Tower Bridge Advisors Lowers Stock Holdings in Chevron Co. (NYSE:CVX)

Tower Bridge Advisors lessened its position in Chevron Co. (NYSE:CVX) by 2.0% in the 3rd quarter, Holdings Channel reports. The fund owned 60,154 shares of the oil and gas company’s stock after selling 1,227 shares during the period. Tower Bridge Advisors’ holdings in Chevron were worth $8,859,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in CVX. Rational Advisors LLC purchased a new stake in shares of Chevron during the 3rd quarter worth $29,000. Anfield Capital Management LLC raised its position in shares of Chevron by 118.0% during the 2nd quarter. Anfield Capital Management LLC now owns 218 shares of the oil and gas company’s stock worth $34,000 after purchasing an additional 118 shares during the last quarter. Cyrus J. Lawrence LLC lifted its position in shares of Chevron by 66.7% in the second quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company’s stock valued at $39,000 after acquiring an additional 100 shares in the last quarter. Livelsberger Financial Advisory purchased a new stake in shares of Chevron during the third quarter worth about $47,000. Finally, Krane Funds Advisors LLC acquired a new position in Chevron in the third quarter valued at $47,000. Institutional investors and hedge funds own 72.42% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on CVX shares. Mizuho lowered their price objective on shares of Chevron from $205.00 to $189.00 and set an “outperform” rating for the company in a research note on Monday, September 16th. DZ Bank upgraded Chevron from a “hold” rating to a “buy” rating and set a $170.00 target price on the stock in a report on Tuesday, November 5th. Wells Fargo & Company dropped their price target on Chevron from $196.00 to $169.00 and set an “overweight” rating for the company in a research note on Friday, September 27th. UBS Group lifted their price objective on Chevron from $192.00 to $194.00 and gave the company a “buy” rating in a research note on Monday, November 4th. Finally, Royal Bank of Canada increased their target price on shares of Chevron from $170.00 to $175.00 and gave the stock an “outperform” rating in a research report on Monday, November 4th. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $174.93.

Chevron Stock Down 0.2 %

Chevron stock opened at $161.42 on Friday. Chevron Co. has a 1-year low of $135.37 and a 1-year high of $167.11. The firm’s fifty day simple moving average is $149.39 and its 200-day simple moving average is $152.62. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $290.09 billion, a P/E ratio of 17.74, a P/E/G ratio of 3.63 and a beta of 1.09.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, November 1st. The oil and gas company reported $2.51 EPS for the quarter, beating analysts’ consensus estimates of $2.47 by $0.04. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The business had revenue of $50.67 billion for the quarter, compared to analyst estimates of $48.86 billion. During the same quarter in the prior year, the firm posted $3.05 EPS. The firm’s revenue for the quarter was down 6.3% on a year-over-year basis. Sell-side analysts forecast that Chevron Co. will post 10.55 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Monday, November 18th will be paid a dividend of $1.63 per share. The ex-dividend date is Monday, November 18th. This represents a $6.52 annualized dividend and a yield of 4.04%. Chevron’s dividend payout ratio is 71.65%.

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.