Cim Investment Management Inc. Lowers Stake in Chevron Co. (NYSE:CVX)

Cim Investment Management Inc. lowered its holdings in shares of Chevron Co. (NYSE:CVX) by 2.4% during the third quarter, HoldingsChannel.com reports. The firm owned 6,583 shares of the oil and gas company’s stock after selling 160 shares during the period. Cim Investment Management Inc.’s holdings in Chevron were worth $969,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Rational Advisors LLC purchased a new position in Chevron during the third quarter valued at $29,000. Legacy Investment Solutions LLC purchased a new position in Chevron in the 3rd quarter valued at about $29,000. Darwin Wealth Management LLC acquired a new stake in Chevron in the 3rd quarter worth about $30,000. RPg Family Wealth Advisory LLC purchased a new stake in Chevron during the 3rd quarter worth approximately $31,000. Finally, Anfield Capital Management LLC raised its holdings 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 valued at $34,000 after acquiring an additional 118 shares during the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Insider Activity

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

Chevron Stock Up 0.1 %

CVX stock traded up $0.17 during midday trading on Thursday, hitting $156.38. The company’s stock had a trading volume of 561,792 shares, compared to its average volume of 7,651,315. Chevron Co. has a 52-week low of $135.37 and a 52-week high of $167.11. The firm has a 50-day simple moving average of $155.22 and a 200-day simple moving average of $152.44. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $281.03 billion, a P/E ratio of 17.17, a PEG ratio of 3.47 and a beta of 1.10.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share for the quarter, topping 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 company had revenue of $50.67 billion for the quarter, compared to the consensus estimate of $48.86 billion. During the same quarter in the prior year, the business earned $3.05 EPS. Chevron’s revenue was down 6.3% on a year-over-year basis. As a group, equities analysts forecast that Chevron Co. will post 10.54 EPS for the current year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th were given a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.17%. The ex-dividend date of this dividend was Monday, November 18th. Chevron’s dividend payout ratio is presently 71.65%.

Wall Street Analyst Weigh In

Several analysts recently commented on CVX shares. Mizuho dropped their price target on Chevron from $205.00 to $189.00 and set an “outperform” rating for the company in a research report on Monday, September 16th. Royal Bank of Canada upped their price objective on shares of Chevron from $170.00 to $175.00 and gave the company an “outperform” rating in a research note on Monday, November 4th. Scotiabank decreased their target price on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. DZ Bank upgraded Chevron from a “hold” rating to a “buy” rating and set a $170.00 price target for the company in a research report on Tuesday, November 5th. Finally, Truist Financial lifted their price objective on Chevron from $155.00 to $160.00 and gave the stock a “hold” rating in a research report on Friday, December 6th. Four equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, Chevron currently has an average rating of “Moderate Buy” and an average price target of $177.13.

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.