Congress Asset Management Co. Sells 1,359 Shares of Chevron Co. (NYSE:CVX)

Congress Asset Management Co. reduced its holdings in Chevron Co. (NYSE:CVX) by 1.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 86,930 shares of the oil and gas company’s stock after selling 1,359 shares during the quarter. Congress Asset Management Co.’s holdings in Chevron were worth $12,802,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Silverlake Wealth Management LLC boosted its stake in Chevron by 2.3% in the 1st quarter. Silverlake Wealth Management LLC now owns 10,026 shares of the oil and gas company’s stock worth $1,581,000 after purchasing an additional 221 shares during the period. Tower Wealth Partners Inc. boosted its position in Chevron by 3.5% during the first quarter. Tower Wealth Partners Inc. now owns 3,727 shares of the oil and gas company’s stock valued at $588,000 after purchasing an additional 126 shares during the last quarter. Sloy Dahl & Holst LLC grew its stake in Chevron by 3.4% in the first quarter. Sloy Dahl & Holst LLC now owns 4,087 shares of the oil and gas company’s stock valued at $645,000 after purchasing an additional 135 shares in the last quarter. Monument Capital Management increased its position in shares of Chevron by 22.6% during the 1st quarter. Monument Capital Management now owns 6,795 shares of the oil and gas company’s stock worth $1,072,000 after purchasing an additional 1,253 shares during the last quarter. Finally, Carret Asset Management LLC increased its position in shares of Chevron by 2.1% during the 1st quarter. Carret Asset Management LLC now owns 82,532 shares of the oil and gas company’s stock worth $13,019,000 after purchasing an additional 1,712 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Analyst Ratings Changes

CVX has been the subject of several analyst reports. Royal Bank of Canada reissued an “outperform” rating and issued a $170.00 target price on shares of Chevron in a research note on Tuesday, October 8th. Scotiabank lowered their price objective 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, October 10th. Sanford C. Bernstein downgraded Chevron from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $183.00 to $167.00 in a research note on Wednesday, July 17th. Barclays dropped their price target on Chevron from $185.00 to $168.00 and set an “overweight” rating on the stock in a research note on Thursday, October 3rd. Finally, Bank of America began coverage on shares of Chevron in a report on Thursday, October 17th. They issued a “buy” rating and a $168.00 price target on the stock. Five investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, Chevron currently has an average rating of “Moderate Buy” and an average target price of $173.07.

Chevron Stock Performance

NYSE CVX opened at $148.80 on Friday. The company has a market capitalization of $272.14 billion, a price-to-earnings ratio of 14.73, a PEG ratio of 3.27 and a beta of 1.09. Chevron Co. has a twelve month low of $135.37 and a twelve month high of $167.11. The stock has a fifty day simple moving average of $146.85 and a 200 day simple moving average of $153.01. The company has a quick ratio of 0.85, a current ratio of 1.16 and a debt-to-equity ratio of 0.13.

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 the consensus estimate of $2.93 by ($0.38). Chevron had a return on equity of 13.70% and a net margin of 9.31%. The firm had revenue of $51.18 billion during the quarter, compared to the consensus estimate of $48.68 billion. During the same quarter in the previous year, the company posted $3.08 EPS. The firm’s revenue was up 4.7% on a year-over-year basis. Sell-side analysts expect that Chevron Co. will post 10.74 EPS for the current year.

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.