Summit Securities Group LLC Reduces Stock Position in Chevron Co. (NYSE:CVX)

Summit Securities Group LLC trimmed its holdings in shares of Chevron Co. (NYSE:CVX) by 97.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,000 shares of the oil and gas company’s stock after selling 36,700 shares during the quarter. Summit Securities Group LLC’s holdings in Chevron were worth $156,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. American Capital Advisory LLC lifted its holdings in Chevron by 403.2% during the 1st quarter. American Capital Advisory LLC now owns 156 shares of the oil and gas company’s stock valued at $25,000 after buying an additional 125 shares in the last quarter. Bare Financial Services Inc bought a new stake in shares of Chevron during the fourth quarter valued at approximately $27,000. Frank Rimerman Advisors LLC purchased a new stake in shares of Chevron in the fourth quarter valued at approximately $30,000. Cooksen Wealth LLC bought a new position in Chevron in the fourth quarter worth approximately $40,000. Finally, Clear Investment Research LLC increased its holdings in Chevron by 264.9% during the 4th quarter. Clear Investment Research LLC now owns 281 shares of the oil and gas company’s stock worth $42,000 after purchasing an additional 204 shares during the period. 72.42% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on CVX shares. Mizuho upped their target price on Chevron from $200.00 to $205.00 and gave the stock a “buy” rating in a report on Monday, May 13th. Wells Fargo & Company upped their price objective on shares of Chevron from $198.00 to $206.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 30th. Sanford C. Bernstein downgraded shares of Chevron from an “outperform” rating to a “market perform” rating and cut their target price for the company from $183.00 to $167.00 in a research report on Wednesday, July 17th. Royal Bank of Canada reduced their price target on shares of Chevron from $190.00 to $180.00 and set an “outperform” rating for the company in a report on Monday, August 5th. Finally, Truist Financial dropped their price objective on shares of Chevron from $156.00 to $154.00 and set a “hold” rating on the stock in a research note on Monday, August 5th. Seven equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $183.82.

Chevron Stock Down 0.7 %

NYSE:CVX traded down $1.04 during mid-day trading on Tuesday, hitting $147.46. 1,673,238 shares of the company’s stock traded hands, compared to its average volume of 7,764,587. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.85 and a current ratio of 1.16. The company has a market capitalization of $271.76 billion, a P/E ratio of 13.60, a P/E/G ratio of 2.46 and a beta of 1.10. The company has a fifty day moving average of $152.88 and a 200 day moving average of $155.79. Chevron Co. has a twelve month low of $139.62 and a twelve month high of $171.70.

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. On average, analysts forecast that Chevron Co. will post 11.96 EPS for the current year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Monday, August 19th will be issued a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.42%. The ex-dividend date of this dividend is Monday, August 19th. Chevron’s dividend payout ratio (DPR) is 59.98%.

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.