Welch Group LLC Buys 10,660 Shares of Chevron Co. (NYSE:CVX)

Welch Group LLC grew its stake in shares of Chevron Co. (NYSE:CVX) by 2.8% in the third quarter, Holdings Channel reports. The fund owned 386,666 shares of the oil and gas company’s stock after acquiring an additional 10,660 shares during the quarter. Chevron accounts for about 2.5% of Welch Group LLC’s portfolio, making the stock its 17th largest position. Welch Group LLC’s holdings in Chevron were worth $56,944,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of the stock. Anfield Capital Management LLC boosted its position in Chevron by 118.0% during the second quarter. Anfield Capital Management LLC now owns 218 shares of the oil and gas company’s stock worth $34,000 after purchasing an additional 118 shares during the period. Cyrus J. Lawrence LLC boosted its holdings in Chevron by 66.7% in the 2nd quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company’s stock worth $39,000 after buying an additional 100 shares during the period. Krane Funds Advisors LLC purchased a new position in Chevron in the 3rd quarter valued at approximately $47,000. Livelsberger Financial Advisory bought a new stake in Chevron during the 3rd quarter valued at $47,000. Finally, Dixon Mitchell Investment Counsel Inc. bought a new position in shares of Chevron in the first quarter worth $55,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Wall Street Analysts Forecast Growth

CVX has been the subject of a number of recent analyst reports. Sanford C. Bernstein lowered Chevron from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $183.00 to $167.00 in a report on Wednesday, July 17th. Scotiabank reduced their price objective on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. Truist Financial lowered their target price on shares of Chevron from $154.00 to $150.00 and set a “hold” rating on the stock in a research note on Monday, September 30th. Bank of America initiated coverage on shares of Chevron in a research report on Thursday, October 17th. They set a “buy” rating and a $168.00 price target for the company. Finally, Mizuho lowered their price objective on Chevron from $205.00 to $189.00 and set an “outperform” rating on the stock in a research report on Monday, September 16th. Five investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $173.07.

Chevron Price Performance

Shares of Chevron stock opened at $150.55 on Tuesday. The business’s 50-day moving average price is $146.66 and its 200-day moving average price is $153.15. The firm has a market capitalization of $275.34 billion, a PE ratio of 14.91, a price-to-earnings-growth ratio of 3.29 and a beta of 1.09. Chevron Co. has a 12 month low of $135.37 and a 12 month high of $167.11. The company has a current ratio of 1.16, a quick ratio of 0.85 and a debt-to-equity ratio of 0.13.

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

Chevron Dividend Announcement

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

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.