Chevron Co. (NYSE:CVX) Shares Sold by Canopy Partners LLC

Canopy Partners LLC trimmed its position in shares of Chevron Co. (NYSE:CVX) by 6.2% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,368 shares of the oil and gas company’s stock after selling 421 shares during the period. Canopy Partners LLC’s holdings in Chevron were worth $938,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Montz Harcus Wealth Management LLC grew its stake in Chevron by 2.2% during the second quarter. Montz Harcus Wealth Management LLC now owns 2,943 shares of the oil and gas company’s stock worth $460,000 after buying an additional 63 shares during the last quarter. Hubbell Strickland Wealth Management LLC increased its holdings in Chevron by 0.7% during the 2nd quarter. Hubbell Strickland Wealth Management LLC now owns 9,493 shares of the oil and gas company’s stock valued at $1,485,000 after purchasing an additional 64 shares in the last quarter. Tacita Capital Inc boosted its stake in Chevron by 16.7% in the third quarter. Tacita Capital Inc now owns 454 shares of the oil and gas company’s stock worth $67,000 after purchasing an additional 65 shares in the last quarter. Cyndeo Wealth Partners LLC increased its stake in shares of Chevron by 0.3% in the third quarter. Cyndeo Wealth Partners LLC now owns 19,769 shares of the oil and gas company’s stock valued at $2,911,000 after buying an additional 67 shares in the last quarter. Finally, S.A. Mason LLC lifted its position in Chevron by 0.7% during the 3rd quarter. S.A. Mason LLC now owns 9,033 shares of the oil and gas company’s stock worth $1,330,000 after buying an additional 67 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on CVX shares. Bank of America began coverage on shares of Chevron in a research report on Thursday, October 17th. They set a “buy” rating and a $168.00 target price on the stock. Barclays raised their price target on Chevron from $168.00 to $174.00 and gave the company an “overweight” rating in a report on Monday, November 4th. Truist Financial boosted their price objective on Chevron from $150.00 to $155.00 and gave the stock a “hold” rating in a report on Monday, November 4th. Mizuho cut their target price on shares of Chevron from $205.00 to $189.00 and set an “outperform” rating on the stock in a research report on Monday, September 16th. Finally, Royal Bank of Canada lifted their price target on shares of Chevron from $170.00 to $175.00 and gave the stock an “outperform” rating in a research report on Monday, November 4th. Four equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Chevron currently has a consensus rating of “Moderate Buy” and an average price target of $174.93.

Chevron Price Performance

NYSE:CVX opened at $162.36 on Friday. The stock’s 50-day simple moving average is $151.58 and its 200 day simple moving average is $152.69. Chevron Co. has a 52-week low of $135.37 and a 52-week high of $167.11. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. The company has a market cap of $291.78 billion, a P/E ratio of 17.84, a P/E/G ratio of 3.56 and a beta of 1.09.

Chevron (NYSE:CVX) last issued its earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share for the quarter, topping analysts’ consensus estimates of $2.47 by $0.04. Chevron had a net margin of 8.44% and a return on equity of 13.15%. The business had revenue of $50.67 billion for the quarter, compared to the consensus estimate of $48.86 billion. During the same period in the previous year, the company earned $3.05 earnings per share. The firm’s revenue for the quarter was down 6.3% on a year-over-year basis. As a group, sell-side analysts forecast that Chevron Co. will post 10.55 EPS for the current fiscal year.

Chevron Announces Dividend

The firm 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 $1.63 dividend. The ex-dividend date of this dividend is Monday, November 18th. This represents a $6.52 annualized dividend and a yield of 4.02%. Chevron’s dividend payout ratio is 71.65%.

Insider Activity

In other Chevron news, CEO Michael K. Wirth sold 164,600 shares of the firm’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the completion of the sale, the chief executive officer now owns 4,280 shares of the company’s stock, valued at $685,356.40. This trade represents a 97.47 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.20% of the company’s stock.

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.