Argus Investors Counsel Inc. Trims Stake in Chevron Co. (NYSE:CVX)

Argus Investors Counsel Inc. cut its stake in shares of Chevron Co. (NYSE:CVX) by 0.9% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 7,851 shares of the oil and gas company’s stock after selling 68 shares during the period. Argus Investors Counsel Inc.’s holdings in Chevron were worth $1,156,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Anfield Capital Management LLC grew its stake in shares of Chevron by 118.0% during the 2nd quarter. Anfield Capital Management LLC now owns 218 shares of the oil and gas company’s stock valued at $34,000 after acquiring an additional 118 shares during the period. Cyrus J. Lawrence LLC boosted its position in shares of 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 purchasing an additional 100 shares during the period. Livelsberger Financial Advisory purchased a new stake in shares of Chevron in the third quarter worth $47,000. Krane Funds Advisors LLC bought a new stake in shares of Chevron during the 3rd quarter valued at $47,000. Finally, Dixon Mitchell Investment Counsel Inc. bought a new position in Chevron in the 1st quarter worth $55,000. Institutional investors own 72.42% of the company’s stock.

Chevron Price Performance

Shares of NYSE:CVX traded down $0.09 on Tuesday, reaching $150.79. The company’s stock had a trading volume of 1,305,307 shares, compared to its average volume of 7,662,554. Chevron Co. has a 52-week low of $135.37 and a 52-week high of $167.11. The company has a market cap of $277.90 billion, a P/E ratio of 13.84, a PEG ratio of 2.73 and a beta of 1.09. The company has a 50-day simple moving average of $146.19 and a 200 day simple moving average of $153.55. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.85 and a current ratio of 1.16.

Chevron (NYSE:CVX) last issued its quarterly earnings data 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 business had revenue of $51.18 billion during the quarter, compared to analysts’ expectations of $48.68 billion. During the same period in the previous year, the business earned $3.08 earnings per share. The business’s quarterly revenue was up 4.7% on a year-over-year basis. As a group, equities research analysts anticipate that Chevron Co. will post 10.95 EPS for the current fiscal year.

Chevron Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th were paid a $1.63 dividend. The ex-dividend date of this dividend was Monday, August 19th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.32%. Chevron’s payout ratio is currently 59.98%.

Analyst Upgrades and Downgrades

CVX has been the topic of a number of recent analyst reports. Wells Fargo & Company decreased their price target on Chevron from $196.00 to $169.00 and set an “overweight” rating on the stock in a report on Friday, September 27th. UBS Group lifted their target price on Chevron from $189.00 to $192.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. Truist Financial dropped their price target on Chevron from $154.00 to $150.00 and set a “hold” rating for the company in a research note on Monday, September 30th. Sanford C. Bernstein lowered shares of Chevron from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $183.00 to $167.00 in a report on Wednesday, July 17th. Finally, Bank of America started coverage on shares of Chevron in a report on Thursday, October 17th. They issued a “buy” rating and a $168.00 target price on the stock. Five equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, Chevron currently has an average rating of “Moderate Buy” and an average target price of $173.07.

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.