Sequoia Financial Advisors LLC Grows Stock Position in Chevron Co. (NYSE:CVX)

Sequoia Financial Advisors LLC lifted its stake in Chevron Co. (NYSE:CVX) by 15.2% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 121,118 shares of the oil and gas company’s stock after purchasing an additional 15,981 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Chevron were worth $17,837,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in CVX. Ameriprise Financial Inc. grew its stake in shares of Chevron by 3.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 17,111,051 shares of the oil and gas company’s stock worth $2,676,957,000 after purchasing an additional 501,969 shares during the period. Capital World Investors raised its holdings in shares of Chevron by 3.2% during the 1st quarter. Capital World Investors now owns 16,009,766 shares of the oil and gas company’s stock worth $2,525,380,000 after acquiring an additional 495,879 shares during the period. Legal & General Group Plc raised its holdings in shares of Chevron by 4.9% during the 2nd quarter. Legal & General Group Plc now owns 13,570,971 shares of the oil and gas company’s stock worth $2,122,772,000 after acquiring an additional 629,644 shares during the period. Capital International Investors increased its position in shares of Chevron by 5.9% during the 1st quarter. Capital International Investors now owns 13,418,287 shares of the oil and gas company’s stock worth $2,116,600,000 after purchasing an additional 743,042 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Chevron by 1.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 13,021,023 shares of the oil and gas company’s stock worth $2,036,846,000 after purchasing an additional 126,889 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on CVX shares. Bank of America assumed coverage on Chevron in a research report on Thursday, October 17th. They issued a “buy” rating and a $168.00 target price for the company. Mizuho decreased their target price on Chevron from $205.00 to $189.00 and set an “outperform” rating for the company in a research note on Monday, September 16th. Royal Bank of Canada restated an “outperform” rating and set a $170.00 target price on shares of Chevron in a research note on Tuesday, October 8th. Wells Fargo & Company reduced their price objective on Chevron from $196.00 to $169.00 and set an “overweight” rating for the company in a research note on Friday, September 27th. Finally, Truist Financial reduced their price objective on Chevron from $154.00 to $150.00 and set a “hold” rating for the company in a research note on Monday, September 30th. Five research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $173.07.

Chevron Stock Up 0.2 %

Shares of CVX traded up $0.23 during midday trading on Tuesday, reaching $151.11. 1,612,710 shares of the company were exchanged, compared to its average volume of 7,664,061. The stock has a 50-day moving average price of $146.19 and a 200-day moving average price of $153.55. The company has a market cap of $278.49 billion, a price-to-earnings ratio of 13.84, a P/E/G ratio of 2.73 and a beta of 1.09. Chevron Co. has a 1-year low of $135.37 and a 1-year high of $167.11. The company has a current ratio of 1.16, a quick ratio of 0.85 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, August 2nd. The oil and gas company reported $2.55 EPS for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.38). The company had revenue of $51.18 billion for the quarter, compared to analyst estimates of $48.68 billion. Chevron had a return on equity of 13.70% and a net margin of 9.31%. The company’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.08 EPS. Research analysts expect that Chevron Co. will post 10.95 earnings per share for the current year.

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.31%. The ex-dividend date of this dividend was Monday, August 19th. Chevron’s payout ratio is 59.98%.

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.