Chevron Co. (NYSE:CVX) Shares Sold by Hedges Asset Management LLC

Hedges Asset Management LLC lessened its stake in shares of Chevron Co. (NYSE:CVX) by 2.4% in the third quarter, HoldingsChannel reports. The firm owned 13,212 shares of the oil and gas company’s stock after selling 330 shares during the quarter. Chevron makes up approximately 1.3% of Hedges Asset Management LLC’s holdings, making the stock its 21st biggest holding. Hedges Asset Management LLC’s holdings in Chevron were worth $1,946,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. International Assets Investment Management LLC increased its stake in Chevron by 19,404.1% in the third quarter. International Assets Investment Management LLC now owns 4,901,390 shares of the oil and gas company’s stock valued at $7,218,280,000 after purchasing an additional 4,876,260 shares during the last quarter. Pathway Financial Advisers LLC grew its holdings in Chevron by 15,750.1% in the 3rd quarter. Pathway Financial Advisers LLC now owns 3,901,345 shares of the oil and gas company’s stock valued at $574,551,000 after buying an additional 3,876,731 shares during the period. Massachusetts Financial Services Co. MA increased its stake in shares of Chevron by 55.5% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 8,537,859 shares of the oil and gas company’s stock valued at $1,335,492,000 after acquiring an additional 3,048,819 shares during the last quarter. Wulff Hansen & CO. lifted its holdings in shares of Chevron by 15,542.0% during the 2nd quarter. Wulff Hansen & CO. now owns 1,175,653 shares of the oil and gas company’s stock worth $183,896,000 after acquiring an additional 1,168,137 shares during the period. Finally, Capital International Investors boosted its position in shares of Chevron by 5.9% in the first quarter. Capital International Investors now owns 13,418,287 shares of the oil and gas company’s stock worth $2,116,600,000 after acquiring an additional 743,042 shares during the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have weighed in on CVX. Scotiabank decreased their price target on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Royal Bank of Canada reiterated an “outperform” rating and set a $170.00 target price on shares of Chevron in a report on Tuesday, October 8th. UBS Group raised their price target on shares of Chevron from $189.00 to $192.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. 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. Finally, Wolfe Research assumed coverage on shares of Chevron in a report on Thursday, July 18th. They set a “peer perform” rating on the stock. Five research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $173.07.

Chevron Trading Down 0.2 %

CVX opened at $150.55 on Tuesday. Chevron Co. has a 12-month low of $135.37 and a 12-month high of $167.11. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.16 and a quick ratio of 0.85. The stock has a market capitalization of $275.34 billion, a PE ratio of 14.91, a P/E/G ratio of 3.29 and a beta of 1.09. The firm’s fifty day moving average price is $146.66 and its 200 day moving average price is $153.15.

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

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were given a $1.63 dividend. The ex-dividend date of this dividend was Monday, August 19th. This represents a $6.52 annualized dividend and a dividend yield of 4.33%. Chevron’s payout ratio is 64.55%.

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.