Chevron Co. (NYSE:CVX) Holdings Cut by LRI Investments LLC

LRI Investments LLC reduced its stake in Chevron Co. (NYSE:CVX) by 1.2% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 13,336 shares of the oil and gas company’s stock after selling 156 shares during the period. LRI Investments LLC’s holdings in Chevron were worth $2,158,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in CVX. Lantz Financial LLC raised its stake in Chevron by 2.7% during the 2nd quarter. Lantz Financial LLC now owns 23,334 shares of the oil and gas company’s stock valued at $3,650,000 after acquiring an additional 623 shares in the last quarter. Intergy Private Wealth LLC bought a new position in Chevron in the 2nd quarter valued at about $205,000. Brendel Financial Advisors LLC acquired a new position in Chevron during the 2nd quarter valued at about $1,266,000. Wedmont Private Capital lifted its stake in shares of Chevron by 7.8% in the 2nd quarter. Wedmont Private Capital now owns 13,982 shares of the oil and gas company’s stock worth $2,175,000 after acquiring an additional 1,016 shares during the period. Finally, M&G Plc boosted its holdings in shares of Chevron by 84.4% in the second quarter. M&G Plc now owns 190,034 shares of the oil and gas company’s stock valued at $29,645,000 after acquiring an additional 86,993 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Chevron Stock Performance

Shares of Chevron stock opened at $155.24 on Monday. 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. The business has a fifty day simple moving average of $154.77 and a 200-day simple moving average of $152.42. The stock has a market cap of $278.98 billion, a PE ratio of 17.06, a price-to-earnings-growth ratio of 3.43 and a beta of 1.10.

Chevron (NYSE:CVX) last issued its earnings results on Friday, November 1st. The oil and gas company reported $2.51 EPS for the quarter, beating analysts’ consensus estimates of $2.47 by $0.04. The firm had revenue of $50.67 billion for the quarter, compared to the consensus estimate of $48.86 billion. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The business’s quarterly revenue was down 6.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.05 earnings per share. On average, sell-side analysts anticipate that Chevron Co. will post 10.53 EPS for the current fiscal year.

Chevron Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Monday, November 18th will be paid a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 4.20%. The ex-dividend date is Monday, November 18th. Chevron’s payout ratio is presently 71.65%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on CVX shares. Citigroup upgraded Chevron from a “neutral” rating to a “buy” rating and upped their target price for the stock from $145.00 to $185.00 in a research report on Tuesday, November 26th. Royal Bank of Canada upped their price objective on Chevron from $170.00 to $175.00 and gave the company an “outperform” rating in a report on Monday, November 4th. Bank of America started coverage on Chevron in a report on Thursday, October 17th. They set a “buy” rating and a $168.00 target price on the stock. UBS Group upped their price target on shares of Chevron from $194.00 to $195.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Finally, Truist Financial lifted their price objective on shares of Chevron from $155.00 to $160.00 and gave the stock a “hold” rating in a research note on Friday. Four equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $175.94.

Insider Buying and Selling

In other Chevron news, CEO Michael K. Wirth sold 164,600 shares of the company’s stock in a transaction that occurred on 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 sale, the chief executive officer now owns 4,280 shares of the company’s stock, valued at $685,356.40. This represents a 97.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.20% of the stock is currently owned by corporate 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.