Studio Investment Management LLC Acquires 184 Shares of Chevron Co. (NYSE:CVX)

Studio Investment Management LLC boosted its holdings in Chevron Co. (NYSE:CVX) by 0.9% in the 3rd quarter, HoldingsChannel reports. The firm owned 20,486 shares of the oil and gas company’s stock after purchasing an additional 184 shares during the quarter. Studio Investment Management LLC’s holdings in Chevron were worth $3,017,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the stock. Covenant Asset Management LLC boosted its position in shares of Chevron by 0.7% during the third quarter. Covenant Asset Management LLC now owns 11,115 shares of the oil and gas company’s stock worth $1,637,000 after acquiring an additional 76 shares during the last quarter. Allen Capital Group LLC lifted its stake in Chevron by 6.2% in the 3rd quarter. Allen Capital Group LLC now owns 26,713 shares of the oil and gas company’s stock worth $3,934,000 after purchasing an additional 1,559 shares in the last quarter. Biltmore Family Office LLC boosted its holdings in shares of Chevron by 9.6% during the 3rd quarter. Biltmore Family Office LLC now owns 2,062 shares of the oil and gas company’s stock valued at $304,000 after purchasing an additional 181 shares during the last quarter. Darden Wealth Group Inc grew its position in shares of Chevron by 8.7% during the third quarter. Darden Wealth Group Inc now owns 7,761 shares of the oil and gas company’s stock valued at $1,143,000 after purchasing an additional 621 shares in the last quarter. Finally, 49 Wealth Management LLC increased its holdings in shares of Chevron by 40.6% in the third quarter. 49 Wealth Management LLC now owns 4,054 shares of the oil and gas company’s stock worth $597,000 after purchasing an additional 1,171 shares during the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on CVX shares. Royal Bank of Canada increased their price target on Chevron from $170.00 to $175.00 and gave the company an “outperform” rating in a research note on Monday, November 4th. UBS Group increased their target price on Chevron from $192.00 to $194.00 and gave the company a “buy” rating in a research report on Monday, November 4th. Scotiabank reduced their price target on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. Truist Financial increased their price objective on shares of Chevron from $150.00 to $155.00 and gave the company a “hold” rating in a research report on Monday, November 4th. Finally, Mizuho decreased their target price on shares of Chevron from $205.00 to $189.00 and set an “outperform” rating on the stock in a research report on Monday, September 16th. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $174.93.

Chevron Price Performance

CVX opened at $161.58 on Friday. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. The business has a fifty day moving average of $151.14 and a 200 day moving average of $152.69. Chevron Co. has a 52-week low of $135.37 and a 52-week high of $167.11. The stock has a market cap of $290.37 billion, a P/E ratio of 17.76, a PEG ratio of 3.59 and a beta of 1.09.

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, beating analysts’ consensus estimates of $2.47 by $0.04. The firm had revenue of $50.67 billion during the quarter, compared to analyst estimates of $48.86 billion. Chevron had a net margin of 8.44% and a return on equity of 13.15%. The business’s revenue was down 6.3% on a year-over-year basis. During the same period in the previous year, the firm earned $3.05 earnings per share. As a group, sell-side analysts anticipate that Chevron Co. will post 10.55 EPS for the current year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th will be paid a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 4.04%. The ex-dividend date is Monday, November 18th. Chevron’s dividend payout ratio is presently 71.65%.

Insider Activity at Chevron

In other Chevron news, CEO Michael K. Wirth sold 164,600 shares of the firm’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the transaction, the chief executive officer now directly owns 4,280 shares in the company, valued at $685,356.40. This trade represents a 97.47 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.20% of the stock is owned by company insiders.

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.