Nexus Investment Management ULC Has $979,000 Holdings in Chevron Co. (NYSE:CVX)

Nexus Investment Management ULC raised its position in shares of Chevron Co. (NYSE:CVX) by 9.0% in the third quarter, according to its most recent filing with the SEC. The firm owned 6,650 shares of the oil and gas company’s stock after purchasing an additional 550 shares during the quarter. Nexus Investment Management ULC’s holdings in Chevron were worth $979,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Roberts Wealth Advisors LLC boosted its holdings in shares of Chevron by 22.5% during the 3rd quarter. Roberts Wealth Advisors LLC now owns 5,217 shares of the oil and gas company’s stock worth $776,000 after buying an additional 959 shares in the last quarter. Stillwater Capital Advisors LLC bought a new position in shares of Chevron during the 3rd quarter worth approximately $402,000. Jamison Private Wealth Management Inc. boosted its holdings in shares of Chevron by 6.9% during the 3rd quarter. Jamison Private Wealth Management Inc. now owns 39,069 shares of the oil and gas company’s stock worth $5,754,000 after buying an additional 2,514 shares in the last quarter. QV Investors Inc. boosted its holdings in shares of Chevron by 0.6% during the 3rd quarter. QV Investors Inc. now owns 22,897 shares of the oil and gas company’s stock worth $3,372,000 after buying an additional 140 shares in the last quarter. Finally, Foster Victor Wealth Advisors LLC boosted its holdings in shares of Chevron by 12.0% during the 3rd quarter. Foster Victor Wealth Advisors LLC now owns 60,740 shares of the oil and gas company’s stock worth $9,090,000 after buying an additional 6,486 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors.

Chevron Trading Down 2.7 %

Shares of CVX opened at $147.73 on Wednesday. The business has a 50-day moving average of $145.70 and a 200 day moving average of $153.82. Chevron Co. has a fifty-two week low of $135.37 and a fifty-two week high of $170.17. The firm has a market cap of $272.26 billion, a P/E ratio of 13.59, a price-to-earnings-growth ratio of 2.72 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 (NYSE:CVX) last issued its earnings results on Friday, August 2nd. The oil and gas company reported $2.55 EPS for the quarter, missing the consensus estimate of $2.93 by ($0.38). Chevron had a return on equity of 13.70% and a net margin of 9.31%. The company had revenue of $51.18 billion during the quarter, compared to the consensus estimate of $48.68 billion. During the same quarter in the prior year, the business earned $3.08 EPS. The firm’s revenue for the quarter was up 4.7% compared to the same quarter last year. As a group, research analysts forecast that Chevron Co. will post 11.09 EPS for the current year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th were paid a $1.63 dividend. The ex-dividend date of this dividend was Monday, August 19th. This represents a $6.52 annualized dividend and a yield of 4.41%. Chevron’s dividend payout ratio is currently 59.98%.

Wall Street Analyst Weigh In

CVX has been the topic of a number of research analyst reports. Truist Financial cut their price target on Chevron from $154.00 to $150.00 and set a “hold” rating on the stock in a report on Monday, September 30th. Scotiabank cut their target price on Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Royal Bank of Canada reiterated an “outperform” rating and issued a $170.00 target price on shares of Chevron in a report on Tuesday, October 8th. Wolfe Research initiated coverage on Chevron in a report on Thursday, July 18th. They issued a “peer perform” rating on the stock. Finally, Wells Fargo & Company cut their target price on Chevron from $196.00 to $169.00 and set an “overweight” rating on the stock in a report on Friday, September 27th. Six analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $176.81.

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.