Platform Technology Partners Purchases 4,219 Shares of Chevron Co. (NYSE:CVX)

Platform Technology Partners boosted its position in Chevron Co. (NYSE:CVX) by 22.5% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 22,942 shares of the oil and gas company’s stock after purchasing an additional 4,219 shares during the quarter. Chevron comprises about 1.1% of Platform Technology Partners’ portfolio, making the stock its 18th biggest holding. Platform Technology Partners’ holdings in Chevron were worth $3,379,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CVX. OVERSEA CHINESE BANKING Corp Ltd acquired a new position in shares of Chevron during the 3rd quarter worth approximately $492,000. WealthPlan Investment Management LLC grew its position in Chevron by 12.6% during the third quarter. WealthPlan Investment Management LLC now owns 78,423 shares of the oil and gas company’s stock worth $11,549,000 after buying an additional 8,795 shares in the last quarter. Entropy Technologies LP bought a new position in Chevron during the 3rd quarter worth $380,000. WCM Investment Management LLC raised its holdings in Chevron by 306.1% in the 3rd quarter. WCM Investment Management LLC now owns 11,009 shares of the oil and gas company’s stock valued at $1,602,000 after acquiring an additional 8,298 shares in the last quarter. Finally, FDx Advisors Inc. raised its holdings in Chevron by 3.4% in the 3rd quarter. FDx Advisors Inc. now owns 3,939 shares of the oil and gas company’s stock valued at $580,000 after acquiring an additional 129 shares in the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have recently issued reports on CVX. Wells Fargo & Company reduced their target price on Chevron from $196.00 to $169.00 and set an “overweight” rating on the stock in a report on Friday, September 27th. Sanford C. Bernstein downgraded shares of Chevron from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $183.00 to $167.00 in a research note on Wednesday, July 17th. DZ Bank upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $170.00 target price for the company in a research report on Tuesday, November 5th. Bank of America started coverage on shares of Chevron in a research report on Thursday, October 17th. They set a “buy” rating and a $168.00 price target on the stock. Finally, UBS Group lifted their price objective on shares of Chevron from $192.00 to $194.00 and gave the company a “buy” rating in a research note on Monday, November 4th. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, Chevron currently has a consensus rating of “Moderate Buy” and a consensus target price of $174.93.

Chevron Price Performance

Chevron stock opened at $156.55 on Tuesday. The stock has a 50-day moving average price of $147.97 and a two-hundred day moving average price of $152.68. Chevron Co. has a 12 month low of $135.37 and a 12 month high of $167.11. The company has a market capitalization of $286.31 billion, a PE ratio of 17.20, a P/E/G ratio of 3.51 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.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, November 1st. The oil and gas company reported $2.51 earnings per share (EPS) 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 during the quarter, compared to analyst estimates of $48.86 billion. During the same quarter last year, the business earned $3.05 EPS. The firm’s quarterly revenue was down 6.3% on a year-over-year basis. Analysts expect that Chevron Co. will post 10.59 EPS for the current year.

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Monday, November 18th will be paid a $1.63 dividend. The ex-dividend date is Monday, November 18th. This represents a $6.52 annualized dividend and a dividend yield of 4.16%. Chevron’s dividend payout ratio is 71.65%.

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.