Spinnaker Trust Sells 1,566 Shares of Chevron Co. (NYSE:CVX)

Spinnaker Trust cut its holdings in Chevron Co. (NYSE:CVX) by 2.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 56,914 shares of the oil and gas company’s stock after selling 1,566 shares during the period. Spinnaker Trust’s holdings in Chevron were worth $8,382,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Consilium Wealth Advisory LLC raised its position in shares of Chevron by 4.6% in the third quarter. Consilium Wealth Advisory LLC now owns 5,349 shares of the oil and gas company’s stock worth $788,000 after buying an additional 236 shares in the last quarter. Concurrent Investment Advisors LLC lifted its stake in Chevron by 13.8% in the third quarter. Concurrent Investment Advisors LLC now owns 91,859 shares of the oil and gas company’s stock worth $13,528,000 after purchasing an additional 11,151 shares during the last quarter. Gordian Advisors LLC bought a new stake in Chevron in the third quarter valued at approximately $236,000. Centennial Wealth Advisory LLC raised its holdings in Chevron by 5.8% during the 3rd quarter. Centennial Wealth Advisory LLC now owns 5,453 shares of the oil and gas company’s stock valued at $803,000 after buying an additional 299 shares during the last quarter. Finally, Maia Wealth LLC boosted its holdings in shares of Chevron by 3.1% during the third quarter. Maia Wealth LLC now owns 3,577 shares of the oil and gas company’s stock worth $538,000 after purchasing an additional 107 shares during the period. 72.42% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have commented on CVX shares. Wolfe Research assumed coverage on Chevron in a research report on Thursday, July 18th. They set a “peer perform” rating for the company. Sanford C. Bernstein downgraded shares of Chevron from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $183.00 to $167.00 in a research report on Wednesday, July 17th. Barclays upped their price objective on Chevron from $168.00 to $174.00 and gave the stock an “overweight” rating in a report on Monday. Wells Fargo & Company decreased their price objective on shares of Chevron from $196.00 to $169.00 and set an “overweight” rating for the company in a research note on Friday, September 27th. Finally, UBS Group upped their price objective on shares of Chevron from $192.00 to $194.00 and gave the stock a “buy” rating in a research note on Monday. Four investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $174.93.

Chevron Price Performance

CVX stock traded up $4.15 during midday trading on Wednesday, reaching $157.56. The stock had a trading volume of 2,204,826 shares, compared to its average volume of 7,623,106. Chevron Co. has a 52-week low of $135.37 and a 52-week high of $167.11. The company has a market cap of $288.16 billion, a price-to-earnings ratio of 16.86, a price-to-earnings-growth ratio of 3.43 and a beta of 1.09. The company’s fifty day simple moving average is $147.20 and its 200 day simple moving average is $152.86. The company has a current ratio of 1.16, a quick ratio of 0.85 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 EPS for the quarter, beating the consensus estimate of $2.47 by $0.04. The firm had revenue of $50.67 billion for 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 business’s revenue for the quarter was down 6.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $3.05 EPS. As a group, sell-side analysts predict that Chevron Co. will post 10.65 earnings per share for the current fiscal year.

Chevron Announces Dividend

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

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.