Linscomb Wealth Inc. Reduces Stock Position in Chevron Co. (NYSE:CVX)

Linscomb Wealth Inc. reduced its holdings in shares of Chevron Co. (NYSE:CVX) by 1.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 80,647 shares of the oil and gas company’s stock after selling 1,579 shares during the quarter. Linscomb Wealth Inc.’s holdings in Chevron were worth $11,877,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of CVX. China Universal Asset Management Co. Ltd. purchased a new stake in Chevron in the 1st quarter worth approximately $566,000. Empowered Funds LLC lifted its stake in Chevron by 5.4% in the 1st quarter. Empowered Funds LLC now owns 429,000 shares of the oil and gas company’s stock worth $67,670,000 after purchasing an additional 22,047 shares in the last quarter. Wintrust Investments LLC lifted its stake in Chevron by 1.6% in the 1st quarter. Wintrust Investments LLC now owns 10,066 shares of the oil and gas company’s stock worth $1,588,000 after purchasing an additional 158 shares in the last quarter. M&G Plc purchased a new stake in Chevron in the 1st quarter worth approximately $16,280,000. Finally, Prevail Innovative Wealth Advisors LLC lifted its stake in Chevron by 38.4% in the 1st quarter. Prevail Innovative Wealth Advisors LLC now owns 14,939 shares of the oil and gas company’s stock worth $2,356,000 after purchasing an additional 4,148 shares in the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Trading Up 0.0 %

CVX traded up $0.01 during trading on Friday, hitting $161.81. 1,800,874 shares of the stock traded hands, compared to its average volume of 7,645,297. The firm has a market capitalization of $290.79 billion, a P/E ratio of 17.77, a price-to-earnings-growth ratio of 3.57 and a beta of 1.09. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80. The firm has a 50-day moving average of $148.93 and a 200 day moving average of $152.71. Chevron Co. has a 12-month low of $135.37 and a 12-month high of $167.11.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share for the quarter, beating the consensus estimate of $2.47 by $0.04. The business had revenue of $50.67 billion during the quarter, compared to analysts’ expectations of $48.86 billion. Chevron had a net margin of 8.44% and a return on equity of 13.15%. The firm’s revenue for the quarter was down 6.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $3.05 EPS. Equities research analysts anticipate that Chevron Co. will post 10.55 EPS for the current year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th will be given 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 4.03%. Chevron’s dividend payout ratio is 71.65%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on CVX shares. Scotiabank decreased their price target on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. 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 price target on the stock. Truist Financial increased their price target on shares of Chevron from $150.00 to $155.00 and gave the stock a “hold” rating in a report on Monday, November 4th. Royal Bank of Canada increased their price target on shares of Chevron from $170.00 to $175.00 and gave the stock an “outperform” rating in a report on Monday, November 4th. Finally, Wells Fargo & Company decreased their price target on shares of Chevron from $196.00 to $169.00 and set an “overweight” rating on the stock in a report on Friday, September 27th. Four equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $174.93.

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.