Howe & Rusling Inc. Decreases Stake in Chevron Co. (NYSE:CVX)

Howe & Rusling Inc. reduced its stake in shares of Chevron Co. (NYSE:CVX) by 0.7% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 49,785 shares of the oil and gas company’s stock after selling 362 shares during the period. Howe & Rusling Inc.’s holdings in Chevron were worth $7,332,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in CVX. China Universal Asset Management Co. Ltd. acquired a new position in shares of Chevron in the first quarter worth $566,000. Empowered Funds LLC lifted its holdings in Chevron by 5.4% in the 1st quarter. Empowered Funds LLC now owns 429,000 shares of the oil and gas company’s stock valued at $67,670,000 after purchasing an additional 22,047 shares in the last quarter. Wellington Wealth Strategies LLC. purchased a new stake in shares of Chevron during the first quarter worth about $483,000. EP Wealth Advisors LLC raised its position in shares of Chevron by 3.9% in the first quarter. EP Wealth Advisors LLC now owns 103,084 shares of the oil and gas company’s stock valued at $16,261,000 after buying an additional 3,847 shares during the last quarter. Finally, Axxcess Wealth Management LLC lifted its stake in shares of Chevron by 10.8% during the first quarter. Axxcess Wealth Management LLC now owns 105,050 shares of the oil and gas company’s stock valued at $16,571,000 after buying an additional 10,204 shares during the period. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Price Performance

Shares of CVX opened at $159.61 on Wednesday. The stock’s fifty day moving average is $150.23 and its 200-day moving average is $152.57. The firm has a market capitalization of $286.83 billion, a price-to-earnings ratio of 17.54, a price-to-earnings-growth ratio of 3.63 and a beta of 1.09. 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 one year low of $135.37 and a one year high of $167.11.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, November 1st. The oil and gas company reported $2.51 EPS for the quarter, topping analysts’ consensus estimates 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 previous year, the business earned $3.05 EPS. The company’s quarterly revenue was down 6.3% compared to the same quarter last year. Equities analysts anticipate that Chevron Co. will post 10.55 EPS for the current year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th will be issued a $1.63 dividend. The ex-dividend date is Monday, November 18th. This represents a $6.52 annualized dividend and a dividend yield of 4.08%. Chevron’s dividend payout ratio is currently 71.65%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on CVX shares. 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 report on Thursday, October 10th. UBS Group increased their target price on Chevron from $192.00 to $194.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. 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 note on Tuesday, November 5th. Truist Financial boosted their target price on Chevron from $150.00 to $155.00 and gave the stock a “hold” rating in a report on Monday, November 4th. Finally, Bank of America initiated coverage on shares of Chevron in a research note on Thursday, October 17th. They set a “buy” rating and a $168.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, Chevron presently has an average rating of “Moderate Buy” and a consensus price target of $174.93.

Insider Activity

In other Chevron news, CEO Michael K. Wirth sold 164,600 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer now owns 4,280 shares in the company, valued at approximately $685,356.40. The trade was a 97.47 % decrease in their position. 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.

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.