Patten Group Inc. Buys 1,995 Shares of Chevron Co. (NYSE:CVX)

Patten Group Inc. lifted its holdings in Chevron Co. (NYSE:CVX) by 9.0% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 24,245 shares of the oil and gas company’s stock after buying an additional 1,995 shares during the quarter. Chevron comprises 0.8% of Patten Group Inc.’s portfolio, making the stock its 27th biggest holding. Patten Group Inc.’s holdings in Chevron were worth $3,571,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Sanibel Captiva Trust Company Inc. grew its stake in shares of Chevron by 7.4% during the third quarter. Sanibel Captiva Trust Company Inc. now owns 162,730 shares of the oil and gas company’s stock worth $23,965,000 after purchasing an additional 11,149 shares during the period. CWM LLC raised its position in shares of Chevron by 4.2% in the 3rd quarter. CWM LLC now owns 256,705 shares of the oil and gas company’s stock valued at $37,805,000 after acquiring an additional 10,337 shares during the period. Saxon Interests Inc. grew its holdings in Chevron by 0.8% during the third quarter. Saxon Interests Inc. now owns 18,229 shares of the oil and gas company’s stock valued at $2,685,000 after purchasing an additional 148 shares during the period. Peddock Capital Advisors LLC grew its holdings in Chevron by 0.5% during the third quarter. Peddock Capital Advisors LLC now owns 61,525 shares of the oil and gas company’s stock valued at $9,061,000 after purchasing an additional 335 shares during the period. Finally, Tilia Fiduciary Partners Inc. raised its holdings in Chevron by 7.6% in the third quarter. Tilia Fiduciary Partners Inc. now owns 1,895 shares of the oil and gas company’s stock worth $279,000 after purchasing an additional 134 shares during the period. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Trading Up 0.6 %

Shares of CVX stock opened at $149.70 on Thursday. 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 fifty-two week low of $135.37 and a fifty-two week high of $170.17. The company has a market cap of $273.79 billion, a PE ratio of 13.77, a P/E/G ratio of 2.72 and a beta of 1.09. The stock’s fifty day moving average price is $145.66 and its two-hundred day moving average price is $154.05.

Chevron (NYSE:CVX) last issued its earnings results 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 analyst estimates of $48.68 billion. During the same period in the previous year, the company earned $3.08 EPS. Chevron’s revenue for the quarter was up 4.7% on a year-over-year basis. Equities analysts predict that Chevron Co. will post 11.09 EPS for the current fiscal year.

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were given a $1.63 dividend. The ex-dividend date was Monday, August 19th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.36%. Chevron’s dividend payout ratio (DPR) is currently 59.98%.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Sanford C. Bernstein downgraded Chevron from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $183.00 to $167.00 in a research note on Wednesday, July 17th. Truist Financial cut their price objective on Chevron from $154.00 to $150.00 and set a “hold” rating on the stock in a report on Monday, September 30th. Mizuho decreased their price objective on Chevron from $205.00 to $189.00 and set an “outperform” rating for the company in a report on Monday, September 16th. Wolfe Research started coverage on shares of Chevron in a report on Thursday, July 18th. They issued a “peer perform” rating on the stock. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $170.00 price target on shares of Chevron in a research note on Tuesday. Six equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $178.59.

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.