ProShare Advisors LLC Sells 51,950 Shares of Chevron Co. (NYSE:CVX)

ProShare Advisors LLC lowered its position in shares of Chevron Co. (NYSE:CVX) by 3.3% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,517,468 shares of the oil and gas company’s stock after selling 51,950 shares during the quarter. Chevron accounts for approximately 0.6% of ProShare Advisors LLC’s investment portfolio, making the stock its 25th biggest holding. ProShare Advisors LLC owned 0.08% of Chevron worth $237,362,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the company. Pacifica Partners Inc. lifted its position in shares of Chevron by 1.8% during the 1st quarter. Pacifica Partners Inc. now owns 3,492 shares of the oil and gas company’s stock worth $546,000 after buying an additional 63 shares in the last quarter. Private Wealth Management Group LLC raised its holdings in shares of Chevron by 15.7% in the 1st quarter. Private Wealth Management Group LLC now owns 464 shares of the oil and gas company’s stock worth $73,000 after purchasing an additional 63 shares during the period. Montz Harcus Wealth Management LLC raised its holdings in shares of Chevron by 2.2% in 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 raised its holdings in shares of Chevron by 0.7% in the 2nd quarter. Hubbell Strickland Wealth Management LLC now owns 9,493 shares of the oil and gas company’s stock worth $1,485,000 after purchasing an additional 64 shares during the period. Finally, Marks Group Wealth Management Inc raised its holdings in shares of Chevron by 3.1% in the 1st quarter. Marks Group Wealth Management Inc now owns 2,148 shares of the oil and gas company’s stock worth $339,000 after purchasing an additional 65 shares during the period. Institutional investors own 72.42% of the company’s stock.

Chevron Stock Up 0.5 %

CVX opened at $145.68 on Friday. The company has a fifty day moving average price of $148.06 and a 200-day moving average price of $154.48. The firm has a market capitalization of $268.48 billion, a P/E ratio of 13.40, a price-to-earnings-growth 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 Co. has a one year low of $135.37 and a one year high of $171.70.

Chevron (NYSE:CVX) last announced 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 company had revenue of $51.18 billion during the quarter, compared to analysts’ expectations of $48.68 billion. During the same quarter last year, the firm posted $3.08 earnings per share. The firm’s revenue was up 4.7% on a year-over-year basis. Equities research analysts expect that Chevron Co. will post 11.48 earnings per share for the current fiscal 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 paid a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 4.48%. The ex-dividend date was Monday, August 19th. Chevron’s dividend payout ratio is presently 59.98%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CVX. Royal Bank of Canada lowered their price target on shares of Chevron from $190.00 to $180.00 and set an “outperform” rating on the stock in a report on Monday, August 5th. Barclays lowered their price target on shares of Chevron from $203.00 to $185.00 and set an “overweight” rating on the stock in a report on Tuesday, August 6th. Wolfe Research began coverage on shares of Chevron in a research note on Thursday, July 18th. They issued a “peer perform” rating for the company. Truist Financial reduced their price objective on shares of Chevron from $156.00 to $154.00 and set a “hold” rating for the company in a research note on Monday, August 5th. Finally, UBS Group reduced their price objective on shares of Chevron from $192.00 to $189.00 and set a “buy” rating for the company in a research note on Wednesday. Seven investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $182.41.

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.