Old Port Advisors Reduces Stock Holdings in Chevron Co. (NYSE:CVX)

Old Port Advisors trimmed its position in shares of Chevron Co. (NYSE:CVX) by 3.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 17,078 shares of the oil and gas company’s stock after selling 559 shares during the period. Old Port Advisors’ holdings in Chevron were worth $2,515,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the company. Autumn Glory Partners LLC grew its stake in shares of Chevron by 52.8% during the 3rd quarter. Autumn Glory Partners LLC now owns 17,098 shares of the oil and gas company’s stock worth $2,518,000 after acquiring an additional 5,910 shares during the period. TCI Wealth Advisors Inc. boosted its position in Chevron by 1.2% during the third quarter. TCI Wealth Advisors Inc. now owns 28,827 shares of the oil and gas company’s stock worth $4,245,000 after purchasing an additional 344 shares during the period. Concord Wealth Partners increased its stake in shares of Chevron by 5.2% in the third quarter. Concord Wealth Partners now owns 24,070 shares of the oil and gas company’s stock worth $3,545,000 after purchasing an additional 1,179 shares in the last quarter. Welch Group LLC raised its position in shares of Chevron by 2.8% in the third quarter. Welch Group LLC now owns 386,666 shares of the oil and gas company’s stock valued at $56,944,000 after purchasing an additional 10,660 shares during the period. Finally, Inscription Capital LLC lifted its stake in shares of Chevron by 3.5% during the 3rd quarter. Inscription Capital LLC now owns 77,577 shares of the oil and gas company’s stock valued at $11,425,000 after buying an additional 2,635 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently weighed in on CVX. Scotiabank reduced their price objective on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. UBS Group lifted their price target on Chevron from $189.00 to $192.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. Bank of America started 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. Sanford C. Bernstein downgraded shares of Chevron from an “outperform” rating to a “market perform” rating and lowered their price target for the stock from $183.00 to $167.00 in a report on Wednesday, July 17th. Finally, Wells Fargo & Company reduced their price objective on shares of Chevron from $196.00 to $169.00 and set an “overweight” rating for the company in a research note on Friday, September 27th. Five investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $173.07.

Chevron Stock Down 0.2 %

CVX opened at $150.55 on Tuesday. 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 business’s fifty day simple moving average is $146.66 and its 200 day simple moving average is $153.15. Chevron Co. has a 52 week low of $135.37 and a 52 week high of $167.11. The stock has a market cap of $275.34 billion, a PE ratio of 14.91, a P/E/G ratio of 3.29 and a beta of 1.09.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share 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 for the quarter, compared to analysts’ expectations of $48.68 billion. During the same period in the prior year, the business posted $3.08 earnings per share. The business’s quarterly revenue was up 4.7% on a year-over-year basis. As a group, research analysts expect that Chevron Co. will post 10.86 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th were paid a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 4.33%. The ex-dividend date of this dividend was Monday, August 19th. Chevron’s dividend payout ratio is presently 64.55%.

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.