Probity Advisors Inc. lowered its stake in Chevron Co. (NYSE:CVX) by 4.8% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 4,195 shares of the oil and gas company’s stock after selling 212 shares during the quarter. Probity Advisors Inc.’s holdings in Chevron were worth $302,000 as of its most recent SEC filing.
Several other large investors also recently added to or reduced their stakes in CVX. Morgan Stanley increased its position in shares of Chevron by 2.0% in the first quarter. Morgan Stanley now owns 17,804,427 shares of the oil and gas company’s stock valued at $1,290,108,000 after acquiring an additional 341,664 shares during the last quarter. Heron Financial Group LLC grew its holdings in Chevron by 8.3% during the second quarter. Heron Financial Group LLC now owns 2,940 shares of the oil and gas company’s stock worth $251,000 after purchasing an additional 226 shares during the period. Marino Stram & Associates LLC bought a new position in Chevron during the second quarter worth about $224,000. Valeo Financial Advisors LLC grew its holdings in Chevron by 10.6% during the second quarter. Valeo Financial Advisors LLC now owns 25,944 shares of the oil and gas company’s stock worth $2,315,000 after purchasing an additional 2,478 shares during the period. Finally, YorkBridge Wealth Partners LLC boosted its holdings in shares of Chevron by 8.2% during the second quarter. YorkBridge Wealth Partners LLC now owns 5,572 shares of the oil and gas company’s stock worth $437,000 after acquiring an additional 420 shares during the period. 64.01% of the stock is currently owned by institutional investors and hedge funds.
Shares of Chevron stock traded down $3.27 during trading on Tuesday, hitting $85.69. The company’s stock had a trading volume of 103,242 shares, compared to its average volume of 11,292,849. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.26 and a quick ratio of 0.97. Chevron Co. has a 52 week low of $51.60 and a 52 week high of $122.72. The stock has a market cap of $166.12 billion, a price-to-earnings ratio of -14.49 and a beta of 1.21. The stock has a 50-day moving average price of $73.36 and a two-hundred day moving average price of $84.17.
Chevron (NYSE:CVX) last issued its quarterly earnings data on Wednesday, November 4th. The oil and gas company reported $0.11 earnings per share for the quarter, topping the consensus estimate of ($0.27) by $0.38. Chevron had a negative net margin of 10.86% and a positive return on equity of 1.75%. The company had revenue of $24.45 billion for the quarter, compared to analysts’ expectations of $26.34 billion. During the same quarter in the previous year, the firm posted $1.55 earnings per share. Chevron’s revenue for the quarter was down 32.3% on a year-over-year basis. On average, equities analysts predict that Chevron Co. will post -0.14 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, December 10th. Shareholders of record on Wednesday, November 18th will be given a dividend of $1.29 per share. The ex-dividend date of this dividend is Tuesday, November 17th. This represents a $5.16 dividend on an annualized basis and a yield of 6.02%. Chevron’s dividend payout ratio (DPR) is currently 82.30%.
A number of equities research analysts have recently issued reports on CVX shares. Piper Sandler cut Chevron from an “overweight” rating to a “neutral” rating and set a $108.00 price objective for the company. in a report on Monday, August 17th. HSBC cut their price target on Chevron from $93.00 to $86.00 and set a “hold” rating for the company in a research note on Wednesday, October 14th. Jefferies Financial Group reiterated a “buy” rating and issued a $108.00 price target on shares of Chevron in a research note on Tuesday, August 11th. Truist Securiti lowered their price objective on shares of Chevron from $113.00 to $112.00 and set a “buy” rating for the company in a research report on Friday, October 9th. Finally, Morgan Stanley lowered their price objective on shares of Chevron from $108.00 to $105.00 and set an “overweight” rating for the company in a research report on Monday, October 19th. Eleven investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Chevron currently has an average rating of “Buy” and an average target price of $107.28.
Chevron Corporation, through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, and production of crude oil and natural gas; processing, liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.
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