Montchanin Asset Management LLC Increases Holdings in Chevron Co. (NYSE:CVX)

Montchanin Asset Management LLC raised its stake in Chevron Co. (NYSE:CVX) by 2.4% during the 3rd quarter, HoldingsChannel reports. The firm owned 11,984 shares of the oil and gas company’s stock after acquiring an additional 280 shares during the quarter. Chevron accounts for about 1.6% of Montchanin Asset Management LLC’s portfolio, making the stock its 15th largest position. Montchanin Asset Management LLC’s holdings in Chevron were worth $1,765,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Legacy Investment Solutions LLC purchased a new position in shares of Chevron in the third quarter valued at $29,000. Rational Advisors LLC acquired a new position in Chevron in the 3rd quarter worth $29,000. Darwin Wealth Management LLC purchased a new position in Chevron in the 3rd quarter valued at about $30,000. RPg Family Wealth Advisory LLC acquired a new stake in shares of Chevron during the third quarter valued at about $31,000. Finally, Anfield Capital Management LLC increased its position in shares of Chevron by 118.0% during the second quarter. Anfield Capital Management LLC now owns 218 shares of the oil and gas company’s stock worth $34,000 after acquiring an additional 118 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Chevron Stock Performance

Shares of CVX opened at $155.24 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. The firm has a fifty day moving average of $154.77 and a 200-day moving average of $152.45. The company has a market cap of $278.98 billion, a price-to-earnings ratio of 17.06, a price-to-earnings-growth ratio of 3.50 and a beta of 1.10. Chevron Co. has a 1 year low of $135.37 and a 1 year high of $167.11.

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

Chevron Announces Dividend

The business also recently disclosed 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 dividend on an annualized basis and a dividend yield of 4.20%. Chevron’s dividend payout ratio is presently 71.65%.

Analyst Ratings Changes

A number of brokerages have weighed in on CVX. Citigroup upgraded Chevron from a “neutral” rating to a “buy” rating and raised their price objective for the company from $145.00 to $185.00 in a research note on Tuesday, November 26th. Barclays raised their price target on shares of Chevron from $168.00 to $174.00 and gave the stock an “overweight” rating in a research report on Monday, November 4th. Royal Bank of Canada upped their price target on shares of Chevron from $170.00 to $175.00 and gave the company an “outperform” rating in a report on Monday, November 4th. Truist Financial raised their price objective on shares of Chevron from $155.00 to $160.00 and gave the stock a “hold” rating in a report on Friday. Finally, Bank of America started coverage on shares of Chevron in a research report on Thursday, October 17th. They set a “buy” rating and a $168.00 price target on the stock. Four equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $175.94.

Insider Activity

In other news, CEO Michael K. Wirth sold 164,600 shares of the stock in a transaction 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 completion of the sale, the chief executive officer now owns 4,280 shares in the company, valued at approximately $685,356.40. This represents a 97.47 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.20% of the stock is owned by insiders.

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.