Financial Partners Group Inc Lowers Position in Chevron Co. (NYSE:CVX)

Financial Partners Group Inc trimmed its holdings in shares of Chevron Co. (NYSE:CVX) by 4.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,328 shares of the oil and gas company’s stock after selling 313 shares during the period. Financial Partners Group Inc’s holdings in Chevron were worth $1,079,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Cornerstone Capital Inc. raised its holdings in Chevron by 4.3% in the third quarter. Cornerstone Capital Inc. now owns 4,057 shares of the oil and gas company’s stock valued at $597,000 after acquiring an additional 166 shares in the last quarter. Global Wealth Management Investment Advisory Inc. raised its holdings in Chevron by 15.9% in the third quarter. Global Wealth Management Investment Advisory Inc. now owns 57,240 shares of the oil and gas company’s stock valued at $8,430,000 after acquiring an additional 7,845 shares in the last quarter. Ameritas Advisory Services LLC raised its holdings in Chevron by 2.0% in the third quarter. Ameritas Advisory Services LLC now owns 36,104 shares of the oil and gas company’s stock valued at $5,317,000 after acquiring an additional 702 shares in the last quarter. Heritage Investors Management Corp raised its holdings in Chevron by 1.2% in the third quarter. Heritage Investors Management Corp now owns 160,112 shares of the oil and gas company’s stock valued at $23,580,000 after acquiring an additional 1,920 shares in the last quarter. Finally, Pittenger & Anderson Inc. raised its holdings in Chevron by 6.5% in the third quarter. Pittenger & Anderson Inc. now owns 74,036 shares of the oil and gas company’s stock valued at $10,903,000 after acquiring an additional 4,535 shares in the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Stock Performance

CVX traded down $0.02 during trading hours on Tuesday, reaching $153.95. The company’s stock had a trading volume of 1,208,008 shares, compared to its average volume of 7,626,131. Chevron Co. has a 52 week low of $135.37 and a 52 week high of $167.11. The company’s 50-day moving average is $147.07 and its 200-day moving average is $152.91. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.85 and a current ratio of 1.16. The firm has a market cap of $281.56 billion, a PE ratio of 16.96, a price-to-earnings-growth ratio of 3.39 and a beta of 1.09.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, November 1st. The oil and gas company reported $2.51 earnings per share for the quarter, topping the consensus estimate of $2.47 by $0.04. The firm had revenue of $50.67 billion for the quarter, compared to analysts’ expectations of $48.86 billion. Chevron had a return on equity of 13.07% and a net margin of 8.44%. The company’s quarterly revenue was down 6.3% compared to the same quarter last year. During the same quarter last year, the business earned $3.05 EPS. On average, equities analysts forecast that Chevron Co. will post 10.7 EPS for the current year.

Chevron Dividend Announcement

The company 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 dividend on an annualized basis and a dividend yield of 4.24%. The ex-dividend date of this dividend is Monday, November 18th. Chevron’s payout ratio is 71.65%.

Analysts Set New Price Targets

Several equities analysts have recently commented on CVX shares. Barclays upped their price target on shares of Chevron from $168.00 to $174.00 and gave the stock an “overweight” rating in a research report on Monday. Sanford C. Bernstein lowered shares of Chevron from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $183.00 to $167.00 in a research report on Wednesday, July 17th. 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. Mizuho reduced their price objective on shares of Chevron from $205.00 to $189.00 and set an “outperform” rating for the company in a research report on Monday, September 16th. Finally, Truist Financial raised their target price on shares of Chevron from $150.00 to $155.00 and gave the stock a “hold” rating in a report on Monday. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Chevron has an average rating of “Moderate Buy” and an average price target of $174.93.

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.