Empire Life Investments Inc. Sells 2,182 Shares of Chevron Co. (NYSE:CVX)

Empire Life Investments Inc. lessened its stake in shares of Chevron Co. (NYSE:CVX) by 1.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 177,990 shares of the oil and gas company’s stock after selling 2,182 shares during the quarter. Chevron comprises 1.6% of Empire Life Investments Inc.’s investment portfolio, making the stock its 20th biggest holding. Empire Life Investments Inc.’s holdings in Chevron were worth $26,213,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently made changes to their positions in the company. Marietta Wealth Management LLC grew its stake in Chevron by 10.9% in 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 acquiring an additional 3,965 shares during the period. Leo Wealth LLC lifted its holdings in shares of Chevron by 19.6% in the 3rd quarter. Leo Wealth LLC now owns 8,246 shares of the oil and gas company’s stock worth $1,214,000 after purchasing an additional 1,354 shares in the last quarter. KCM Investment Advisors LLC grew its position in Chevron by 2.5% in the 1st quarter. KCM Investment Advisors LLC now owns 331,550 shares of the oil and gas company’s stock valued at $52,299,000 after purchasing an additional 8,168 shares during the period. Hosking Partners LLP bought a new stake in Chevron during the 1st quarter valued at $4,924,000. Finally, Garner Asset Management Corp raised its holdings in Chevron by 14.5% during the second quarter. Garner Asset Management Corp now owns 19,997 shares of the oil and gas company’s stock worth $3,128,000 after buying an additional 2,530 shares during the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on CVX shares. Barclays decreased their target price on shares of Chevron from $185.00 to $168.00 and set an “overweight” rating for the company in a research report on Thursday, October 3rd. Bank of America began coverage on Chevron in a report on Thursday, October 17th. They set a “buy” rating and a $168.00 price objective for the company. Royal Bank of Canada restated an “outperform” rating and issued a $170.00 target price on shares of Chevron in a report on Tuesday, October 8th. Wells Fargo & Company decreased their price target on Chevron from $196.00 to $169.00 and set an “overweight” rating for the company in a report on Friday, September 27th. Finally, Mizuho lowered their price target on Chevron from $205.00 to $189.00 and set an “outperform” rating for the company in a research report on Monday, September 16th. Five research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $173.07.

Chevron Price Performance

CVX opened at $153.07 on Friday. Chevron Co. has a fifty-two week low of $135.37 and a fifty-two week high of $167.11. The firm has a 50-day moving average of $146.96 and a 200 day moving average of $152.96. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.85 and a current ratio of 1.16. The firm has a market cap of $279.95 billion, a P/E ratio of 16.82, a PEG ratio of 3.29 and a beta of 1.09.

Chevron (NYSE:CVX) last released its earnings results on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.38). The company had revenue of $51.18 billion for the quarter, compared to the consensus estimate of $48.68 billion. Chevron had a net margin of 9.31% and a return on equity of 13.70%. The firm’s revenue was up 4.7% on a year-over-year basis. During the same period in the prior year, the company earned $3.08 earnings per share. On average, research analysts expect that Chevron Co. will post 10.74 EPS for the current year.

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.