TruNorth Capital Management LLC Raises Stake in Chevron Co. (NYSE:CVX)

TruNorth Capital Management LLC increased its holdings in shares of Chevron Co. (NYSE:CVX) by 102.0% during the 2nd quarter, HoldingsChannel reports. The fund owned 1,238 shares of the oil and gas company’s stock after buying an additional 625 shares during the period. TruNorth Capital Management LLC’s holdings in Chevron were worth $194,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Kapstone Financial Advisors LLC grew its stake in shares of Chevron by 5.3% in the 4th quarter. Kapstone Financial Advisors LLC now owns 4,216 shares of the oil and gas company’s stock worth $626,000 after buying an additional 211 shares during the last quarter. Eagle Capital Management LLC grew its stake in shares of Chevron by 0.5% in the first quarter. Eagle Capital Management LLC now owns 34,455 shares of the oil and gas company’s stock worth $5,435,000 after acquiring an additional 163 shares during the last quarter. Lane & Associates LLC bought a new position in shares of Chevron during the first quarter valued at $345,000. Guyasuta Investment Advisors Inc. increased its holdings in shares of Chevron by 1.7% during the fourth quarter. Guyasuta Investment Advisors Inc. now owns 216,593 shares of the oil and gas company’s stock valued at $32,307,000 after acquiring an additional 3,603 shares in the last quarter. Finally, Seven Mile Advisory raised its position in shares of Chevron by 9.8% in the 4th quarter. Seven Mile Advisory now owns 2,766 shares of the oil and gas company’s stock worth $413,000 after purchasing an additional 247 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on CVX. Truist Financial reduced their price objective on shares of Chevron from $156.00 to $154.00 and set a “hold” rating for the company in a research note on Monday, August 5th. Wolfe Research assumed coverage on shares of Chevron in a research report on Thursday, July 18th. They set a “peer perform” rating for the company. Scotiabank lowered their price objective on Chevron from $195.00 to $180.00 and set a “sector outperform” rating on the stock in a research report on Friday, July 12th. HSBC increased their target price on Chevron from $175.00 to $178.00 and gave the company a “buy” rating in a research note on Tuesday, April 30th. Finally, Sanford C. Bernstein cut Chevron from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $183.00 to $167.00 in a research note on Wednesday, July 17th. Seven investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $183.82.

Chevron Stock Performance

CVX traded up $0.47 during trading on Friday, hitting $147.27. The company’s stock had a trading volume of 6,874,416 shares, compared to its average volume of 7,882,654. The business’s 50 day simple moving average is $153.82 and its 200-day simple moving average is $155.92. The firm has a market cap of $271.41 billion, a PE ratio of 13.55, a P/E/G ratio of 2.42 and a beta of 1.10. Chevron Co. has a one year low of $139.62 and a one year high of $171.70. 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 earnings results on Friday, August 2nd. The oil and gas company reported $2.55 EPS for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.38). Chevron had a return on equity of 13.70% and a net margin of 9.31%. The company had revenue of $51.18 billion during the quarter, compared to the consensus estimate of $48.68 billion. During the same period in the prior year, the business posted $3.08 earnings per share. Chevron’s revenue for the quarter was up 4.7% compared to the same quarter last year. As a group, sell-side analysts predict that Chevron Co. will post 11.96 EPS for the current fiscal year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Monday, August 19th will be issued a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 4.43%. The ex-dividend date is Monday, August 19th. Chevron’s dividend payout ratio is 59.98%.

Insiders Place Their Bets

In other Chevron news, VP Jeff B. Gustavson sold 3,750 shares of the company’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $160.23, for a total value of $600,862.50. Following the completion of the transaction, the vice president now directly owns 477 shares in the company, valued at $76,429.71. The transaction was disclosed in a document filed with the SEC, which is accessible 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.