Sound Income Strategies LLC Purchases 928 Shares of Chevron Co. (NYSE:CVX)

Sound Income Strategies LLC boosted its position in Chevron Co. (NYSE:CVX) by 15.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,054 shares of the oil and gas company’s stock after acquiring an additional 928 shares during the period. Sound Income Strategies LLC’s holdings in Chevron were worth $1,039,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA boosted its stake in Chevron by 55.5% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 8,537,859 shares of the oil and gas company’s stock worth $1,335,492,000 after purchasing an additional 3,048,819 shares during the period. Wulff Hansen & CO. grew its holdings in shares of Chevron by 15,542.0% during the second quarter. Wulff Hansen & CO. now owns 1,175,653 shares of the oil and gas company’s stock worth $183,896,000 after buying an additional 1,168,137 shares in the last quarter. Global Assets Advisory LLC acquired a new stake in Chevron in the 1st quarter valued at approximately $156,482,000. Confluence Investment Management LLC bought a new stake in Chevron in the 1st quarter valued at approximately $123,681,000. Finally, Capital International Investors boosted its position in Chevron by 5.9% during the 1st quarter. Capital International Investors now owns 13,418,287 shares of the oil and gas company’s stock worth $2,116,600,000 after acquiring an additional 743,042 shares during the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Chevron Trading Up 0.5 %

Shares of CVX stock opened at $151.42 on Monday. Chevron Co. has a 12-month low of $135.37 and a 12-month high of $170.17. The company has a market capitalization of $276.94 billion, a PE ratio of 14.99, a price-to-earnings-growth ratio of 2.72 and a beta of 1.09. The firm has a 50 day moving average price of $145.46 and a two-hundred day moving average price of $153.93. 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 (NYSE:CVX) last released its quarterly earnings results on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.93 by ($0.38). The firm had revenue of $51.18 billion during the quarter, compared to the consensus estimate of $48.68 billion. Chevron had a net margin of 9.31% and a return on equity of 13.70%. The business’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same quarter last year, the firm earned $3.08 earnings per share. As a group, analysts predict that Chevron Co. will post 11.09 earnings per share for the current year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Investors 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 4.31%. The ex-dividend date of this dividend was Monday, August 19th. Chevron’s dividend payout ratio is 64.55%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. Wolfe Research initiated coverage on shares of Chevron in a research report on Thursday, July 18th. They issued a “peer perform” rating on the stock. UBS Group boosted their price target on shares of Chevron from $189.00 to $192.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Wells Fargo & Company decreased their price objective on Chevron from $196.00 to $169.00 and set an “overweight” rating for the company in a report on Friday, September 27th. Sanford C. Bernstein downgraded Chevron from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $183.00 to $167.00 in a research note on Wednesday, July 17th. Finally, Scotiabank dropped their price objective on Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a research note on Thursday. Six analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, Chevron has an average rating of “Moderate Buy” and a consensus price target of $176.81.

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.