Empire Life Investments Inc. Sells 2,182 Shares of Chevron Co. (NYSE:CVX)

Empire Life Investments Inc. lessened its holdings in shares of Chevron Co. (NYSE:CVX) by 1.2% in the third quarter, Holdings Channel.com reports. The firm owned 177,990 shares of the oil and gas company’s stock after selling 2,182 shares during the period. Chevron comprises about 1.6% of Empire Life Investments Inc.’s investment portfolio, making the stock its 20th biggest position. Empire Life Investments Inc.’s holdings in Chevron were worth $26,213,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently modified their holdings of CVX. Anfield Capital Management LLC lifted its position in shares of 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 acquiring an additional 118 shares in the last quarter. Cyrus J. Lawrence LLC raised its stake in shares of Chevron by 66.7% during the 2nd quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company’s stock valued at $39,000 after purchasing an additional 100 shares during the period. Krane Funds Advisors LLC purchased a new stake in Chevron during the 3rd quarter worth about $47,000. Livelsberger Financial Advisory bought a new position in Chevron in the 3rd quarter worth about $47,000. Finally, MFA Wealth Advisors LLC purchased a new position in Chevron during the 2nd quarter valued at about $59,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Trading Up 2.9 %

Shares of CVX opened at $153.07 on Friday. Chevron Co. has a fifty-two week low of $135.37 and a fifty-two week high of $167.11. The firm has a market cap of $279.95 billion, a price-to-earnings ratio of 16.82, a PEG ratio of 3.29 and a beta of 1.09. The firm has a 50 day moving average price of $146.96 and a 200-day moving average price of $152.96. 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 (NYSE:CVX) last posted its quarterly earnings results 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). Chevron had a return on equity of 13.70% and a net margin of 9.31%. The business had revenue of $51.18 billion during the quarter, compared to the consensus estimate of $48.68 billion. During the same period in the prior year, the firm earned $3.08 earnings per share. The business’s revenue for the quarter was up 4.7% on a year-over-year basis. As a group, equities research analysts forecast that Chevron Co. will post 10.74 earnings per share for the current year.

Wall Street Analysts Forecast Growth

CVX has been the subject of several recent analyst reports. Royal Bank of Canada reaffirmed an “outperform” rating and set a $170.00 price objective on shares of Chevron in a research note on Tuesday, October 8th. Scotiabank cut their price target on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. Bank of America initiated 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. Sanford C. Bernstein cut Chevron from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $183.00 to $167.00 in a research report on Wednesday, July 17th. Finally, Mizuho lowered their price target on Chevron from $205.00 to $189.00 and set an “outperform” rating on the stock in a report on Monday, September 16th. Five analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus 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.