Independent Advisor Alliance Decreases Holdings in Chevron Co. (NYSE:CVX)

Independent Advisor Alliance trimmed its holdings in shares of Chevron Co. (NYSE:CVX) by 13.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 119,604 shares of the oil and gas company’s stock after selling 18,915 shares during the quarter. Chevron accounts for approximately 0.6% of Independent Advisor Alliance’s holdings, making the stock its 28th biggest holding. Independent Advisor Alliance’s holdings in Chevron were worth $17,614,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. Rational Advisors LLC purchased a new stake in Chevron in the 3rd quarter worth about $29,000. Darwin Wealth Management LLC bought a new position in Chevron in the 3rd quarter worth about $30,000. Anfield Capital Management LLC grew its stake in Chevron by 118.0% in the 2nd 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 grew its stake in Chevron by 66.7% in the 2nd quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company’s stock worth $39,000 after acquiring an additional 100 shares in the last quarter. Finally, Krane Funds Advisors LLC bought a new position in Chevron in the 3rd quarter worth about $47,000. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Trading Up 0.5 %

NYSE:CVX opened at $162.36 on Monday. Chevron Co. has a 52 week low of $135.37 and a 52 week high of $167.11. The firm has a 50 day moving average of $151.58 and a 200 day moving average of $152.55. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $291.78 billion, a price-to-earnings ratio of 17.84, a PEG ratio of 3.58 and a beta of 1.09.

Chevron (NYSE:CVX) last posted its quarterly earnings results 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 analysts’ expectations of $48.86 billion. Chevron had a net margin of 8.44% and a return on equity of 13.15%. The business’s quarterly revenue was down 6.3% on a year-over-year basis. During the same quarter last year, the company posted $3.05 earnings per share. As a group, sell-side analysts anticipate that Chevron Co. will post 10.55 earnings per share for the current fiscal year.

Chevron Announces Dividend

The business also recently declared 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 dividend yield of 4.02%. Chevron’s dividend payout ratio is currently 71.65%.

Insiders Place Their Bets

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 shares were sold at an average price of $160.13, for a total value of $26,357,398.00. Following the completion of the transaction, the chief executive officer now owns 4,280 shares of the company’s stock, valued at approximately $685,356.40. This trade represents a 97.47 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.20% of the company’s stock.

Analysts Set New Price Targets

CVX has been the topic of a number of research analyst reports. Barclays upped their target price on shares of Chevron from $168.00 to $174.00 and gave the stock an “overweight” rating in a research note on Monday, November 4th. DZ Bank upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $170.00 target price on the stock in a research note on Tuesday, November 5th. Scotiabank dropped their target price on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. Bank of America initiated coverage on shares of Chevron in a research note on Thursday, October 17th. They set a “buy” rating and a $168.00 price objective on the stock. Finally, UBS Group increased their price objective on shares of Chevron from $192.00 to $194.00 and gave the company a “buy” rating in a research note on Monday, November 4th. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the stock presently 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.