49 Wealth Management LLC Has $597,000 Position in Chevron Co. (NYSE:CVX)

49 Wealth Management LLC increased its holdings in shares of Chevron Co. (NYSE:CVX) by 40.6% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 4,054 shares of the oil and gas company’s stock after acquiring an additional 1,171 shares during the quarter. 49 Wealth Management LLC’s holdings in Chevron were worth $597,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in CVX. China Universal Asset Management Co. Ltd. acquired a new stake in Chevron in the first quarter valued at $566,000. Canada Pension Plan Investment Board grew its holdings in Chevron by 10.9% during the first quarter. Canada Pension Plan Investment Board now owns 554,754 shares of the oil and gas company’s stock worth $87,507,000 after purchasing an additional 54,744 shares during the period. Gamco Investors INC. ET AL raised its stake in Chevron by 6.0% in the first quarter. Gamco Investors INC. ET AL now owns 27,377 shares of the oil and gas company’s stock valued at $4,318,000 after buying an additional 1,552 shares during the period. Truvestments Capital LLC lifted its position in shares of Chevron by 34.4% in the first quarter. Truvestments Capital LLC now owns 926 shares of the oil and gas company’s stock valued at $146,000 after buying an additional 237 shares during the last quarter. Finally, 1832 Asset Management L.P. lifted its holdings in Chevron by 27.2% during the 1st quarter. 1832 Asset Management L.P. now owns 71,948 shares of the oil and gas company’s stock valued at $11,349,000 after purchasing an additional 15,383 shares during the last quarter. 72.42% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on CVX. 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 note on Tuesday, November 5th. Scotiabank decreased 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, October 10th. UBS Group boosted their price objective on Chevron from $192.00 to $194.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. Mizuho dropped their target price on Chevron from $205.00 to $189.00 and set an “outperform” rating for the company in a research report on Monday, September 16th. Finally, Barclays upped their price objective on Chevron from $168.00 to $174.00 and gave the company an “overweight” rating in a research note on Monday, November 4th. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $174.93.

Insider Buying and Selling

In related news, CEO Michael K. Wirth sold 164,600 shares of the firm’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the completion of the sale, the chief executive officer now owns 4,280 shares in the company, valued at approximately $685,356.40. This trade represents a 97.47 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.20% of the stock is currently owned by corporate insiders.

Chevron Stock Up 0.2 %

Chevron stock opened at $161.58 on Friday. The company has a market capitalization of $290.37 billion, a PE ratio of 17.76, a PEG ratio of 3.59 and a beta of 1.09. Chevron Co. has a 12-month low of $135.37 and a 12-month high of $167.11. The firm’s fifty day moving average is $151.14 and its 200 day moving average is $152.69. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last issued its earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.47 by $0.04. Chevron had a return on equity of 13.15% 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 last year, the business earned $3.05 EPS. Chevron’s quarterly revenue was down 6.3% compared to the same quarter last year. As a group, sell-side analysts predict that Chevron Co. will post 10.55 EPS for the current fiscal year.

Chevron Announces Dividend

The firm 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 dividend on an annualized basis and a dividend yield of 4.04%. The ex-dividend date is Monday, November 18th. Chevron’s payout ratio is 71.65%.

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.