RPG Investment Advisory LLC Increases Position in Chevron Co. (NYSE:CVX)

RPG Investment Advisory LLC increased its stake in Chevron Co. (NYSE:CVX) by 3.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 121,167 shares of the oil and gas company’s stock after purchasing an additional 3,933 shares during the period. Chevron accounts for 2.5% of RPG Investment Advisory LLC’s portfolio, making the stock its 10th largest position. RPG Investment Advisory LLC’s holdings in Chevron were worth $17,844,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. China Universal Asset Management Co. Ltd. acquired a new stake in Chevron in the 1st quarter valued at approximately $566,000. Empowered Funds LLC increased its position in Chevron by 5.4% in the 1st quarter. Empowered Funds LLC now owns 429,000 shares of the oil and gas company’s stock valued at $67,670,000 after acquiring an additional 22,047 shares during the period. Texas Yale Capital Corp. increased its position in Chevron by 12.8% in the 1st quarter. Texas Yale Capital Corp. now owns 39,811 shares of the oil and gas company’s stock valued at $6,280,000 after acquiring an additional 4,514 shares during the period. Foundry Partners LLC increased its position in Chevron by 3.4% in the 1st quarter. Foundry Partners LLC now owns 167,933 shares of the oil and gas company’s stock valued at $26,490,000 after acquiring an additional 5,565 shares during the period. Finally, Private Management Group Inc. increased its position in Chevron by 9.3% in the 1st quarter. Private Management Group Inc. now owns 6,596 shares of the oil and gas company’s stock valued at $1,040,000 after acquiring an additional 561 shares during the period. Institutional investors own 72.42% of the company’s stock.

Analysts Set New Price Targets

CVX has been the topic of several analyst reports. Truist Financial raised their target price on Chevron from $150.00 to $155.00 and gave the company a “hold” rating in a research report on Monday, November 4th. Wolfe Research started coverage on Chevron in a research report on Thursday, July 18th. They set a “peer perform” rating on the stock. Wells Fargo & Company lowered their price target on Chevron from $196.00 to $169.00 and set an “overweight” rating on the stock in a research report on Friday, September 27th. DZ Bank upgraded Chevron from a “hold” rating to a “buy” rating and set a $170.00 price target on the stock in a research report on Tuesday, November 5th. Finally, Sanford C. Bernstein cut Chevron from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $183.00 to $167.00 in a research report on Wednesday, July 17th. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $174.93.

Chevron Stock Performance

Shares of Chevron stock opened at $155.30 on Wednesday. The stock has a market cap of $279.09 billion, a PE ratio of 17.07, a price-to-earnings-growth ratio of 3.50 and a beta of 1.09. The business has a fifty day simple moving average of $147.97 and a 200-day simple moving average of $152.68. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. Chevron Co. has a 12 month low of $135.37 and a 12 month high of $167.11.

Chevron (NYSE:CVX) last issued its earnings results on Friday, November 1st. The oil and gas company reported $2.51 EPS 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 13.15% and a net margin of 8.44%. Chevron’s revenue was down 6.3% compared to the same quarter last year. During the same quarter last year, the firm posted $3.05 earnings per share. On average, sell-side analysts anticipate that Chevron Co. will post 10.59 EPS for the current fiscal year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Monday, November 18th will be given a dividend of $1.63 per share. The ex-dividend date of this dividend is Monday, November 18th. This represents a $6.52 dividend on an annualized basis and a yield of 4.20%. Chevron’s payout ratio is 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.