Carmel Capital Partners LLC Lowers Position in Chevron Co. (NYSE:CVX)

Carmel Capital Partners LLC lowered its holdings in Chevron Co. (NYSE:CVX) by 12.5% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,264 shares of the oil and gas company’s stock after selling 324 shares during the period. Carmel Capital Partners LLC’s holdings in Chevron were worth $333,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of CVX. China Universal Asset Management Co. Ltd. purchased a new position in shares of Chevron during the 1st quarter valued at about $566,000. Oxbow Advisors LLC raised its holdings in shares of Chevron by 13.1% during the 1st quarter. Oxbow Advisors LLC now owns 11,787 shares of the oil and gas company’s stock valued at $1,859,000 after buying an additional 1,361 shares in the last quarter. Bard Financial Services Inc. raised its holdings in shares of Chevron by 1.7% during the 1st quarter. Bard Financial Services Inc. now owns 70,070 shares of the oil and gas company’s stock valued at $11,053,000 after buying an additional 1,200 shares in the last quarter. TFG Advisers LLC raised its holdings in shares of Chevron by 1.3% during the 1st quarter. TFG Advisers LLC now owns 20,483 shares of the oil and gas company’s stock valued at $3,231,000 after buying an additional 261 shares in the last quarter. Finally, Mittelman Wealth Management bought a new position in Chevron during the 1st quarter worth approximately $1,265,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Stock Performance

Shares of CVX stock opened at $156.93 on Friday. The firm has a market capitalization of $287.01 billion, a PE ratio of 17.25, a P/E/G ratio of 3.53 and a beta of 1.09. The company has a 50 day moving average price of $147.80 and a 200-day moving average price of $152.89. Chevron Co. has a 52 week low of $135.37 and a 52 week high of $167.11. 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 announced its earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share for the quarter, beating analysts’ consensus estimates of $2.47 by $0.04. The business had revenue of $50.67 billion during the quarter, compared to analyst estimates of $48.86 billion. Chevron had a net margin of 8.44% and a return on equity of 13.07%. The company’s quarterly revenue was down 6.3% compared to the same quarter last year. During the same period in the previous year, the business earned $3.05 EPS. As a group, equities research analysts expect that Chevron Co. will post 10.59 earnings per share for the current year.

Chevron Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Monday, November 18th will be issued a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.15%. The ex-dividend date of this dividend is Monday, November 18th. Chevron’s payout ratio is 71.65%.

Analyst Ratings Changes

Several research firms recently issued reports on CVX. Bank of America began coverage on Chevron in a research report on Thursday, October 17th. They set a “buy” rating and a $168.00 price target on the stock. Truist Financial raised their price target on Chevron from $150.00 to $155.00 and gave the stock a “hold” rating in a research report on Monday, November 4th. UBS Group raised their price target on Chevron from $192.00 to $194.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. Sanford C. Bernstein lowered Chevron from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $183.00 to $167.00 in a research report on Wednesday, July 17th. Finally, Wolfe Research began coverage on Chevron in a research note on Thursday, July 18th. They issued a “peer perform” rating for the company. Four investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $174.93.

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.