Waverton Investment Management Ltd Cuts Stock Holdings in Chevron Co. (NYSE:CVX)

Waverton Investment Management Ltd decreased its holdings in shares of Chevron Co. (NYSE:CVX) by 79.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,397 shares of the oil and gas company’s stock after selling 44,170 shares during the quarter. Waverton Investment Management Ltd’s holdings in Chevron were worth $1,678,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. China Universal Asset Management Co. Ltd. purchased a new stake in Chevron in the first quarter worth approximately $566,000. Empowered Funds LLC boosted its stake in Chevron by 5.4% in the first quarter. Empowered Funds LLC now owns 429,000 shares of the oil and gas company’s stock worth $67,670,000 after buying an additional 22,047 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in Chevron by 5.7% in the first quarter. Russell Investments Group Ltd. now owns 1,024,731 shares of the oil and gas company’s stock worth $161,622,000 after buying an additional 55,415 shares in the last quarter. Hohimer Wealth Management LLC boosted its stake in Chevron by 47.5% in the first quarter. Hohimer Wealth Management LLC now owns 4,724 shares of the oil and gas company’s stock worth $745,000 after buying an additional 1,522 shares in the last quarter. Finally, Addison Capital Co boosted its stake in Chevron by 14.3% in the first quarter. Addison Capital Co now owns 7,263 shares of the oil and gas company’s stock worth $1,146,000 after buying an additional 910 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Price Performance

Shares of Chevron stock opened at $156.55 on Tuesday. The business has a 50 day moving average of $147.80 and a 200 day moving average of $152.74. The company has a quick ratio of 0.85, a current ratio of 1.16 and a debt-to-equity ratio of 0.13. The company has a market cap of $286.31 billion, a PE ratio of 17.20, a P/E/G ratio of 3.51 and a beta of 1.09. Chevron Co. has a 52 week low of $135.37 and a 52 week high of $167.11.

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

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th will be issued a $1.63 dividend. The ex-dividend date of this dividend is Monday, November 18th. This represents a $6.52 dividend on an annualized basis and a yield of 4.16%. Chevron’s dividend payout ratio (DPR) is 71.65%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CVX. Scotiabank cut their target price on Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. Royal Bank of Canada boosted their price objective on Chevron from $170.00 to $175.00 and gave the company an “outperform” rating in a research report on Monday, November 4th. Wolfe Research assumed coverage on Chevron in a research report on Thursday, July 18th. They issued a “peer perform” rating for the company. DZ Bank upgraded Chevron from a “hold” rating to a “buy” rating and set a $170.00 price objective for the company in a research report on Tuesday, November 5th. Finally, Barclays boosted their price objective on Chevron from $168.00 to $174.00 and gave the company an “overweight” rating in a research report on Monday, November 4th. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $174.93.

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.