Sterling Investment Management LLC Sells 7,145 Shares of Chevron Co. (NYSE:CVX)

Sterling Investment Management LLC lessened its position in shares of Chevron Co. (NYSE:CVX) by 53.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,310 shares of the oil and gas company’s stock after selling 7,145 shares during the period. Sterling Investment Management LLC’s holdings in Chevron were worth $929,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in the company. Massachusetts Financial Services Co. MA lifted its stake in Chevron by 55.5% during the second quarter. Massachusetts Financial Services Co. MA now owns 8,537,859 shares of the oil and gas company’s stock worth $1,335,492,000 after purchasing an additional 3,048,819 shares during the last quarter. Wulff Hansen & CO. raised its holdings in shares of Chevron by 15,542.0% during the 2nd quarter. Wulff Hansen & CO. now owns 1,175,653 shares of the oil and gas company’s stock worth $183,896,000 after buying an additional 1,168,137 shares in the last quarter. Global Assets Advisory LLC bought a new stake in shares of Chevron during the 1st quarter worth $156,482,000. Capital International Investors boosted its stake in Chevron by 5.9% in the first quarter. Capital International Investors now owns 13,418,287 shares of the oil and gas company’s stock valued at $2,116,600,000 after buying an additional 743,042 shares in the last quarter. Finally, Federated Hermes Inc. grew its position in Chevron by 38.6% in the second quarter. Federated Hermes Inc. now owns 2,445,005 shares of the oil and gas company’s stock valued at $382,448,000 after acquiring an additional 681,394 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Chevron Stock Down 0.3 %

Shares of Chevron stock opened at $150.75 on Monday. The firm has a market cap of $277.83 billion, a price-to-earnings ratio of 13.87, a PEG ratio of 2.74 and a beta of 1.09. Chevron Co. has a one year low of $135.37 and a one year high of $170.17. The stock’s 50-day moving average is $146.07 and its 200 day moving average is $153.62. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.16 and a quick ratio of 0.85.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, August 2nd. The oil and gas company reported $2.55 EPS for the quarter, missing analysts’ consensus estimates 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 the consensus estimate of $48.68 billion. During the same period in the prior year, the firm posted $3.08 earnings per share. The business’s revenue for the quarter was up 4.7% on a year-over-year basis. Equities research analysts anticipate that Chevron Co. will post 11.06 EPS for the current year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th were given a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 4.33%. The ex-dividend date was Monday, August 19th. Chevron’s payout ratio is 59.98%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on CVX shares. Sanford C. Bernstein cut shares of Chevron from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $183.00 to $167.00 in a report on Wednesday, July 17th. UBS Group raised 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. Wells Fargo & Company dropped their price target on Chevron from $196.00 to $169.00 and set an “overweight” rating for the company in a research note on Friday, September 27th. Royal Bank of Canada reissued an “outperform” rating and set a $170.00 price target on shares of Chevron in a research note on Tuesday, October 8th. Finally, Scotiabank dropped their price objective on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. Five research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, Chevron presently has an average rating of “Moderate Buy” and a consensus price target of $173.07.

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.