RIA Advisory Group LLC Acquires Shares of 2,123 Chevron Co. (NYSE:CVX)

RIA Advisory Group LLC acquired a new position in shares of Chevron Co. (NYSE:CVX) in the 3rd quarter, HoldingsChannel.com reports. The fund acquired 2,123 shares of the oil and gas company’s stock, valued at approximately $313,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CVX. Squire Investment Management Company LLC purchased a new stake in shares of Chevron in the third quarter valued at $208,000. Miramar Capital LLC raised its position in shares of Chevron by 30.5% during the third quarter. Miramar Capital LLC now owns 115,489 shares of the oil and gas company’s stock valued at $17,008,000 after buying an additional 27,008 shares during the last quarter. Vawter Financial Ltd. increased its holdings in Chevron by 12.4% in the 3rd quarter. Vawter Financial Ltd. now owns 1,817 shares of the oil and gas company’s stock valued at $268,000 after buying an additional 200 shares during the period. Northcape Wealth Management LLC raised its stake in Chevron by 3.1% during the third quarter. Northcape Wealth Management LLC now owns 2,322 shares of the oil and gas company’s stock worth $342,000 after acquiring an additional 69 shares in the last quarter. Finally, Altrius Capital Management Inc grew its position in Chevron by 13.1% during the 3rd quarter. Altrius Capital Management Inc now owns 31,880 shares of the oil and gas company’s stock worth $4,695,000 after acquiring an additional 3,688 shares during the last quarter. 72.42% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Mizuho cut their price target on shares of Chevron from $205.00 to $189.00 and set an “outperform” rating on the stock in a research report on Monday, September 16th. Bank of America initiated coverage on shares of Chevron in a research note on Thursday, October 17th. They set a “buy” rating and a $168.00 target price for the company. Barclays raised their price target on Chevron from $168.00 to $174.00 and gave the stock an “overweight” rating in a research report on Monday, November 4th. UBS Group increased 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. Finally, Truist Financial boosted their price target on shares of Chevron from $150.00 to $155.00 and gave the stock a “hold” rating in a research report on Monday, November 4th. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $174.93.

Chevron Stock Performance

Shares of NYSE:CVX traded down $0.38 during midday trading on Friday, reaching $161.42. The company had a trading volume of 9,022,753 shares, compared to its average volume of 7,677,757. The company’s 50 day moving average price is $149.39 and its 200 day moving average price is $152.68. Chevron Co. has a 52-week low of $135.37 and a 52-week high of $167.11. The stock has a market cap of $290.09 billion, a P/E ratio of 17.74, a P/E/G ratio of 3.57 and a beta of 1.09. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 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 13.15%. The company had revenue of $50.67 billion for the quarter, compared to analysts’ expectations of $48.86 billion. During the same period in the prior year, the company posted $3.05 EPS. Chevron’s revenue was down 6.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Chevron Co. will post 10.55 EPS for the current fiscal year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th will be issued a $1.63 dividend. The ex-dividend date of this dividend is Monday, November 18th. This represents a $6.52 annualized dividend and a dividend yield of 4.04%. Chevron’s payout ratio is currently 71.65%.

Chevron 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.