CWA Asset Management Group LLC Acquires New Stake in Chevron Co. (NYSE:CVX)

CWA Asset Management Group LLC bought a new position in shares of Chevron Co. (NYSE:CVX) in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 44,169 shares of the oil and gas company’s stock, valued at approximately $6,505,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Marietta Wealth Management LLC raised its stake in shares of Chevron by 10.9% during the 3rd quarter. Marietta Wealth Management LLC now owns 40,484 shares of the oil and gas company’s stock worth $5,962,000 after purchasing an additional 3,965 shares in the last quarter. Leo Wealth LLC grew its position in shares of Chevron by 19.6% in the third quarter. Leo Wealth LLC now owns 8,246 shares of the oil and gas company’s stock valued at $1,214,000 after purchasing an additional 1,354 shares during the last quarter. KCM Investment Advisors LLC increased its position in Chevron by 2.5% during the 1st quarter. KCM Investment Advisors LLC now owns 331,550 shares of the oil and gas company’s stock worth $52,299,000 after buying an additional 8,168 shares during the period. Garner Asset Management Corp increased its position in Chevron by 14.5% during the second quarter. Garner Asset Management Corp now owns 19,997 shares of the oil and gas company’s stock worth $3,128,000 after acquiring an additional 2,530 shares during the period. Finally, Cantor Fitzgerald Investment Advisors L.P. raised its stake in Chevron by 3.2% in the 3rd quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 114,961 shares of the oil and gas company’s stock worth $16,930,000 after purchasing an additional 3,561 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Chevron Stock Up 0.1 %

CVX stock opened at $156.95 on Friday. The stock’s 50 day simple moving average is $147.80 and its 200 day simple moving average is $152.89. The company has a market cap of $287.05 billion, a P/E ratio of 17.25, a price-to-earnings-growth ratio of 3.53 and a beta of 1.09. 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.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, November 1st. The oil and gas company reported $2.51 earnings per share for the quarter, topping the consensus estimate of $2.47 by $0.04. The firm had revenue of $50.67 billion for the quarter, compared to the consensus estimate of $48.86 billion. Chevron had a net margin of 8.44% and a return on equity of 13.07%. The business’s revenue was down 6.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $3.05 earnings per share. On average, research analysts expect that Chevron Co. will post 10.59 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th will be paid a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 4.15%. The ex-dividend date of this dividend is Monday, November 18th. Chevron’s dividend payout ratio (DPR) is presently 71.65%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on CVX shares. UBS Group lifted their price objective on Chevron from $192.00 to $194.00 and gave the company a “buy” rating in a report on Monday, November 4th. Sanford C. Bernstein downgraded shares of Chevron from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $183.00 to $167.00 in a research note on Wednesday, July 17th. DZ Bank upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $170.00 target price for the company in a research report on Tuesday. Bank of America started coverage on shares of Chevron in a research report on Thursday, October 17th. They set a “buy” rating and a $168.00 price target on the stock. Finally, Mizuho lowered their target price on Chevron from $205.00 to $189.00 and set an “outperform” rating for the company in a research note on Monday, September 16th. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, Chevron has a consensus rating of “Moderate Buy” and an average price target of $174.93.

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.