Sara Bay Financial Decreases Stake in Chevron Co. (NYSE:CVX)

Sara Bay Financial reduced its position in Chevron Co. (NYSE:CVX) by 23.2% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 2,331 shares of the oil and gas company’s stock after selling 703 shares during the period. Sara Bay Financial’s holdings in Chevron were worth $343,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Berkshire Hathaway Inc boosted its holdings in Chevron by 14.4% in the 4th quarter. Berkshire Hathaway Inc now owns 126,093,326 shares of the oil and gas company’s stock worth $18,808,081,000 after buying an additional 15,845,037 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in shares of Chevron by 55.5% in the second quarter. Massachusetts Financial Services Co. MA now owns 8,537,859 shares of the oil and gas company’s stock worth $1,335,492,000 after acquiring an additional 3,048,819 shares during the period. Wulff Hansen & CO. raised its stake in shares of Chevron by 15,542.0% during the 2nd quarter. Wulff Hansen & CO. now owns 1,175,653 shares of the oil and gas company’s stock valued at $183,896,000 after purchasing an additional 1,168,137 shares during the period. Global Assets Advisory LLC bought a new stake in shares of Chevron during the 1st quarter valued at $156,482,000. Finally, Confluence Investment Management LLC purchased a new stake in Chevron during the 1st quarter worth about $123,681,000. Institutional investors own 72.42% of the company’s stock.

Chevron Price Performance

CVX traded up $0.40 during trading on Monday, reaching $151.14. The stock had a trading volume of 5,891,061 shares, compared to its average volume of 7,820,800. The stock has a market cap of $278.55 billion, a PE ratio of 13.90, a PEG ratio of 2.72 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 Co. has a one year low of $135.37 and a one year high of $170.17. The business has a 50-day moving average of $145.99 and a 200-day moving average of $154.11.

Chevron (NYSE:CVX) last posted its quarterly 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 net margin of 9.31% and a return on equity of 13.70%. The business had revenue of $51.18 billion for the quarter, compared to analysts’ expectations of $48.68 billion. During the same quarter in the previous year, the company earned $3.08 earnings per share. The business’s quarterly revenue was up 4.7% on a year-over-year basis. As a group, equities research analysts anticipate that Chevron Co. will post 11.09 EPS 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 given a dividend of $1.63 per share. The ex-dividend date was Monday, August 19th. This represents a $6.52 annualized dividend and a yield of 4.31%. Chevron’s payout ratio is 59.98%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on CVX shares. Sanford C. Bernstein lowered Chevron from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $183.00 to $167.00 in a report on Wednesday, July 17th. Wolfe Research began coverage on shares of Chevron in a report on Thursday, July 18th. They set a “peer perform” rating on the stock. Barclays cut their price target on shares of Chevron from $185.00 to $168.00 and set an “overweight” rating for the company in a report on Thursday. Scotiabank decreased their price target on shares of Chevron from $195.00 to $180.00 and set a “sector outperform” rating on the stock in a report on Friday, July 12th. Finally, Royal Bank of Canada decreased 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. Six research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Chevron currently has an average rating of “Moderate Buy” and an average price target of $179.00.

Chevron Company 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.