Covington Investment Advisors Inc. Has $8.87 Million Stake in Chevron Co. (NYSE:CVX)

Covington Investment Advisors Inc. boosted its position in Chevron Co. (NYSE:CVX) by 1.5% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 60,232 shares of the oil and gas company’s stock after purchasing an additional 897 shares during the period. Chevron accounts for about 1.3% of Covington Investment Advisors Inc.’s portfolio, making the stock its 27th biggest holding. Covington Investment Advisors Inc.’s holdings in Chevron were worth $8,870,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Quantbot Technologies LP raised its holdings in Chevron by 699.1% in the 3rd quarter. Quantbot Technologies LP now owns 123,436 shares of the oil and gas company’s stock valued at $18,178,000 after buying an additional 107,989 shares during the last quarter. D.A. Davidson & CO. increased its position in Chevron by 2.5% in the 3rd quarter. D.A. Davidson & CO. now owns 368,777 shares of the oil and gas company’s stock valued at $54,310,000 after acquiring an additional 8,990 shares during the period. Summit Financial Wealth Advisors LLC raised its stake in shares of Chevron by 9.9% during the third quarter. Summit Financial Wealth Advisors LLC now owns 30,846 shares of the oil and gas company’s stock valued at $4,543,000 after acquiring an additional 2,773 shares during the last quarter. Qsemble Capital Management LP bought a new position in shares of Chevron during the third quarter valued at $4,596,000. Finally, Capital Square LLC lifted its holdings in shares of Chevron by 7.1% during the third quarter. Capital Square LLC now owns 4,292 shares of the oil and gas company’s stock worth $632,000 after purchasing an additional 284 shares during the period. 72.42% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

CVX has been the subject of several analyst reports. Citigroup raised Chevron from a “neutral” rating to a “buy” rating and raised their target price for the stock from $145.00 to $185.00 in a research report on Tuesday. Truist Financial raised their price objective on Chevron from $150.00 to $155.00 and gave the stock a “hold” rating in a research report on Monday, November 4th. Royal Bank of Canada upped their target price on Chevron from $170.00 to $175.00 and gave the company an “outperform” rating in a report on Monday, November 4th. Wells Fargo & Company dropped their price target on shares of Chevron from $196.00 to $169.00 and set an “overweight” rating on the stock in a research report on Friday, September 27th. Finally, Scotiabank decreased their price objective on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. Four research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, Chevron presently has a consensus rating of “Moderate Buy” and a consensus target price of $175.56.

Insider Activity

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

Chevron Stock Performance

Shares of CVX opened at $160.38 on Tuesday. Chevron Co. has a one year low of $135.37 and a one year high of $167.11. The company has a market cap of $288.22 billion, a PE ratio of 17.62, a P/E/G ratio of 3.58 and a beta of 1.09. The stock has a 50-day moving average of $151.94 and a 200-day moving average of $152.51. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, November 1st. The oil and gas company reported $2.51 EPS for the quarter, beating the consensus estimate of $2.47 by $0.04. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The firm had revenue of $50.67 billion during the quarter, compared to the consensus estimate of $48.86 billion. During the same quarter in the previous year, the company posted $3.05 earnings per share. The company’s quarterly revenue was down 6.3% on a year-over-year basis. On average, equities research analysts predict 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. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.07%. The ex-dividend date of this dividend is Monday, November 18th. Chevron’s dividend payout ratio (DPR) is 71.65%.

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.