Chevron Co. (NYSE:CVX) Shares Sold by Confluence Investment Management LLC

Confluence Investment Management LLC trimmed its holdings in Chevron Co. (NYSE:CVX) by 0.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 747,900 shares of the oil and gas company’s stock after selling 5,284 shares during the quarter. Chevron comprises approximately 1.5% of Confluence Investment Management LLC’s portfolio, making the stock its 20th largest holding. Confluence Investment Management LLC’s holdings in Chevron were worth $110,143,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in CVX. Rational Advisors LLC purchased a new stake in shares of Chevron in the third quarter valued at about $29,000. Anfield Capital Management LLC boosted its holdings in Chevron by 118.0% in the 2nd 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 last quarter. Cyrus J. Lawrence LLC grew its stake in shares of Chevron by 66.7% in the 2nd quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company’s stock valued at $39,000 after buying an additional 100 shares during the period. Krane Funds Advisors LLC purchased a new stake in shares of Chevron in the 3rd quarter valued at approximately $47,000. Finally, Livelsberger Financial Advisory acquired a new stake in shares of Chevron during the 3rd quarter worth approximately $47,000. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Chevron Price Performance

Chevron stock opened at $156.73 on Friday. The company has a quick ratio of 0.85, a current ratio of 1.16 and a debt-to-equity ratio of 0.13. Chevron Co. has a 52-week low of $135.37 and a 52-week high of $167.11. The firm has a market cap of $286.65 billion, a PE ratio of 17.22, a price-to-earnings-growth ratio of 3.43 and a beta of 1.09. The company’s 50 day moving average is $147.43 and its two-hundred day moving average is $152.90.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, November 1st. The oil and gas company reported $2.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.47 by $0.04. Chevron had a return on equity of 13.07% and a net margin of 8.44%. The business had revenue of $50.67 billion for the quarter, compared to analysts’ expectations of $48.86 billion. During the same period last year, the firm earned $3.05 earnings per share. The company’s revenue for the quarter was down 6.3% compared to the same quarter last year. On average, research analysts expect that Chevron Co. will post 10.65 EPS for the current fiscal year.

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders 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 4.16%. The ex-dividend date of this dividend is Monday, November 18th. Chevron’s payout ratio is presently 71.65%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on CVX shares. 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. Wolfe Research assumed coverage on Chevron in a research note on Thursday, July 18th. They issued a “peer perform” rating on the stock. Truist Financial raised their price objective on Chevron from $150.00 to $155.00 and gave the stock a “hold” rating in a research report on Monday. Scotiabank reduced their price objective on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Finally, DZ Bank raised shares of Chevron from a “hold” rating to a “buy” rating and set a $170.00 target price for the company in a research note on Tuesday. Four equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average 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.