Chevron Co. (NYSE:CVX) Stake Lessened by Ironwood Investment Counsel LLC

Ironwood Investment Counsel LLC trimmed its stake in shares of Chevron Co. (NYSE:CVX) by 0.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 17,052 shares of the oil and gas company’s stock after selling 107 shares during the quarter. Ironwood Investment Counsel LLC’s holdings in Chevron were worth $2,511,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in CVX. Arete Wealth Advisors LLC acquired a new stake in Chevron during the third quarter valued at approximately $2,370,000. Fred Alger Management LLC raised its position in shares of Chevron by 2.0% during the 3rd quarter. Fred Alger Management LLC now owns 65,326 shares of the oil and gas company’s stock valued at $9,621,000 after acquiring an additional 1,253 shares in the last quarter. Auxier Asset Management lifted its stake in Chevron by 1.6% during the third quarter. Auxier Asset Management now owns 26,357 shares of the oil and gas company’s stock worth $3,882,000 after purchasing an additional 427 shares during the last quarter. Captrust Financial Advisors increased its stake in Chevron by 1.2% during the third quarter. Captrust Financial Advisors now owns 1,084,013 shares of the oil and gas company’s stock valued at $159,643,000 after purchasing an additional 12,688 shares during the last quarter. Finally, Kingfisher Capital LLC raised its holdings in shares of Chevron by 1.5% during the third quarter. Kingfisher Capital LLC now owns 5,440 shares of the oil and gas company’s stock worth $801,000 after purchasing an additional 82 shares during the period. 72.42% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. UBS Group lifted their price target on shares of Chevron from $192.00 to $194.00 and gave the company a “buy” rating in a report on Monday, November 4th. Citigroup raised Chevron from a “neutral” rating to a “buy” rating and raised their price target for the stock from $145.00 to $185.00 in a report on Tuesday. Mizuho reduced their price objective on Chevron from $205.00 to $189.00 and set an “outperform” rating for the company in a research report on Monday, September 16th. Royal Bank of Canada increased their target price on Chevron from $170.00 to $175.00 and gave the stock an “outperform” rating in a research report on Monday, November 4th. Finally, Barclays raised their target price on Chevron from $168.00 to $174.00 and gave the company an “overweight” rating in a research note on Monday, November 4th. Four equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $175.56.

Chevron Trading Down 0.1 %

Chevron stock opened at $161.98 on Friday. Chevron Co. has a 12-month low of $135.37 and a 12-month high of $167.11. The stock has a market capitalization of $291.09 billion, a PE ratio of 17.80, a price-to-earnings-growth ratio of 3.58 and a beta of 1.09. The firm has a 50 day simple moving average of $153.36 and a 200-day simple moving average of $152.61. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80.

Chevron (NYSE:CVX) last announced its 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. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The business had revenue of $50.67 billion during the quarter, compared to analysts’ expectations of $48.86 billion. During the same quarter last year, the business posted $3.05 earnings per share. The company’s quarterly revenue was down 6.3% on a year-over-year basis. As a group, equities research analysts expect that Chevron Co. will post 10.53 EPS for the current fiscal year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Monday, November 18th will be paid a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 4.03%. The ex-dividend date is Monday, November 18th. Chevron’s dividend payout ratio is presently 71.65%.

Insider Buying and Selling

In other news, CEO Michael K. Wirth sold 164,600 shares of the stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the completion of the sale, the chief executive officer now owns 4,280 shares in the company, valued at approximately $685,356.40. This represents a 97.47 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.20% of the stock is currently owned by insiders.

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.