Chevron Co. (NYSE:CVX) Shares Sold by Tower Wealth Partners Inc.

Tower Wealth Partners Inc. reduced its position in Chevron Co. (NYSE:CVX) by 21.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,943 shares of the oil and gas company’s stock after selling 784 shares during the period. Tower Wealth Partners Inc.’s holdings in Chevron were worth $460,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Gilbert & Cook Inc. boosted its stake in Chevron by 3.7% during the 4th quarter. Gilbert & Cook Inc. now owns 10,312 shares of the oil and gas company’s stock valued at $1,538,000 after acquiring an additional 369 shares during the last quarter. Aveo Capital Partners LLC raised its stake in shares of Chevron by 1.0% in the 4th quarter. Aveo Capital Partners LLC now owns 8,617 shares of the oil and gas company’s stock valued at $1,285,000 after purchasing an additional 82 shares in the last quarter. Gryphon Financial Partners LLC raised its stake in shares of Chevron by 55.0% in the 4th quarter. Gryphon Financial Partners LLC now owns 11,404 shares of the oil and gas company’s stock valued at $1,648,000 after purchasing an additional 4,047 shares in the last quarter. Brown Advisory Inc. lifted its position in shares of Chevron by 1.5% during the fourth quarter. Brown Advisory Inc. now owns 203,559 shares of the oil and gas company’s stock worth $30,363,000 after purchasing an additional 2,936 shares during the last quarter. Finally, TrinityPoint Wealth LLC grew its stake in Chevron by 6.8% in the fourth quarter. TrinityPoint Wealth LLC now owns 10,646 shares of the oil and gas company’s stock worth $1,588,000 after purchasing an additional 680 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CVX has been the topic of several research reports. Truist Financial cut their price objective on Chevron from $156.00 to $154.00 and set a “hold” rating on the stock in a research note on Monday, August 5th. Wolfe Research initiated coverage on shares of Chevron in a report on Thursday, July 18th. They set a “peer perform” rating on the stock. Sanford C. Bernstein downgraded shares of Chevron from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $183.00 to $167.00 in a research report on Wednesday, July 17th. Royal Bank of Canada lowered their price objective on shares of Chevron from $190.00 to $180.00 and set an “outperform” rating for the company in a research report on Monday, August 5th. Finally, Scotiabank cut their target price on shares of Chevron from $195.00 to $180.00 and set a “sector outperform” rating on the stock in a report on Friday, July 12th. Seven equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $182.88.

Chevron Stock Performance

Shares of CVX opened at $142.11 on Tuesday. The firm has a market capitalization of $259.91 billion, a PE ratio of 13.07, a P/E/G ratio of 2.41 and a beta of 1.09. 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 firm has a 50-day moving average price of $148.88 and a 200 day moving average price of $154.68. Chevron Co. has a 52-week low of $135.37 and a 52-week high of $171.70.

Chevron (NYSE:CVX) last posted its quarterly earnings data 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). Chevron had a net margin of 9.31% and a return on equity of 13.70%. The company had revenue of $51.18 billion during the quarter, compared to the consensus estimate of $48.68 billion. During the same quarter last year, the business earned $3.08 earnings per share. The company’s revenue was up 4.7% on a year-over-year basis. On average, sell-side analysts anticipate that Chevron Co. will post 11.57 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were issued a $1.63 dividend. The ex-dividend date of this dividend was Monday, August 19th. This represents a $6.52 annualized dividend and a dividend yield of 4.59%. Chevron’s dividend payout ratio (DPR) is 59.98%.

About Chevron

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.