Legacy Capital Group California Inc. Cuts Stock Holdings in Chevron Co. (NYSE:CVX)

Legacy Capital Group California Inc. decreased its holdings in shares of Chevron Co. (NYSE:CVX) by 4.2% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 2,954 shares of the oil and gas company’s stock after selling 129 shares during the period. Legacy Capital Group California Inc.’s holdings in Chevron were worth $435,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of CVX. Anfield Capital Management LLC raised its position in Chevron by 118.0% in the second quarter. Anfield Capital Management LLC now owns 218 shares of the oil and gas company’s stock worth $34,000 after acquiring an additional 118 shares in the last quarter. Cyrus J. Lawrence LLC grew its stake in shares of Chevron by 66.7% during the 2nd quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company’s stock worth $39,000 after purchasing an additional 100 shares during the period. Krane Funds Advisors LLC purchased a new position in shares of Chevron in the 3rd quarter valued at about $47,000. Livelsberger Financial Advisory acquired a new stake in shares of Chevron in the third quarter valued at about $47,000. Finally, Dixon Mitchell Investment Counsel Inc. purchased a new stake in Chevron during the first quarter worth about $55,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have issued reports on CVX shares. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $170.00 target price on shares of Chevron in a report on Tuesday, October 8th. Sanford C. Bernstein downgraded Chevron from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $183.00 to $167.00 in a research note on Wednesday, July 17th. Mizuho decreased their target price on Chevron from $205.00 to $189.00 and set an “outperform” rating on the stock in a research report on Monday, September 16th. Scotiabank dropped their price target on Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. Finally, Bank of America assumed coverage on shares of Chevron in a research report on Thursday, October 17th. They issued a “buy” rating and a $168.00 price objective on the stock. Five research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $173.07.

Chevron Stock Performance

Shares of CVX opened at $150.82 on Friday. Chevron Co. has a 1 year low of $135.37 and a 1 year high of $167.11. The company’s 50 day simple moving average is $146.51 and its 200 day simple moving average is $153.43. The company has a market capitalization of $277.96 billion, a price-to-earnings ratio of 13.87, a PEG ratio of 3.30 and a beta of 1.09. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.85 and a current ratio of 1.16.

Chevron (NYSE:CVX) last issued 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 business had revenue of $51.18 billion for the quarter, compared to analysts’ expectations of $48.68 billion. Chevron had a return on equity of 13.70% and a net margin of 9.31%. The company’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same period in the prior year, the company earned $3.08 EPS. On average, sell-side analysts predict that Chevron Co. will post 10.86 EPS for the current year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th were issued a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 4.32%. The ex-dividend date was Monday, August 19th. Chevron’s dividend payout ratio (DPR) is 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.