Patten Group Inc. Acquires 1,995 Shares of Chevron Co. (NYSE:CVX)

Patten Group Inc. grew its holdings in shares of Chevron Co. (NYSE:CVX) by 9.0% in the 3rd quarter, HoldingsChannel reports. The firm owned 24,245 shares of the oil and gas company’s stock after acquiring an additional 1,995 shares during the quarter. Chevron accounts for approximately 0.8% of Patten Group Inc.’s investment portfolio, making the stock its 27th biggest holding. Patten Group Inc.’s holdings in Chevron were worth $3,571,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Bridgewater Associates LP increased its holdings 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 worth $11,457,000 after acquiring an additional 69,514 shares during the last quarter. Vivaldi Capital Management LP purchased a new position in shares of Chevron in the fourth quarter worth about $355,000. LM Advisors LLC purchased a new stake in shares of Chevron during the fourth quarter worth $385,000. Kestra Advisory Services LLC increased its holdings in shares of Chevron by 2.7% in the fourth quarter. Kestra Advisory Services LLC now owns 274,007 shares of the oil and gas company’s stock worth $40,871,000 after purchasing an additional 7,216 shares during the period. Finally, Gibson Capital LLC bought a new stake in Chevron during the fourth quarter valued at $495,000. 72.42% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have weighed in on CVX shares. Truist Financial lowered their price target on Chevron from $154.00 to $150.00 and set a “hold” rating on the stock in a report on Monday, September 30th. Wolfe Research initiated coverage on shares of Chevron in a research note on Thursday, July 18th. They issued a “peer perform” rating for the company. UBS Group raised their price objective on shares of Chevron from $189.00 to $192.00 and gave the company a “buy” rating in a research report on Tuesday. Mizuho cut their target price on shares of Chevron from $205.00 to $189.00 and set an “outperform” rating for the company in a research report on Monday, September 16th. Finally, Wells Fargo & Company dropped their price target on Chevron from $196.00 to $169.00 and set an “overweight” rating for the company in a research note on Friday, September 27th. Six research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Chevron presently has a consensus rating of “Moderate Buy” and an average price target of $178.59.

Chevron Stock Up 0.6 %

Shares of Chevron stock opened at $149.70 on Thursday. The company has a current ratio of 1.16, a quick ratio of 0.85 and a debt-to-equity ratio of 0.13. Chevron Co. has a 12-month low of $135.37 and a 12-month high of $170.17. The company has a market cap of $273.79 billion, a P/E ratio of 13.77, a PEG ratio of 2.72 and a beta of 1.09. The company’s fifty day simple moving average is $145.66 and its two-hundred day simple moving average is $154.05.

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

Chevron Dividend Announcement

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