Portside Wealth Group LLC Trims Stake in Chevron Co. (NYSE:CVX)

Portside Wealth Group LLC cut its position in shares of Chevron Co. (NYSE:CVX) by 1.4% in the third quarter, Holdings Channel.com reports. The firm owned 18,042 shares of the oil and gas company’s stock after selling 256 shares during the quarter. Portside Wealth Group LLC’s holdings in Chevron were worth $2,657,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the company. China Universal Asset Management Co. Ltd. purchased a new position in Chevron during the 1st quarter valued at $566,000. Embree Financial Group grew its holdings in shares of Chevron by 4.5% in the first quarter. Embree Financial Group now owns 9,528 shares of the oil and gas company’s stock worth $1,503,000 after purchasing an additional 409 shares during the last quarter. Integris Wealth Management LLC grew its holdings in shares of Chevron by 1.9% in the first quarter. Integris Wealth Management LLC now owns 5,567 shares of the oil and gas company’s stock worth $878,000 after purchasing an additional 102 shares during the last quarter. Signaturefd LLC increased its stake in Chevron by 2.6% in the 1st quarter. Signaturefd LLC now owns 26,475 shares of the oil and gas company’s stock worth $4,176,000 after buying an additional 664 shares during the period. Finally, Richardson Financial Services Inc. lifted its holdings in Chevron by 4.8% during the 1st quarter. Richardson Financial Services Inc. now owns 2,067 shares of the oil and gas company’s stock valued at $326,000 after buying an additional 95 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors.

Chevron Stock Down 0.6 %

NYSE:CVX opened at $156.73 on Friday. The company’s 50-day simple moving average is $147.43 and its 200-day simple moving average is $152.90. 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 $167.11. The stock has a market capitalization of $286.65 billion, a P/E ratio of 17.22, a P/E/G ratio of 3.43 and a beta of 1.09.

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 net margin of 8.44% and a return on equity of 13.07%. The company had revenue of $50.67 billion during the quarter, compared to the consensus estimate of $48.86 billion. During the same period last year, the firm earned $3.05 earnings per share. Chevron’s revenue was down 6.3% compared to the same quarter last year. On average, equities analysts anticipate that Chevron Co. will post 10.65 earnings per share for the current fiscal year.

Chevron Announces Dividend

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. The ex-dividend date of this dividend is Monday, November 18th. This represents a $6.52 annualized dividend and a yield of 4.16%. Chevron’s dividend payout ratio (DPR) is 71.65%.

Analysts Set New Price Targets

CVX has been the topic of a number of research analyst reports. Royal Bank of Canada raised their target price on shares of Chevron from $170.00 to $175.00 and gave the stock an “outperform” rating in a research report on Monday. Wolfe Research began coverage on Chevron in a report on Thursday, July 18th. They set a “peer perform” rating on the stock. UBS Group lifted their target price on Chevron from $192.00 to $194.00 and gave the company a “buy” rating in a research report on Monday. Bank of America started coverage on Chevron in a research report on Thursday, October 17th. They set a “buy” rating and a $168.00 price target on the stock. Finally, Sanford C. Bernstein downgraded Chevron from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $183.00 to $167.00 in a report on Wednesday, July 17th. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $174.93.

Chevron Company 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.