Covington Investment Advisors Inc. Has $8.87 Million Holdings in Chevron Co. (NYSE:CVX)

Covington Investment Advisors Inc. increased its holdings in shares of Chevron Co. (NYSE:CVX) by 1.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 60,232 shares of the oil and gas company’s stock after purchasing an additional 897 shares during the quarter. Chevron makes up about 1.3% of Covington Investment Advisors Inc.’s investment portfolio, making the stock its 27th biggest holding. Covington Investment Advisors Inc.’s holdings in Chevron were worth $8,870,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in CVX. Rational Advisors LLC bought a new position in shares of Chevron in the third quarter valued at $29,000. Darwin Wealth Management LLC acquired a new stake in Chevron in the third quarter valued at $30,000. Anfield Capital Management LLC lifted its stake in Chevron by 118.0% in the second quarter. Anfield Capital Management LLC now owns 218 shares of the oil and gas company’s stock valued at $34,000 after acquiring an additional 118 shares during the last quarter. Cyrus J. Lawrence LLC increased its stake in shares of Chevron by 66.7% during the 2nd quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company’s stock worth $39,000 after purchasing an additional 100 shares during the last quarter. Finally, Livelsberger Financial Advisory bought a new stake in shares of Chevron in the 3rd quarter valued at about $47,000. Institutional investors own 72.42% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on CVX. UBS Group lifted their price target on Chevron from $192.00 to $194.00 and gave the stock a “buy” rating in a report on Monday, November 4th. Mizuho decreased their target price on Chevron from $205.00 to $189.00 and set an “outperform” rating on the stock in a report on Monday, September 16th. Wells Fargo & Company dropped their price target on Chevron from $196.00 to $169.00 and set an “overweight” rating on the stock in a research note on Friday, September 27th. Barclays lifted their price objective on shares of Chevron from $168.00 to $174.00 and gave the stock an “overweight” rating in a research report on Monday, November 4th. Finally, Scotiabank dropped their price objective on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. Four equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Chevron presently has an average rating of “Moderate Buy” and an average target price of $175.56.

Chevron Trading Down 1.2 %

Shares of CVX stock opened at $160.38 on Tuesday. The stock has a 50 day simple moving average of $151.94 and a 200 day simple moving average of $152.51. Chevron Co. has a 1 year low of $135.37 and a 1 year high of $167.11. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. The stock has a market cap of $288.22 billion, a P/E ratio of 17.62, a price-to-earnings-growth ratio of 3.58 and a beta of 1.09.

Chevron (NYSE:CVX) last released its 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. Chevron had a net margin of 8.44% and a return on equity of 13.15%. The firm had revenue of $50.67 billion for the quarter, compared to analyst estimates of $48.86 billion. During the same period last year, the firm earned $3.05 EPS. The business’s quarterly revenue was down 6.3% compared to the same quarter last year. On average, research analysts predict that Chevron Co. will post 10.55 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th will be paid a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 4.07%. The ex-dividend date is Monday, November 18th. Chevron’s payout ratio is presently 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 that occurred on Thursday, November 14th. The shares were sold at an average price of $160.13, for a total value of $26,357,398.00. Following the sale, the chief executive officer now directly owns 4,280 shares in the company, valued at approximately $685,356.40. This trade represents a 97.47 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.20% of the company’s stock.

About Chevron

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.