Trueblood Wealth Management LLC Cuts Stock Holdings in Chevron Co. (NYSE:CVX)

Trueblood Wealth Management LLC lowered its stake in Chevron Co. (NYSE:CVX) by 9.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 15,959 shares of the oil and gas company’s stock after selling 1,761 shares during the period. Chevron makes up approximately 1.2% of Trueblood Wealth Management LLC’s holdings, making the stock its 11th largest holding. Trueblood Wealth Management LLC’s holdings in Chevron were worth $2,350,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Montz Harcus Wealth Management LLC boosted its stake in shares of Chevron by 2.2% during the 2nd quarter. Montz Harcus Wealth Management LLC now owns 2,943 shares of the oil and gas company’s stock worth $460,000 after purchasing an additional 63 shares during the period. Hubbell Strickland Wealth Management LLC boosted its position in shares of Chevron by 0.7% during the second quarter. Hubbell Strickland Wealth Management LLC now owns 9,493 shares of the oil and gas company’s stock valued at $1,485,000 after buying an additional 64 shares during the period. Mayfair Advisory Group LLC grew its stake in shares of Chevron by 0.7% during the first quarter. Mayfair Advisory Group LLC now owns 9,407 shares of the oil and gas company’s stock valued at $1,484,000 after buying an additional 65 shares during the last quarter. Penbrook Management LLC raised its holdings in shares of Chevron by 3.9% in the first quarter. Penbrook Management LLC now owns 1,730 shares of the oil and gas company’s stock worth $273,000 after buying an additional 65 shares during the period. Finally, Verum Partners LLC lifted its stake in shares of Chevron by 3.0% during the 1st quarter. Verum Partners LLC now owns 2,236 shares of the oil and gas company’s stock worth $353,000 after acquiring an additional 65 shares during the last quarter. Institutional investors own 72.42% of the company’s stock.

Chevron Price Performance

Shares of CVX stock opened at $150.81 on Friday. The stock’s 50-day moving average is $146.59 and its 200 day moving average is $153.30. Chevron Co. has a 1-year low of $135.37 and a 1-year high of $167.11. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.16 and a quick ratio of 0.85. The company has a market cap of $277.94 billion, a P/E ratio of 13.87, a PEG ratio of 3.30 and a beta of 1.09.

Chevron (NYSE:CVX) last issued its quarterly earnings data 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 firm had revenue of $51.18 billion during the quarter, compared to analysts’ expectations of $48.68 billion. During the same period in the previous year, the firm earned $3.08 EPS. The firm’s quarterly revenue was up 4.7% on a year-over-year basis. Research analysts predict that Chevron Co. will post 10.86 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The firm also recently disclosed 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 was Monday, August 19th. This represents a $6.52 annualized dividend and a dividend yield of 4.32%. Chevron’s dividend payout ratio is presently 59.98%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CVX. Wolfe Research assumed coverage on Chevron in a research note on Thursday, July 18th. They issued a “peer perform” rating on the stock. Mizuho reduced their price target on shares of Chevron from $205.00 to $189.00 and set an “outperform” rating on the stock in a research note on Monday, September 16th. Wells Fargo & Company lowered their price objective on shares of Chevron from $196.00 to $169.00 and set an “overweight” rating for the company in a research report on Friday, September 27th. Sanford C. Bernstein downgraded shares of Chevron from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $183.00 to $167.00 in a research note on Wednesday, July 17th. Finally, Truist Financial dropped their price objective on Chevron from $154.00 to $150.00 and set a “hold” rating on the stock in a research note on Monday, September 30th. Five analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $173.07.

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.