Lowe Brockenbrough & Co. Inc. Decreases Holdings in Chevron Co. (NYSE:CVX)

Lowe Brockenbrough & Co. Inc. lowered its stake in Chevron Co. (NYSE:CVX) by 4.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 123,983 shares of the oil and gas company’s stock after selling 5,293 shares during the period. Chevron makes up approximately 1.2% of Lowe Brockenbrough & Co. Inc.’s investment portfolio, making the stock its 19th biggest position. Lowe Brockenbrough & Co. Inc.’s holdings in Chevron were worth $18,259,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. Cambiar Investors LLC lifted its position in Chevron by 1.5% in the third quarter. Cambiar Investors LLC now owns 387,861 shares of the oil and gas company’s stock worth $57,120,000 after buying an additional 5,788 shares during the last quarter. Campbell Wealth Management purchased a new stake in shares of Chevron in the third quarter valued at $309,000. Gladstone Institutional Advisory LLC lifted its holdings in shares of Chevron by 6.8% in the 3rd quarter. Gladstone Institutional Advisory LLC now owns 49,241 shares of the oil and gas company’s stock worth $7,252,000 after acquiring an additional 3,122 shares during the last quarter. Shepherd Financial Partners LLC boosted its stake in shares of Chevron by 6.4% during the 3rd quarter. Shepherd Financial Partners LLC now owns 4,337 shares of the oil and gas company’s stock worth $639,000 after purchasing an additional 259 shares during the period. Finally, Fonville Wealth Management LLC bought a new position in Chevron during the 3rd quarter valued at about $233,000. 72.42% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

CVX has been the subject of several analyst reports. Royal Bank of Canada reissued an “outperform” rating and issued a $170.00 price objective on shares of Chevron in a research note on Tuesday, October 8th. Bank of America assumed coverage on Chevron in a research note on Thursday, October 17th. They set a “buy” rating and a $168.00 price target for the company. Scotiabank cut their price objective on Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. Barclays reduced their target price on Chevron from $185.00 to $168.00 and set an “overweight” rating on the stock in a research note on Thursday, October 3rd. Finally, Sanford C. Bernstein lowered shares of Chevron from an “outperform” rating to a “market perform” rating and lowered their target price for the company from $183.00 to $167.00 in a research note on Wednesday, July 17th. Five equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $173.07.

Chevron Stock Performance

Shares of CVX stock opened at $153.07 on Friday. The firm has a market cap of $279.95 billion, a price-to-earnings ratio of 15.16, a PEG ratio of 3.29 and a beta of 1.09. Chevron Co. has a 52-week low of $135.37 and a 52-week high of $167.11. The company has a quick ratio of 0.85, a current ratio of 1.16 and a debt-to-equity ratio of 0.13. The company’s 50 day moving average is $146.96 and its 200 day moving average is $152.98.

Chevron (NYSE:CVX) last announced its quarterly 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). The company had revenue of $51.18 billion during the quarter, compared to analysts’ expectations of $48.68 billion. Chevron had a net margin of 9.31% and a return on equity of 13.70%. The company’s revenue was up 4.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.08 earnings per share. On average, sell-side analysts anticipate that Chevron Co. will post 10.74 EPS for the current fiscal year.

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.