Salvus Wealth Management LLC Grows Stake in Chevron Co. (NYSE:CVX)

Salvus Wealth Management LLC raised its stake in Chevron Co. (NYSE:CVX) by 2.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,979 shares of the oil and gas company’s stock after purchasing an additional 121 shares during the quarter. Salvus Wealth Management LLC’s holdings in Chevron were worth $881,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Eagle Capital Management LLC increased its position in shares of Chevron by 0.5% during the first quarter. Eagle Capital Management LLC now owns 34,455 shares of the oil and gas company’s stock worth $5,435,000 after acquiring an additional 163 shares during the last quarter. Lane & Associates LLC acquired a new position in Chevron in the first quarter worth about $345,000. KCM Investment Advisors LLC grew its stake in Chevron by 2.5% in the first quarter. KCM Investment Advisors LLC now owns 331,550 shares of the oil and gas company’s stock worth $52,299,000 after purchasing an additional 8,168 shares in the last quarter. Livelsberger Financial Advisory acquired a new position in Chevron in the fourth quarter worth about $46,000. Finally, Hosking Partners LLP acquired a new position in Chevron in the first quarter worth about $4,924,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Sanford C. Bernstein downgraded Chevron from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $183.00 to $167.00 in a research note on Wednesday, July 17th. UBS Group decreased their target price on Chevron from $192.00 to $189.00 and set a “buy” rating for the company in a research note on Wednesday, September 18th. Truist Financial decreased their target price on Chevron from $154.00 to $150.00 and set a “hold” rating for the company in a research note on Monday, September 30th. Scotiabank decreased their target price on Chevron from $195.00 to $180.00 and set a “sector outperform” rating for the company in a research note on Friday, July 12th. Finally, Royal Bank of Canada decreased their target price on Chevron from $190.00 to $180.00 and set an “outperform” rating for the company in a research note on Monday, August 5th. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $179.00.

Chevron Price Performance

NYSE:CVX traded up $0.40 during midday trading on Monday, hitting $151.14. 5,891,061 shares of the stock were exchanged, compared to its average volume of 7,820,800. Chevron Co. has a one year low of $135.37 and a one year high of $170.17. The company has a market capitalization of $278.55 billion, a price-to-earnings ratio of 13.90, a P/E/G ratio of 2.72 and a beta of 1.09. The business has a 50-day moving average price of $145.99 and a two-hundred day moving average price of $154.11. 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 (NYSE:CVX) last announced its earnings results on Friday, August 2nd. The oil and gas company reported $2.55 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 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 earned $3.08 EPS. Chevron’s revenue for the quarter was up 4.7% on a year-over-year basis. Sell-side analysts predict that Chevron Co. will post 11.09 EPS for the current year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Investors 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 yield of 4.31%. Chevron’s payout ratio is 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.