Bruce G. Allen Investments LLC Lowers Stake in Chevron Co. (NYSE:CVX)

Bruce G. Allen Investments LLC lessened its stake in Chevron Co. (NYSE:CVX) by 3.4% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,340 shares of the oil and gas company’s stock after selling 117 shares during the quarter. Bruce G. Allen Investments LLC’s holdings in Chevron were worth $492,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Eagle Capital Management LLC increased its stake in Chevron by 0.5% in the 1st quarter. Eagle Capital Management LLC now owns 34,455 shares of the oil and gas company’s stock worth $5,435,000 after buying an additional 163 shares during the period. Lane & Associates LLC purchased a new position in Chevron in the 1st quarter worth about $345,000. KCM Investment Advisors LLC increased its stake in Chevron by 2.5% in the 1st quarter. KCM Investment Advisors LLC now owns 331,550 shares of the oil and gas company’s stock worth $52,299,000 after buying an additional 8,168 shares during the period. Livelsberger Financial Advisory purchased a new position in Chevron in the 4th quarter worth about $46,000. Finally, Hosking Partners LLP purchased a new position in Chevron in the 1st quarter worth about $4,924,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Stock Up 0.6 %

CVX stock opened at $149.70 on Thursday. The firm has a 50 day moving average of $145.66 and a 200 day moving average of $154.05. The stock has a market capitalization of $273.79 billion, a PE ratio of 13.77, a price-to-earnings-growth ratio of 2.72 and a beta of 1.09. The company has a quick ratio of 0.85, a current ratio of 1.16 and a debt-to-equity ratio of 0.13. Chevron Co. has a 52 week low of $135.37 and a 52 week high of $170.17.

Chevron (NYSE:CVX) last released its earnings results on Friday, August 2nd. The oil and gas company reported $2.55 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 company had revenue of $51.18 billion during the quarter, compared to analyst estimates of $48.68 billion. During the same quarter last year, the business earned $3.08 earnings per share. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. Sell-side analysts forecast that Chevron Co. will post 11.09 earnings per share for the current 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. This represents a $6.52 dividend on an annualized basis and a yield of 4.36%. The ex-dividend date was Monday, August 19th. Chevron’s dividend payout ratio is presently 59.98%.

Analyst Upgrades and Downgrades

Several research analysts recently commented on CVX shares. Barclays reduced their price target on shares of Chevron from $185.00 to $168.00 and set an “overweight” rating on the stock in a research note on Thursday, October 3rd. Wells Fargo & Company reduced their price target on shares of Chevron from $196.00 to $169.00 and set an “overweight” rating on the stock in a research note on Friday, September 27th. Sanford C. Bernstein downgraded shares of Chevron from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $183.00 to $167.00 in a research note on Wednesday, July 17th. UBS Group increased their target price on shares of Chevron from $189.00 to $192.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, Truist Financial dropped their target price on shares of Chevron from $154.00 to $150.00 and set a “hold” rating on the stock in a report on Monday, September 30th. Six research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $178.59.

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.