Chevron Co. (NYSE:CVX) Stake Boosted by Berry Wealth Group LP

Berry Wealth Group LP lifted its stake in shares of Chevron Co. (NYSE:CVX) by 10.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,605 shares of the oil and gas company’s stock after purchasing an additional 236 shares during the quarter. Berry Wealth Group LP’s holdings in Chevron were worth $384,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Selective Wealth Management Inc. bought a new stake in Chevron in the 1st quarter valued at about $216,000. &PARTNERS boosted its position in shares of Chevron by 66.9% during the first quarter. &PARTNERS now owns 22,692 shares of the oil and gas company’s stock worth $3,579,000 after buying an additional 9,096 shares during the period. Douglas Lane & Associates LLC grew its holdings in Chevron by 4.7% in the 1st quarter. Douglas Lane & Associates LLC now owns 450,594 shares of the oil and gas company’s stock worth $71,077,000 after buying an additional 20,100 shares in the last quarter. Bangor Savings Bank increased its position in Chevron by 4.4% in the 1st quarter. Bangor Savings Bank now owns 18,774 shares of the oil and gas company’s stock valued at $2,961,000 after acquiring an additional 789 shares during the period. Finally, Salem Investment Counselors Inc. raised its stake in Chevron by 7.8% during the 1st quarter. Salem Investment Counselors Inc. now owns 33,608 shares of the oil and gas company’s stock valued at $5,301,000 after acquiring an additional 2,442 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Chevron Stock Performance

Shares of CVX stock traded up $0.22 during trading on Monday, reaching $150.97. The company had a trading volume of 2,089,032 shares, compared to its average volume of 7,679,167. The company has a market capitalization of $278.23 billion, a PE ratio of 13.94, a PEG ratio of 2.74 and a beta of 1.09. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.16 and a quick ratio of 0.85. The firm’s 50 day simple moving average is $146.07 and its two-hundred day simple moving average is $153.62. Chevron Co. has a one year low of $135.37 and a one year high of $167.11.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.38). Chevron had a return on equity of 13.70% and a net margin of 9.31%. The firm had revenue of $51.18 billion during the quarter, compared to analyst estimates of $48.68 billion. During the same quarter in the previous year, the firm posted $3.08 earnings per share. Chevron’s quarterly revenue was up 4.7% compared to the same quarter last year. Sell-side analysts forecast that Chevron Co. will post 11.06 earnings per share for the current year.

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th were issued a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 4.32%. The ex-dividend date was Monday, August 19th. Chevron’s dividend payout ratio (DPR) is 59.98%.

Analysts Set New Price Targets

A number of brokerages have recently commented on CVX. Mizuho lowered their price target on Chevron from $205.00 to $189.00 and set an “outperform” rating on the stock in a report on Monday, September 16th. Truist Financial dropped their target price on Chevron from $154.00 to $150.00 and set a “hold” rating on the stock in a report on Monday, September 30th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $170.00 price target on shares of Chevron in a research note on Tuesday, October 8th. Wolfe Research began coverage on Chevron in a report on Thursday, July 18th. They issued a “peer perform” rating for the company. Finally, Barclays decreased their target price on Chevron from $185.00 to $168.00 and set an “overweight” rating for the company in a research note on Thursday, October 3rd. Five research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $173.07.

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.