Chevron Co. (NYSE:CVX) Stake Lessened by Wright Investors Service Inc.

Wright Investors Service Inc. cut its stake in Chevron Co. (NYSE:CVX) by 22.4% in the 3rd quarter, HoldingsChannel reports. The fund owned 14,251 shares of the oil and gas company’s stock after selling 4,113 shares during the period. Wright Investors Service Inc.’s holdings in Chevron were worth $2,099,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. ZRC Wealth Management LLC boosted its holdings in shares of Chevron by 19.6% in the third quarter. ZRC Wealth Management LLC now owns 4,149 shares of the oil and gas company’s stock valued at $611,000 after acquiring an additional 680 shares in the last quarter. Cullen Investment Group LTD. boosted its holdings in Chevron by 2.2% during the third quarter. Cullen Investment Group LTD. now owns 24,275 shares of the oil and gas company’s stock worth $3,575,000 after buying an additional 530 shares in the last quarter. Trivant Custom Portfolio Group LLC boosted its holdings in Chevron by 1.4% during the third quarter. Trivant Custom Portfolio Group LLC now owns 16,408 shares of the oil and gas company’s stock worth $2,416,000 after buying an additional 220 shares in the last quarter. Central Valley Advisors LLC boosted its holdings in Chevron by 2.8% during the third quarter. Central Valley Advisors LLC now owns 6,910 shares of the oil and gas company’s stock worth $1,018,000 after buying an additional 190 shares in the last quarter. Finally, Mirador Capital Partners LP boosted its holdings in Chevron by 1.4% during the third quarter. Mirador Capital Partners LP now owns 105,138 shares of the oil and gas company’s stock worth $15,484,000 after buying an additional 1,409 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on CVX shares. Truist Financial reduced their target price on shares of Chevron from $154.00 to $150.00 and set a “hold” rating for the company in a report on Monday, September 30th. Royal Bank of Canada reduced their target price on shares of Chevron from $190.00 to $180.00 and set an “outperform” rating for the company in a report on Monday, August 5th. Wolfe Research started coverage on shares of Chevron in a report on Thursday, July 18th. They set a “peer perform” rating for the company. UBS Group reduced 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. Finally, Barclays reduced their price target on shares of Chevron from $185.00 to $168.00 and set an “overweight” rating for the company in a research report on Thursday. Seven equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $179.00.

Chevron Stock Down 0.3 %

CVX stock traded down $0.51 during midday trading on Friday, reaching $150.74. The company had a trading volume of 7,895,285 shares, compared to its average volume of 8,508,590. Chevron Co. has a 1 year low of $135.37 and a 1 year high of $170.17. 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 company has a market capitalization of $275.69 billion, a P/E ratio of 13.87, a PEG ratio of 2.72 and a beta of 1.09. The company has a 50 day moving average of $145.99 and a two-hundred day moving average of $154.12.

Chevron (NYSE:CVX) last released its earnings results on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share (EPS) 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 company had revenue of $51.18 billion during the quarter, compared to analysts’ expectations of $48.68 billion. During the same quarter in the previous year, the company earned $3.08 EPS. The firm’s quarterly revenue was up 4.7% compared to the same quarter last year. On average, equities research analysts expect that Chevron Co. will post 11.09 earnings per share for the current fiscal year.

Chevron Announces Dividend

The firm also recently declared 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. 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 4.33%. Chevron’s dividend payout ratio is currently 59.98%.

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.