48 billion, a price-to-earnings ratio of 13.40, a PEG ratio of 2.48 and a beta of 1.09. 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 issued its earnings results on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share (EPS) for the quarter, missing the consensus estimate 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 during the quarter, compared to analysts’ expectations of $48.68 billion. During the same period last year, the firm posted $3.08 earnings per share. The firm’s quarterly revenue was up 4.7% on a year-over-year basis. Sell-side analysts anticipate that Chevron Co. will post 11.48 EPS 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 paid a dividend of $1.63 per share. The ex-dividend date was Monday, August 19th. This represents a $6.52 annualized dividend and a yield of 4.48%. Chevron’s dividend payout ratio is 59.98%.

Analysts Set New Price Targets

Several brokerages recently commented on CVX. Royal Bank of Canada decreased their target price on shares of Chevron from $190.00 to $180.00 and set an “outperform” rating on the stock in a research note on Monday, August 5th. Mizuho decreased their price objective on shares of Chevron from $205.00 to $189.00 and set an “outperform” rating on the stock in a research report on Monday, September 16th. UBS Group dropped their target price on shares of Chevron from $192.00 to $189.00 and set a “buy” rating for the company in a report on Wednesday, September 18th. Sanford C. Bernstein downgraded Chevron from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $183.00 to $167.00 in a report on Wednesday, July 17th. Finally, Truist Financial lowered their price target on Chevron from $156.00 to $154.00 and set a “hold” rating for the company in a research report on Monday, August 5th. Seven research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Chevron has a consensus rating of “Moderate Buy” and an average target price of $182.41.

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.