Accelerate Investment Advisors LLC Takes Position in Chevron Co. (NYSE:CVX)

Accelerate Investment Advisors LLC acquired a new stake in Chevron Co. (NYSE:CVX) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,709 shares of the oil and gas company’s stock, valued at approximately $252,000.

Other large investors have also made changes to their positions in the company. Ameriprise Financial Inc. raised its holdings in Chevron by 3.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 17,111,051 shares of the oil and gas company’s stock valued at $2,676,957,000 after acquiring an additional 501,969 shares during the last quarter. Capital World Investors increased its stake in Chevron by 3.2% in the first quarter. Capital World Investors now owns 16,009,766 shares of the oil and gas company’s stock valued at $2,525,380,000 after purchasing an additional 495,879 shares during the last quarter. Legal & General Group Plc boosted its stake in Chevron by 4.9% in the 2nd quarter. Legal & General Group Plc now owns 13,570,971 shares of the oil and gas company’s stock worth $2,122,772,000 after buying an additional 629,644 shares during the last quarter. Capital International Investors boosted its stake in Chevron by 5.9% in the 1st quarter. Capital International Investors now owns 13,418,287 shares of the oil and gas company’s stock worth $2,116,600,000 after buying an additional 743,042 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Chevron by 1.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 13,021,023 shares of the oil and gas company’s stock worth $2,036,846,000 after buying an additional 126,889 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Chevron Trading Down 0.6 %

CVX opened at $150.50 on Monday. Chevron Co. has a 12-month low of $135.37 and a 12-month high of $170.17. 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 $277.37 billion, a PE ratio of 13.93, a P/E/G ratio of 2.72 and a beta of 1.09. The firm’s fifty day moving average price is $145.46 and its 200 day moving average price is $153.93.

Chevron (NYSE:CVX) last issued its 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 company had revenue of $51.18 billion during the quarter, compared to analyst estimates of $48.68 billion. Chevron had a net margin of 9.31% and a return on equity of 13.70%. The business’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same quarter last year, the company posted $3.08 EPS. As a group, research analysts expect that Chevron Co. will post 11.09 EPS for the current fiscal year.

Chevron Announces Dividend

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 was Monday, August 19th. This represents a $6.52 annualized dividend and a dividend yield of 4.33%. Chevron’s payout ratio is 59.98%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on CVX shares. Barclays cut their price target on shares of Chevron from $185.00 to $168.00 and set an “overweight” rating on the stock in a research note on Thursday, October 3rd. Sanford C. Bernstein lowered Chevron from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $183.00 to $167.00 in a research note on Wednesday, July 17th. 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. Truist Financial decreased their price objective on shares of Chevron from $154.00 to $150.00 and set a “hold” rating for the company in a research note on Monday, September 30th. Finally, Scotiabank cut 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 note on Thursday. Six equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $176.81.

About Chevron

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.