JGP Wealth Management LLC Trims Stock Position in Chevron Co. (NYSE:CVX)

JGP Wealth Management LLC trimmed its stake in Chevron Co. (NYSE:CVX) by 1.8% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 5,824 shares of the oil and gas company’s stock after selling 109 shares during the period. JGP Wealth Management LLC’s holdings in Chevron were worth $858,000 as of its most recent filing with the SEC.

Other institutional investors have also recently made changes to their positions in the company. Strong Tower Advisory Services lifted its stake in shares of Chevron by 16.0% in the 3rd quarter. Strong Tower Advisory Services now owns 11,628 shares of the oil and gas company’s stock worth $1,712,000 after acquiring an additional 1,608 shares during the period. BWM Planning LLC purchased a new position in Chevron during the 3rd quarter valued at about $1,586,000. Virginia Wealth Management Group Inc. increased its holdings in Chevron by 30.1% during the 3rd quarter. Virginia Wealth Management Group Inc. now owns 23,379 shares of the oil and gas company’s stock valued at $3,443,000 after acquiring an additional 5,408 shares in the last quarter. Independence Bank of Kentucky increased its holdings in Chevron by 10.9% during the 3rd quarter. Independence Bank of Kentucky now owns 39,306 shares of the oil and gas company’s stock valued at $5,789,000 after acquiring an additional 3,858 shares in the last quarter. Finally, Stolper Co grew its holdings in shares of Chevron by 0.3% during the third quarter. Stolper Co now owns 51,569 shares of the oil and gas company’s stock worth $7,595,000 after buying an additional 157 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Analysts Set New Price Targets

CVX has been the topic of a number of recent research reports. Sanford C. Bernstein cut shares of Chevron from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $183.00 to $167.00 in a research report on Wednesday, July 17th. Barclays lowered their target price on shares of Chevron from $185.00 to $168.00 and set an “overweight” rating for the company 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 for the company in a report on Friday, September 27th. Royal Bank of Canada reissued an “outperform” rating and set a $170.00 price target on shares of Chevron in a report on Tuesday. Finally, Wolfe Research started coverage on shares of Chevron in a report on Thursday, July 18th. They issued a “peer perform” rating for the company. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $177.59.

Chevron Trading Up 0.8 %

CVX traded up $1.15 during midday trading on Friday, reaching $151.77. 1,664,043 shares of the company were exchanged, compared to its average volume of 7,748,073. 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 stock has a market capitalization of $277.58 billion, a P/E ratio of 15.03, a PEG ratio of 2.70 and a beta of 1.09. The stock’s 50-day simple moving average is $145.41 and its 200 day simple moving average is $153.99.

Chevron (NYSE:CVX) last announced 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 net margin of 9.31% and a return on equity of 13.70%. 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 prior year, the business posted $3.08 EPS. The firm’s quarterly revenue was up 4.7% compared to the same quarter last year. As a group, analysts forecast that Chevron Co. will post 11.09 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The business 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 annualized dividend and a dividend yield of 4.30%. The ex-dividend date was Monday, August 19th. Chevron’s dividend payout ratio (DPR) is 64.55%.

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.