Philip James Wealth Mangement LLC Purchases New Position in Chevron Co. (NYSE:CVX)

Philip James Wealth Mangement LLC purchased a new stake in shares of Chevron Co. (NYSE:CVX) in the third quarter, according to the company in its most recent filing with the SEC. The fund purchased 38,432 shares of the oil and gas company’s stock, valued at approximately $5,660,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Marietta Wealth Management LLC raised its position in Chevron by 10.9% in the 3rd quarter. Marietta Wealth Management LLC now owns 40,484 shares of the oil and gas company’s stock valued at $5,962,000 after buying an additional 3,965 shares during the last quarter. Leo Wealth LLC grew its stake in shares of Chevron by 19.6% in the 3rd quarter. Leo Wealth LLC now owns 8,246 shares of the oil and gas company’s stock worth $1,214,000 after acquiring an additional 1,354 shares in the last quarter. KCM Investment Advisors LLC raised its holdings in shares of Chevron by 2.5% in the first quarter. KCM Investment Advisors LLC now owns 331,550 shares of the oil and gas company’s stock valued at $52,299,000 after purchasing an additional 8,168 shares during the last quarter. Garner Asset Management Corp raised its holdings in shares of Chevron by 14.5% in the second quarter. Garner Asset Management Corp now owns 19,997 shares of the oil and gas company’s stock valued at $3,128,000 after purchasing an additional 2,530 shares during the last quarter. Finally, Cantor Fitzgerald Investment Advisors L.P. lifted its position in shares of Chevron by 3.2% during the third quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 114,961 shares of the oil and gas company’s stock valued at $16,930,000 after purchasing an additional 3,561 shares in the last quarter. 72.42% of the stock is owned by institutional investors.

Chevron Stock Performance

Chevron stock traded down $0.72 during midday trading on Friday, reaching $156.05. The stock had a trading volume of 680,415 shares, compared to its average volume of 7,639,195. The company has a quick ratio of 0.85, a current ratio of 1.16 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $285.40 billion, a PE ratio of 17.22, a P/E/G ratio of 3.53 and a beta of 1.09. Chevron Co. has a 12 month low of $135.37 and a 12 month high of $167.11. The firm’s 50-day moving average price is $147.43 and its 200 day moving average price is $152.90.

Chevron (NYSE:CVX) last announced its quarterly 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. Chevron had a net margin of 8.44% and a return on equity of 13.07%. The company had revenue of $50.67 billion for the quarter, compared to analysts’ expectations of $48.86 billion. During the same period in the prior year, the company posted $3.05 EPS. Chevron’s revenue was down 6.3% compared to the same quarter last year. As a group, research analysts predict that Chevron Co. will post 10.59 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders 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 yield of 4.18%. The ex-dividend date of this dividend is Monday, November 18th. Chevron’s payout ratio is presently 71.65%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on CVX. DZ Bank raised shares of Chevron from a “hold” rating to a “buy” rating and set a $170.00 price objective for the company in a research report on Tuesday. Sanford C. Bernstein lowered Chevron from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $183.00 to $167.00 in a report on Wednesday, July 17th. Scotiabank dropped their price target on Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Bank of America began coverage on Chevron in a research report on Thursday, October 17th. They issued a “buy” rating and a $168.00 price objective on the stock. Finally, Royal Bank of Canada raised their target price on Chevron from $170.00 to $175.00 and gave the company an “outperform” rating in a research report on Monday. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $174.93.

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.