Naviter Wealth LLC Lowers Stake in Chevron Co. (NYSE:CVX)

Naviter Wealth LLC lowered its holdings in shares of Chevron Co. (NYSE:CVX) by 8.4% during the third quarter, HoldingsChannel.com reports. The firm owned 15,215 shares of the oil and gas company’s stock after selling 1,391 shares during the period. Naviter Wealth LLC’s holdings in Chevron were worth $2,241,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Anfield Capital Management LLC increased its stake in shares of Chevron by 118.0% in the 2nd quarter. Anfield Capital Management LLC now owns 218 shares of the oil and gas company’s stock worth $34,000 after acquiring an additional 118 shares during the last quarter. Cyrus J. Lawrence LLC grew its position in Chevron by 66.7% in the second quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company’s stock worth $39,000 after acquiring an additional 100 shares during the period. Dixon Mitchell Investment Counsel Inc. purchased a new position in Chevron during the first quarter worth about $55,000. Richardson Capital Management LLC acquired a new stake in Chevron in the 1st quarter valued at approximately $58,000. Finally, MFA Wealth Advisors LLC acquired a new position in Chevron in the 2nd quarter valued at about $59,000. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Trading Up 0.9 %

Shares of CVX traded up $1.36 during mid-day trading on Thursday, reaching $150.09. The company had a trading volume of 377,591 shares, compared to its average volume of 7,688,350. The stock has a market cap of $276.61 billion, a price-to-earnings ratio of 13.68, a price-to-earnings-growth ratio of 2.72 and a beta of 1.09. The company has a current ratio of 1.16, a quick ratio of 0.85 and a debt-to-equity ratio of 0.13. The firm has a fifty day simple moving average of $145.82 and a 200-day simple moving average of $153.78. Chevron Co. has a fifty-two week low of $135.37 and a fifty-two week high of $170.17.

Chevron (NYSE:CVX) last posted its earnings results on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share (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 business had revenue of $51.18 billion for the quarter, compared to analyst estimates of $48.68 billion. During the same period last year, the company posted $3.08 EPS. The firm’s revenue for the quarter was up 4.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Chevron Co. will post 11.09 EPS for the current fiscal year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were given a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 4.34%. The ex-dividend date was Monday, August 19th. Chevron’s payout ratio is 59.98%.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Barclays dropped their price target on shares of Chevron from $185.00 to $168.00 and set an “overweight” rating for the company in a research note on Thursday, October 3rd. Mizuho decreased their price objective on Chevron from $205.00 to $189.00 and set an “outperform” rating for the company in a research note on Monday, September 16th. Scotiabank decreased their price target on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. UBS Group lifted their price objective on shares of Chevron from $189.00 to $192.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Finally, Bank of America began coverage on Chevron in a report on Thursday. They issued a “buy” rating and a $168.00 target price on the stock. Six investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $174.81.

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.