Concord Wealth Partners Has $3.55 Million Position in Chevron Co. (NYSE:CVX)

Concord Wealth Partners increased its position in shares of Chevron Co. (NYSE:CVX) by 5.2% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 24,070 shares of the oil and gas company’s stock after purchasing an additional 1,179 shares during the period. Concord Wealth Partners’ holdings in Chevron were worth $3,545,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the company. Montz Harcus Wealth Management LLC increased its position in Chevron by 2.2% during the 2nd quarter. Montz Harcus Wealth Management LLC now owns 2,943 shares of the oil and gas company’s stock valued at $460,000 after purchasing an additional 63 shares during the period. Hubbell Strickland Wealth Management LLC boosted its stake in shares of Chevron by 0.7% in the 2nd quarter. Hubbell Strickland Wealth Management LLC now owns 9,493 shares of the oil and gas company’s stock valued at $1,485,000 after purchasing an additional 64 shares during the last quarter. Mayfair Advisory Group LLC increased its position in shares of Chevron by 0.7% during the first quarter. Mayfair Advisory Group LLC now owns 9,407 shares of the oil and gas company’s stock worth $1,484,000 after buying an additional 65 shares during the period. Penbrook Management LLC raised its stake in Chevron by 3.9% during the first quarter. Penbrook Management LLC now owns 1,730 shares of the oil and gas company’s stock worth $273,000 after buying an additional 65 shares during the last quarter. Finally, Verum Partners LLC lifted its holdings in Chevron by 3.0% in the first quarter. Verum Partners LLC now owns 2,236 shares of the oil and gas company’s stock valued at $353,000 after buying an additional 65 shares during the period. 72.42% of the stock is owned by institutional investors.

Chevron Trading Down 0.2 %

NYSE:CVX opened at $150.55 on Tuesday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.16 and a quick ratio of 0.85. Chevron Co. has a one year low of $135.37 and a one year high of $167.11. The company has a market cap of $275.34 billion, a PE ratio of 14.91, a PEG ratio of 3.29 and a beta of 1.09. The firm has a 50-day moving average of $146.66 and a 200-day moving average of $153.15.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.38). Chevron had a net margin of 9.31% and a return on equity of 13.70%. The company had revenue of $51.18 billion for the quarter, compared to analyst estimates of $48.68 billion. During the same quarter last year, the firm posted $3.08 EPS. Chevron’s revenue for the quarter was up 4.7% on a year-over-year basis. As a group, equities research analysts expect that Chevron Co. will post 10.86 EPS for the current fiscal year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Monday, August 19th were given a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 4.33%. The ex-dividend date was Monday, August 19th. Chevron’s payout ratio is currently 64.55%.

Analysts Set New Price Targets

A number of brokerages have weighed in on CVX. Truist Financial decreased their price target on Chevron from $154.00 to $150.00 and set a “hold” rating for the company in a report on Monday, September 30th. Wells Fargo & Company lowered their target price on Chevron from $196.00 to $169.00 and set an “overweight” rating for the company in a report on Friday, September 27th. Barclays cut their price target on Chevron from $185.00 to $168.00 and set an “overweight” rating on the stock in a report on Thursday, October 3rd. Mizuho lowered their price objective on shares of Chevron from $205.00 to $189.00 and set an “outperform” rating for the company in a research note on Monday, September 16th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $170.00 target price on shares of Chevron in a research note on Tuesday, October 8th. Five equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $173.07.

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.