Rockefeller Capital Management L.P. Decreases Stock Holdings in Chevron Co. (NYSE:CVX)

Rockefeller Capital Management L.P. reduced its position in shares of Chevron Co. (NYSE:CVX) by 0.6% in the third quarter, HoldingsChannel.com reports. The firm owned 1,121,761 shares of the oil and gas company’s stock after selling 6,650 shares during the period. Rockefeller Capital Management L.P.’s holdings in Chevron were worth $165,211,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Marietta Wealth Management LLC increased its position in shares of Chevron by 10.9% during the third quarter. Marietta Wealth Management LLC now owns 40,484 shares of the oil and gas company’s stock valued at $5,962,000 after buying an additional 3,965 shares during the period. Leo Wealth LLC boosted its position in shares of Chevron by 19.6% during the third quarter. Leo Wealth LLC now owns 8,246 shares of the oil and gas company’s stock valued at $1,214,000 after purchasing an additional 1,354 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Chevron by 11.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 31,108,760 shares of the oil and gas company’s stock worth $4,581,137,000 after purchasing an additional 3,203,899 shares during the period. RPG Investment Advisory LLC lifted its position in Chevron by 3.4% during the third quarter. RPG Investment Advisory LLC now owns 121,167 shares of the oil and gas company’s stock valued at $17,844,000 after buying an additional 3,933 shares during the period. Finally, Garner Asset Management Corp lifted its position in Chevron by 14.5% during the 2nd quarter. Garner Asset Management Corp now owns 19,997 shares of the oil and gas company’s stock valued at $3,128,000 after acquiring an additional 2,530 shares during the period. 72.42% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CVX. Royal Bank of Canada raised their price objective on Chevron from $170.00 to $175.00 and gave the company an “outperform” rating in a research report on Monday, November 4th. Wells Fargo & Company dropped their price objective on Chevron from $196.00 to $169.00 and set an “overweight” rating on the stock in a research report on Friday, September 27th. Truist Financial boosted their price objective on shares of Chevron from $150.00 to $155.00 and gave the company a “hold” rating in a report on Monday, November 4th. Citigroup upgraded shares of Chevron from a “neutral” rating to a “buy” rating and raised their target price for the stock from $145.00 to $185.00 in a report on Tuesday. Finally, Scotiabank dropped their price target on Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. Four equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $175.56.

Chevron Price Performance

NYSE:CVX opened at $162.11 on Friday. The stock has a market cap of $291.33 billion, a PE ratio of 17.81, a P/E/G ratio of 3.58 and a beta of 1.09. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. The business’s 50-day simple moving average is $153.03 and its two-hundred day simple moving average is $152.62. Chevron Co. has a 52 week low of $135.37 and a 52 week high of $167.11.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 EPS for the quarter, topping analysts’ consensus estimates of $2.47 by $0.04. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The company had revenue of $50.67 billion for the quarter, compared to analysts’ expectations of $48.86 billion. During the same period in the previous year, the firm earned $3.05 EPS. The firm’s revenue was down 6.3% compared to the same quarter last year. As a group, analysts forecast that Chevron Co. will post 10.53 EPS for the current fiscal year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Monday, November 18th will be paid a dividend of $1.63 per share. The ex-dividend date of this dividend is Monday, November 18th. This represents a $6.52 annualized dividend and a yield of 4.02%. Chevron’s payout ratio is 71.65%.

Insider Buying and Selling at Chevron

In other news, CEO Michael K. Wirth sold 164,600 shares of the firm’s stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the completion of the transaction, the chief executive officer now owns 4,280 shares in the company, valued at $685,356.40. This trade represents a 97.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.20% of the stock is currently owned by insiders.

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.