Nexus Investment Management ULC Sells 3,000 Shares of Chevron Co. (NYSE:CVX)

Nexus Investment Management ULC lessened its position in shares of Chevron Co. (NYSE:CVX) by 33.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 6,100 shares of the oil and gas company’s stock after selling 3,000 shares during the period. Nexus Investment Management ULC’s holdings in Chevron were worth $954,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. American Capital Advisory LLC boosted its stake in shares of Chevron by 403.2% in the 1st quarter. American Capital Advisory LLC now owns 156 shares of the oil and gas company’s stock valued at $25,000 after purchasing an additional 125 shares in the last quarter. Bare Financial Services Inc purchased a new stake in Chevron during the 4th quarter valued at $27,000. Frank Rimerman Advisors LLC bought a new stake in Chevron in the 4th quarter worth $30,000. Cooksen Wealth LLC bought a new stake in Chevron in the 4th quarter worth $40,000. Finally, Clear Investment Research LLC grew its holdings in Chevron by 264.9% in the 4th quarter. Clear Investment Research LLC now owns 281 shares of the oil and gas company’s stock worth $42,000 after acquiring an additional 204 shares during the last quarter. Institutional investors own 72.42% of the company’s stock.

Chevron Stock Performance

Shares of CVX stock traded up $0.47 during trading hours on Thursday, reaching $145.79. The company had a trading volume of 2,078,289 shares, compared to its average volume of 7,820,930. The business has a fifty day moving average price of $153.21 and a 200-day moving average price of $155.89. Chevron Co. has a one year low of $139.62 and a one year high of $171.70. The firm has a market cap of $266.64 billion, a PE ratio of 13.42, a price-to-earnings-growth ratio of 2.46 and a beta of 1.10. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.85 and a current ratio of 1.16.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, August 2nd. The oil and gas company reported $2.55 EPS for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.38). Chevron had a return on equity of 13.70% and a net margin of 9.31%. The company had revenue of $51.18 billion during the quarter, compared to the consensus estimate of $48.68 billion. During the same quarter in the prior year, the firm earned $3.08 earnings per share. The business’s revenue was up 4.7% compared to the same quarter last year. Sell-side analysts predict that Chevron Co. will post 11.96 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th will be paid a $1.63 dividend. The ex-dividend date is Monday, August 19th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.47%. Chevron’s dividend payout ratio is presently 59.98%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. HSBC raised their price target on shares of Chevron from $175.00 to $178.00 and gave the stock a “buy” rating in a report on Tuesday, April 30th. Barclays cut their price target on shares of Chevron from $203.00 to $185.00 and set an “overweight” rating on the stock in a report on Tuesday, August 6th. Wells Fargo & Company raised their price target on shares of Chevron from $198.00 to $206.00 and gave the stock an “overweight” rating in a report on Tuesday, April 30th. Truist Financial cut their price target on shares of Chevron from $156.00 to $154.00 and set a “hold” rating on the stock in a report on Monday, August 5th. Finally, Sanford C. Bernstein cut shares of Chevron from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $183.00 to $167.00 in a research report on Wednesday, July 17th. Seven investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $183.82.

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.