Icon Wealth Advisors LLC Sells 116,570 Shares of Chevron Co. (NYSE:CVX)

Icon Wealth Advisors LLC lowered its holdings in Chevron Co. (NYSE:CVX) by 97.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,368 shares of the oil and gas company’s stock after selling 116,570 shares during the quarter. Icon Wealth Advisors LLC’s holdings in Chevron were worth $496,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. raised its holdings in shares of Chevron by 11.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 31,108,760 shares of the oil and gas company’s stock worth $4,581,137,000 after buying an additional 3,203,899 shares in the last quarter. Ameriprise Financial Inc. raised its stake in Chevron by 3.0% during the second quarter. Ameriprise Financial Inc. now owns 17,111,051 shares of the oil and gas company’s stock worth $2,676,957,000 after acquiring an additional 501,969 shares in the last quarter. Legal & General Group Plc raised its stake in Chevron by 4.9% during the second quarter. Legal & General Group Plc now owns 13,570,971 shares of the oil and gas company’s stock worth $2,122,772,000 after acquiring an additional 629,644 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Chevron by 1.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 13,021,023 shares of the oil and gas company’s stock valued at $2,036,846,000 after purchasing an additional 126,889 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA grew its holdings in shares of Chevron by 55.5% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 8,537,859 shares of the oil and gas company’s stock worth $1,335,492,000 after purchasing an additional 3,048,819 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Insider Activity

In related news, CEO Michael K. Wirth sold 164,600 shares of the business’s stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the completion of the transaction, the chief executive officer now owns 4,280 shares in the company, valued at approximately $685,356.40. The trade was a 97.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.20% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

CVX has been the subject of several analyst reports. UBS Group lifted their price target on shares of Chevron from $192.00 to $194.00 and gave the company a “buy” rating in a report on Monday, November 4th. Barclays boosted their target price on Chevron from $168.00 to $174.00 and gave the stock an “overweight” rating in a report on Monday, November 4th. Mizuho cut their price objective on Chevron from $205.00 to $189.00 and set an “outperform” rating for the company in a research report on Monday, September 16th. Truist Financial boosted their price objective on Chevron from $150.00 to $155.00 and gave the stock a “hold” rating in a research note on Monday, November 4th. Finally, Scotiabank cut their price target on Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $174.93.

Chevron Trading Up 0.5 %

CVX opened at $162.36 on Friday. Chevron Co. has a fifty-two week low of $135.37 and a fifty-two week high of $167.11. The company has a market cap of $291.78 billion, a price-to-earnings ratio of 17.84, a price-to-earnings-growth ratio of 3.56 and a beta of 1.09. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80. The firm has a 50 day simple moving average of $151.58 and a 200 day simple moving average of $152.62.

Chevron (NYSE:CVX) last issued its earnings results on Friday, November 1st. The oil and gas company reported $2.51 EPS for the quarter, beating the consensus estimate of $2.47 by $0.04. Chevron had a net margin of 8.44% and a return on equity of 13.15%. The company had revenue of $50.67 billion during the quarter, compared to analysts’ expectations of $48.86 billion. During the same quarter in the previous year, the company posted $3.05 EPS. The business’s revenue for the quarter was down 6.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Chevron Co. will post 10.55 earnings per share for the current year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th will be given a dividend of $1.63 per share. The ex-dividend date is Monday, November 18th. This represents a $6.52 annualized dividend and a dividend yield of 4.02%. Chevron’s payout ratio is currently 71.65%.

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.