D.B. Root & Company LLC Decreases Stock Holdings in Chevron Co. (NYSE:CVX)

D.B. Root & Company LLC trimmed its holdings in shares of Chevron Co. (NYSE:CVX) by 22.6% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,817 shares of the oil and gas company’s stock after selling 1,696 shares during the quarter. D.B. Root & Company LLC’s holdings in Chevron were worth $857,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Rational Advisors LLC purchased a new stake in shares of Chevron during the third quarter valued at approximately $29,000. Anfield Capital Management LLC grew its holdings in Chevron by 118.0% during the second quarter. Anfield Capital Management LLC now owns 218 shares of the oil and gas company’s stock valued at $34,000 after purchasing an additional 118 shares during the period. Cyrus J. Lawrence LLC grew its holdings in Chevron by 66.7% during the second quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company’s stock valued at $39,000 after purchasing an additional 100 shares during the period. Livelsberger Financial Advisory bought a new position in Chevron during the third quarter valued at $47,000. Finally, Krane Funds Advisors LLC bought a new position in Chevron during the third quarter valued at $47,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CVX has been the subject of a number of analyst reports. Wells Fargo & Company cut 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. Bank of America initiated coverage on Chevron in a report on Thursday, October 17th. They issued a “buy” rating and a $168.00 price objective on the stock. DZ Bank raised Chevron from a “hold” rating to a “buy” rating and set a $170.00 target price on the stock in a research note on Tuesday. Sanford C. Bernstein cut Chevron from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $183.00 to $167.00 in a research report on Wednesday, July 17th. Finally, Truist Financial lifted their price objective on Chevron from $150.00 to $155.00 and gave the company a “hold” rating in a research report on Monday. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $174.93.

Chevron Trading Up 2.8 %

Shares of Chevron stock opened at $157.65 on Thursday. Chevron Co. has a fifty-two week low of $135.37 and a fifty-two week high of $167.11. 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 company has a market capitalization of $288.33 billion, a P/E ratio of 17.32, a P/E/G ratio of 3.43 and a beta of 1.09. The company has a fifty day moving average of $147.43 and a 200 day moving average of $152.90.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.47 by $0.04. The business had revenue of $50.67 billion during the quarter, compared to analyst estimates of $48.86 billion. Chevron had a return on equity of 13.07% and a net margin of 8.44%. Chevron’s revenue for the quarter was down 6.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.05 EPS. On average, sell-side analysts anticipate that Chevron Co. will post 10.65 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Monday, November 18th will be given a $1.63 dividend. The ex-dividend date is Monday, November 18th. This represents a $6.52 annualized dividend and a yield of 4.14%. Chevron’s dividend payout ratio is currently 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.