Horizon Wealth Management LLC Raises Stock Position in Chevron Co. (NYSE:CVX)

Horizon Wealth Management LLC raised its stake in shares of Chevron Co. (NYSE:CVX) by 1,580.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 42,732 shares of the oil and gas company’s stock after purchasing an additional 40,189 shares during the period. Chevron accounts for 1.3% of Horizon Wealth Management LLC’s holdings, making the stock its 16th biggest position. Horizon Wealth Management LLC’s holdings in Chevron were worth $6,293,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in the company. Beese Fulmer Investment Management Inc. lifted its position in shares of Chevron by 3.6% during the first quarter. Beese Fulmer Investment Management Inc. now owns 97,291 shares of the oil and gas company’s stock worth $15,347,000 after purchasing an additional 3,417 shares in the last quarter. Bath Savings Trust Co increased its stake in Chevron by 6.3% during the 1st quarter. Bath Savings Trust Co now owns 28,680 shares of the oil and gas company’s stock worth $4,524,000 after buying an additional 1,705 shares during the period. Emprise Bank acquired a new stake in Chevron during the 1st quarter worth approximately $656,000. Rowlandmiller & PARTNERS.ADV lifted its holdings in Chevron by 0.7% during the 1st quarter. Rowlandmiller & PARTNERS.ADV now owns 46,529 shares of the oil and gas company’s stock worth $7,339,000 after buying an additional 330 shares in the last quarter. Finally, Ferguson Wellman Capital Management Inc. boosted its position in Chevron by 1.7% in the 1st quarter. Ferguson Wellman Capital Management Inc. now owns 549,089 shares of the oil and gas company’s stock valued at $86,613,000 after buying an additional 8,949 shares during the period. 72.42% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. Barclays reduced their price objective on Chevron from $185.00 to $168.00 and set an “overweight” rating on the stock in a research note on Thursday, October 3rd. Scotiabank decreased their price objective 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. Wolfe Research initiated coverage on Chevron in a report on Thursday, July 18th. They issued a “peer perform” rating on the stock. Truist Financial dropped their price target on shares of Chevron from $154.00 to $150.00 and set a “hold” rating on the stock in a research note on Monday, September 30th. Finally, UBS Group increased their target price on shares of Chevron from $189.00 to $192.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. Six investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, Chevron presently has an average rating of “Moderate Buy” and an average target price of $176.81.

Chevron Trading Up 0.6 %

NYSE CVX opened at $148.69 on Thursday. 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 firm has a 50-day moving average price of $145.82 and a 200 day moving average price of $153.78. Chevron Co. has a 52-week low of $135.37 and a 52-week high of $170.17. The stock has a market capitalization of $274.03 billion, a P/E ratio of 13.68, a P/E/G ratio of 2.72 and a beta of 1.09.

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 for the quarter, compared to analysts’ expectations of $48.68 billion. During the same quarter in the previous year, the firm posted $3.08 earnings per share. Chevron’s revenue for the quarter was up 4.7% on a year-over-year basis. Equities research analysts expect that Chevron Co. will post 11.09 EPS for the current year.

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were paid a dividend of $1.63 per share. The ex-dividend date of this dividend was Monday, August 19th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.38%. Chevron’s dividend payout ratio (DPR) is 59.98%.

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.