Carmel Capital Partners LLC Reduces Holdings in Chevron Co. (NYSE:CVX)

Carmel Capital Partners LLC decreased its holdings in Chevron Co. (NYSE:CVX) by 12.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,264 shares of the oil and gas company’s stock after selling 324 shares during the quarter. Carmel Capital Partners LLC’s holdings in Chevron were worth $333,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in CVX. Ameriprise Financial Inc. raised its stake in Chevron by 3.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 17,111,051 shares of the oil and gas company’s stock worth $2,676,957,000 after acquiring an additional 501,969 shares during the period. Capital World Investors raised its stake in Chevron by 3.2% during the 1st quarter. Capital World Investors now owns 16,009,766 shares of the oil and gas company’s stock worth $2,525,380,000 after acquiring an additional 495,879 shares during the period. Legal & General Group Plc raised its stake in Chevron by 4.9% during the 2nd quarter. Legal & General Group Plc now owns 13,570,971 shares of the oil and gas company’s stock worth $2,122,772,000 after acquiring an additional 629,644 shares during the period. Capital International Investors raised its stake in Chevron by 5.9% during the 1st quarter. Capital International Investors now owns 13,418,287 shares of the oil and gas company’s stock worth $2,116,600,000 after acquiring an additional 743,042 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in Chevron by 1.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 13,021,023 shares of the oil and gas company’s stock worth $2,036,846,000 after acquiring an additional 126,889 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Trading Up 0.1 %

CVX stock opened at $156.93 on Friday. 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 Co. has a twelve month low of $135.37 and a twelve month high of $167.11. The stock has a market capitalization of $287.01 billion, a price-to-earnings ratio of 17.25, a price-to-earnings-growth ratio of 3.53 and a beta of 1.09. The firm’s fifty day simple moving average is $147.80 and its two-hundred day simple moving average is $152.89.

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, beating analysts’ consensus estimates of $2.47 by $0.04. Chevron had a net margin of 8.44% and a return on equity of 13.07%. The business had revenue of $50.67 billion for the quarter, compared to analysts’ expectations of $48.86 billion. During the same quarter in the previous year, the business posted $3.05 earnings per share. The business’s revenue was down 6.3% compared to the same quarter last year. As a group, analysts anticipate that Chevron Co. will post 10.59 earnings per share 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 issued a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.15%. The ex-dividend date is Monday, November 18th. Chevron’s payout ratio is presently 71.65%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on CVX shares. Sanford C. Bernstein cut shares of Chevron from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $183.00 to $167.00 in a research note on Wednesday, July 17th. Scotiabank reduced their price objective 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. Barclays lifted their price objective on shares of Chevron from $168.00 to $174.00 and gave the company an “overweight” rating in a research report on Monday, November 4th. Wolfe Research began coverage on shares of Chevron in a research report on Thursday, July 18th. They set a “peer perform” rating on the stock. Finally, Bank of America began coverage on shares of Chevron in a research report on Thursday, October 17th. They set a “buy” rating and a $168.00 price objective on the stock. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price 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.