Ironsides Asset Advisors LLC Has $897,000 Position in Chevron Co. (NYSE:CVX)

Ironsides Asset Advisors LLC increased its holdings in shares of Chevron Co. (NYSE:CVX) by 39.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,089 shares of the oil and gas company’s stock after purchasing an additional 1,708 shares during the period. Ironsides Asset Advisors LLC’s holdings in Chevron were worth $897,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. China Universal Asset Management Co. Ltd. bought a new position in shares of Chevron during the first quarter worth about $566,000. Central Pacific Bank Trust Division bought a new stake in shares of Chevron in the first quarter worth $2,303,000. Comprehensive Financial Consultants Institutional Inc. lifted its position in shares of Chevron by 8.8% in the first quarter. Comprehensive Financial Consultants Institutional Inc. now owns 9,949 shares of the oil and gas company’s stock worth $1,569,000 after purchasing an additional 801 shares in the last quarter. Proficio Capital Partners LLC boosted its holdings in Chevron by 4.4% during the first quarter. Proficio Capital Partners LLC now owns 7,626 shares of the oil and gas company’s stock worth $1,203,000 after purchasing an additional 324 shares during the last quarter. Finally, United Community Bank grew its position in Chevron by 0.9% in the first quarter. United Community Bank now owns 8,651 shares of the oil and gas company’s stock valued at $1,365,000 after purchasing an additional 74 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CVX has been the topic of several analyst reports. Scotiabank cut their price target on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. Truist Financial upped their target price on Chevron from $150.00 to $155.00 and gave the stock a “hold” rating in a report on Monday. Wolfe Research assumed coverage on Chevron in a research note on Thursday, July 18th. They issued a “peer perform” rating for the company. Royal Bank of Canada upped their price objective on Chevron from $170.00 to $175.00 and gave the stock an “outperform” rating in a research note on Monday. Finally, Sanford C. Bernstein downgraded Chevron from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $183.00 to $167.00 in a report on Wednesday, July 17th. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, Chevron presently has an average rating of “Moderate Buy” and an average price target of $174.93.

Chevron Stock Up 2.8 %

Chevron stock opened at $157.65 on Thursday. Chevron Co. has a twelve month low of $135.37 and a twelve month high of $167.11. The stock has a market cap of $288.33 billion, a P/E ratio of 17.32, a P/E/G ratio of 3.43 and a beta of 1.09. The company’s 50-day moving average price is $147.43 and its two-hundred day moving average price is $152.90. The company has a quick ratio of 0.85, a current ratio of 1.16 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share for the quarter, topping the consensus estimate 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 return on equity of 13.07% and a net margin of 8.44%. The firm’s revenue for the quarter was down 6.3% compared to the same quarter last year. During the same period last year, the firm posted $3.05 EPS. As a group, analysts expect that Chevron Co. will post 10.65 EPS for the current year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th will be given a dividend of $1.63 per share. The ex-dividend date is Monday, November 18th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.14%. Chevron’s payout ratio is presently 71.65%.

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.