Transcendent Capital Group LLC Trims Stock Position in Chevron Co. (NYSE:CVX)

Transcendent Capital Group LLC lessened its stake in Chevron Co. (NYSE:CVX) by 17.8% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 667 shares of the oil and gas company’s stock after selling 144 shares during the quarter. Transcendent Capital Group LLC’s holdings in Chevron were worth $98,000 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. Houlihan Financial Resource Group Ltd. acquired a new position in shares of Chevron in the 3rd quarter valued at about $631,000. Mesirow Financial Investment Management Inc. lifted its position in Chevron by 0.5% during the third quarter. Mesirow Financial Investment Management Inc. now owns 203,402 shares of the oil and gas company’s stock valued at $29,955,000 after buying an additional 1,000 shares in the last quarter. XML Financial LLC grew its stake in Chevron by 5.9% during the third quarter. XML Financial LLC now owns 45,181 shares of the oil and gas company’s stock worth $6,654,000 after buying an additional 2,510 shares during the period. RKL Wealth Management LLC increased its position in shares of Chevron by 2.3% in the third quarter. RKL Wealth Management LLC now owns 24,172 shares of the oil and gas company’s stock worth $3,560,000 after acquiring an additional 534 shares in the last quarter. Finally, Sheets Smith Wealth Management raised its stake in shares of Chevron by 5.2% in the 3rd quarter. Sheets Smith Wealth Management now owns 4,641 shares of the oil and gas company’s stock valued at $683,000 after acquiring an additional 229 shares during the period. Institutional investors and hedge funds own 72.42% of the company’s stock.

Chevron Price Performance

CVX opened at $156.93 on Friday. 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 price is $147.80 and its 200 day moving average price is $152.89. Chevron Co. has a fifty-two week low of $135.37 and a fifty-two week high of $167.11. The firm has a market cap of $287.01 billion, a price-to-earnings ratio of 17.25, a price-to-earnings-growth ratio of 3.53 and a beta of 1.09.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share for the quarter, topping analysts’ consensus estimates of $2.47 by $0.04. Chevron had a return on equity of 13.07% and a net margin of 8.44%. The business had revenue of $50.67 billion for the quarter, compared to analysts’ expectations of $48.86 billion. During the same period in the prior year, the firm earned $3.05 EPS. The business’s quarterly revenue was down 6.3% on a year-over-year basis. As a group, sell-side analysts expect that Chevron Co. will post 10.59 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th will be issued a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 4.15%. The ex-dividend date of this dividend is Monday, November 18th. Chevron’s dividend payout ratio (DPR) is 71.65%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on CVX shares. Scotiabank decreased their price target on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. Bank of America initiated coverage on Chevron in a research note on Thursday, October 17th. They issued a “buy” rating and a $168.00 target price for the company. DZ Bank raised Chevron from a “hold” rating to a “buy” rating and set a $170.00 price target on the stock in a research report on Tuesday, November 5th. Wells Fargo & Company dropped their price objective 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. Finally, Barclays upped their target price on shares of Chevron from $168.00 to $174.00 and gave the company an “overweight” rating in a research note on Monday, November 4th. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $174.93.

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.