Legacy Financial Strategies LLC Makes New Investment in Chevron Co. (NYSE:CVX)

Legacy Financial Strategies LLC purchased a new position in Chevron Co. (NYSE:CVX) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,806 shares of the oil and gas company’s stock, valued at approximately $266,000.

A number of other hedge funds have also modified their holdings of CVX. Lantz Financial LLC grew its holdings in shares of Chevron by 4.0% during the first quarter. Lantz Financial LLC now owns 22,711 shares of the oil and gas company’s stock worth $3,582,000 after buying an additional 866 shares in the last quarter. KMG Fiduciary Partners LLC grew its stake in Chevron by 4.0% in the first quarter. KMG Fiduciary Partners LLC now owns 79,913 shares of the oil and gas company’s stock valued at $12,605,000 after purchasing an additional 3,101 shares in the last quarter. American National Bank grew its stake in Chevron by 21.8% in the first quarter. American National Bank now owns 75,037 shares of the oil and gas company’s stock valued at $11,836,000 after purchasing an additional 13,451 shares in the last quarter. BCS Wealth Management grew its stake in Chevron by 4.1% in the first quarter. BCS Wealth Management now owns 5,350 shares of the oil and gas company’s stock valued at $844,000 after purchasing an additional 209 shares in the last quarter. Finally, Selway Asset Management grew its stake in Chevron by 3.4% in the first quarter. Selway Asset Management now owns 24,860 shares of the oil and gas company’s stock valued at $3,921,000 after purchasing an additional 815 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors.

Chevron Stock Performance

NYSE:CVX traded down $0.45 during mid-day trading on Friday, hitting $150.75. 5,208,202 shares of the stock were exchanged, compared to its average volume of 7,706,832. The stock has a market capitalization of $277.83 billion, a price-to-earnings ratio of 13.87, a price-to-earnings-growth ratio of 2.74 and a beta of 1.09. The firm’s 50-day simple moving average is $146.07 and its 200 day simple moving average is $153.71. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.85 and a current ratio of 1.16. Chevron Co. has a fifty-two week low of $135.37 and a fifty-two week high of $170.17.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share for the quarter, missing the consensus estimate of $2.93 by ($0.38). The company had revenue of $51.18 billion during the quarter, compared to analyst estimates of $48.68 billion. Chevron had a net margin of 9.31% and a return on equity of 13.70%. Chevron’s revenue was up 4.7% on a year-over-year basis. During the same period in the prior year, the firm earned $3.08 earnings per share. As a group, equities analysts anticipate that Chevron Co. will post 11.06 EPS for the current fiscal year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were paid a $1.63 dividend. The ex-dividend date of this dividend was Monday, August 19th. This represents a $6.52 annualized dividend and a dividend yield of 4.33%. Chevron’s payout ratio is 59.98%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on CVX shares. Truist Financial decreased their price target on Chevron from $154.00 to $150.00 and set a “hold” rating for the company in a research note on Monday, September 30th. Barclays cut their price objective on Chevron from $185.00 to $168.00 and set an “overweight” rating for the company in a research report on Thursday, October 3rd. Scotiabank cut their price objective on Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. Mizuho cut 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. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $170.00 price objective on shares of Chevron in a research report on Tuesday, October 8th. Five analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $173.07.

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.