Confluence Investment Management LLC Decreases Stake in Chevron Co. (NYSE:CVX)

Confluence Investment Management LLC lessened its stake in shares of Chevron Co. (NYSE:CVX) by 0.7% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 747,900 shares of the oil and gas company’s stock after selling 5,284 shares during the period. Chevron makes up about 1.5% of Confluence Investment Management LLC’s portfolio, making the stock its 20th biggest position. Confluence Investment Management LLC’s holdings in Chevron were worth $110,143,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of CVX. International Assets Investment Management LLC increased its holdings in shares of 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 period. Pathway Financial Advisers LLC boosted its position in Chevron by 15,750.1% in the third 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 last quarter. Massachusetts Financial Services Co. MA increased its holdings in Chevron by 55.5% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 8,537,859 shares of the oil and gas company’s stock worth $1,335,492,000 after buying an additional 3,048,819 shares during the period. Wulff Hansen & CO. raised its position in 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 buying an additional 1,168,137 shares during the last quarter. Finally, Capital International Investors lifted its stake in Chevron by 5.9% during the 1st quarter. Capital International Investors now owns 13,418,287 shares of the oil and gas company’s stock valued at $2,116,600,000 after acquiring an additional 743,042 shares during the period. Institutional investors and hedge funds own 72.42% of the company’s stock.

Chevron Stock Down 0.6 %

Shares of NYSE CVX opened at $156.73 on Friday. Chevron Co. has a 52-week low of $135.37 and a 52-week high of $167.11. The company has a quick ratio of 0.85, a current ratio of 1.16 and a debt-to-equity ratio of 0.13. The company’s 50-day simple moving average is $147.43 and its 200-day simple moving average is $152.90. The firm has a market cap of $286.65 billion, a price-to-earnings ratio of 17.22, a price-to-earnings-growth ratio of 3.43 and a beta of 1.09.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, November 1st. The oil and gas company reported $2.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.47 by $0.04. Chevron had a return on equity of 13.07% and a net margin of 8.44%. The company had revenue of $50.67 billion for the quarter, compared to analysts’ expectations of $48.86 billion. During the same period in the previous year, the firm posted $3.05 EPS. Chevron’s revenue was down 6.3% compared to the same quarter last year. Equities analysts predict that Chevron Co. will post 10.65 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Monday, November 18th will be given a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 4.16%. The ex-dividend date is Monday, November 18th. Chevron’s payout ratio is 71.65%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on CVX. Wells Fargo & Company cut their price objective on shares of Chevron from $196.00 to $169.00 and set an “overweight” rating on the stock in a research note on Friday, September 27th. Wolfe Research assumed coverage on Chevron in a report on Thursday, July 18th. They issued a “peer perform” rating for the company. Mizuho dropped their target price on Chevron from $205.00 to $189.00 and set an “outperform” rating on the stock in a report on Monday, September 16th. 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 report on Tuesday. Finally, Scotiabank lowered their price objective on Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $174.93.

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.