Providence Wealth Advisors LLC Increases Holdings in Chevron Co. (NYSE:CVX)

Providence Wealth Advisors LLC grew its holdings in shares of Chevron Co. (NYSE:CVX) by 1.1% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 14,113 shares of the oil and gas company’s stock after purchasing an additional 150 shares during the quarter. Chevron makes up 1.5% of Providence Wealth Advisors LLC’s investment portfolio, making the stock its 21st largest holding. Providence Wealth Advisors LLC’s holdings in Chevron were worth $2,114,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in CVX. Burney Co. increased its holdings in Chevron by 1.6% in the 1st quarter. Burney Co. now owns 17,481 shares of the oil and gas company’s stock worth $2,757,000 after acquiring an additional 275 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in Chevron by 41.5% in the 1st quarter. EverSource Wealth Advisors LLC now owns 65,228 shares of the oil and gas company’s stock worth $10,519,000 after acquiring an additional 19,124 shares during the last quarter. OMC Financial Services LTD purchased a new stake in Chevron in the 1st quarter worth about $1,153,000. Keynote Financial Services LLC purchased a new stake in Chevron in the 1st quarter worth about $828,000. Finally, NBW Capital LLC purchased a new stake in Chevron in the 1st quarter worth about $216,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Stock Performance

Shares of CVX stock opened at $162.11 on Friday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. Chevron Co. has a fifty-two week low of $135.37 and a fifty-two week high of $167.11. The stock has a 50 day moving average price of $153.03 and a two-hundred day moving average price of $152.62. The company has a market capitalization of $291.33 billion, a P/E ratio of 17.81, a PEG ratio of 3.58 and a beta of 1.09.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, November 1st. The oil and gas company reported $2.51 earnings per share for the quarter, beating the consensus estimate of $2.47 by $0.04. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The firm had revenue of $50.67 billion during the quarter, compared to the consensus estimate of $48.86 billion. During the same quarter in the previous year, the company posted $3.05 earnings per share. The business’s revenue was down 6.3% on a year-over-year basis. Analysts expect that Chevron Co. will post 10.53 earnings per share for the current year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders 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 dividend yield of 4.02%. Chevron’s dividend payout ratio (DPR) is presently 71.65%.

Insider Activity

In other news, CEO Michael K. Wirth sold 164,600 shares of the business’s stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the transaction, the chief executive officer now directly owns 4,280 shares of the company’s stock, valued at approximately $685,356.40. The trade was a 97.47 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.20% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Scotiabank decreased their price objective on Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. Mizuho reduced their target price on Chevron from $205.00 to $189.00 and set an “outperform” rating for the company in a report on Monday, September 16th. Truist Financial lifted their target price on Chevron from $150.00 to $155.00 and gave the company a “hold” rating in a report on Monday, November 4th. Royal Bank of Canada lifted their target price on Chevron from $170.00 to $175.00 and gave the company an “outperform” rating in a report on Monday, November 4th. Finally, Wells Fargo & Company reduced their target price on Chevron from $196.00 to $169.00 and set an “overweight” rating for the company in a report on Friday, September 27th. Four research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, Chevron has an average rating of “Moderate Buy” and an average price target of $175.56.

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.