Canal Capital Management LLC Sells 91 Shares of Chevron Co. (NYSE:CVX)

Canal Capital Management LLC cut its position in Chevron Co. (NYSE:CVX) by 1.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 8,741 shares of the oil and gas company’s stock after selling 91 shares during the period. Canal Capital Management LLC’s holdings in Chevron were worth $1,287,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also bought and sold shares of CVX. Wealth Enhancement Advisory Services LLC lifted its holdings in Chevron by 3.6% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 889,441 shares of the oil and gas company’s stock worth $140,300,000 after purchasing an additional 30,503 shares in the last quarter. Vanguard Capital Wealth Advisors boosted its position in shares of Chevron by 6.7% during the first quarter. Vanguard Capital Wealth Advisors now owns 3,565 shares of the oil and gas company’s stock worth $562,000 after acquiring an additional 225 shares during the last quarter. Cypress Wealth Services LLC grew its stake in Chevron by 8.6% during the first quarter. Cypress Wealth Services LLC now owns 9,731 shares of the oil and gas company’s stock valued at $1,535,000 after acquiring an additional 767 shares in the last quarter. Baugh & Associates LLC increased its holdings in Chevron by 1.0% in the 1st quarter. Baugh & Associates LLC now owns 27,575 shares of the oil and gas company’s stock valued at $4,350,000 after acquiring an additional 260 shares during the last quarter. Finally, Hennessy Advisors Inc. lifted its stake in Chevron by 7.3% in the 1st quarter. Hennessy Advisors Inc. now owns 67,532 shares of the oil and gas company’s stock worth $10,652,000 after purchasing an additional 4,600 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Analyst Upgrades and Downgrades

CVX has been the subject of a number of research analyst reports. Sanford C. Bernstein lowered Chevron from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $183.00 to $167.00 in a research report on Wednesday, July 17th. Wolfe Research began coverage on Chevron in a report on Thursday, July 18th. They set a “peer perform” rating on the stock. Scotiabank cut their target price on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. Truist Financial lowered their price objective on shares of Chevron from $154.00 to $150.00 and set a “hold” rating for the company in a research report on Monday, September 30th. Finally, Barclays lowered their price target on shares of Chevron from $185.00 to $168.00 and set an “overweight” rating for the company in a report on Thursday, October 3rd. Five equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $173.07.

Chevron Price Performance

Shares of CVX opened at $150.82 on Friday. Chevron Co. has a fifty-two week low of $135.37 and a fifty-two week high of $167.11. The firm’s 50 day moving average price is $146.51 and its 200 day moving average price is $153.43. The company has a quick ratio of 0.85, a current ratio of 1.16 and a debt-to-equity ratio of 0.13. The company has a market cap of $277.96 billion, a P/E ratio of 13.87, a PEG ratio of 3.30 and a beta of 1.09.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.38). The business had revenue of $51.18 billion for the quarter, compared to analysts’ expectations of $48.68 billion. Chevron had a return on equity of 13.70% and a net margin of 9.31%. The firm’s quarterly revenue was up 4.7% on a year-over-year basis. During the same period last year, the firm earned $3.08 earnings per share. On average, research analysts forecast that Chevron Co. will post 10.86 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were paid a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 4.32%. The ex-dividend date was Monday, August 19th. Chevron’s dividend payout ratio (DPR) is presently 59.98%.

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.