Brown Financial Advisors Sells 1,824 Shares of Chevron Co. (NYSE:CVX)

Brown Financial Advisors cut its holdings in shares of Chevron Co. (NYSE:CVX) by 12.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 13,068 shares of the oil and gas company’s stock after selling 1,824 shares during the quarter. Brown Financial Advisors’ holdings in Chevron were worth $1,925,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Montz Harcus Wealth Management LLC lifted its stake in Chevron by 2.2% in the second quarter. Montz Harcus Wealth Management LLC now owns 2,943 shares of the oil and gas company’s stock worth $460,000 after purchasing an additional 63 shares during the last quarter. Hubbell Strickland Wealth Management LLC lifted its stake in shares of Chevron by 0.7% in the 2nd quarter. Hubbell Strickland Wealth Management LLC now owns 9,493 shares of the oil and gas company’s stock valued at $1,485,000 after acquiring an additional 64 shares during the last quarter. Tacita Capital Inc boosted its holdings in Chevron by 16.7% during the 3rd quarter. Tacita Capital Inc now owns 454 shares of the oil and gas company’s stock valued at $67,000 after acquiring an additional 65 shares during the period. Wallace Capital Management Inc. grew its position in Chevron by 0.8% during the 3rd quarter. Wallace Capital Management Inc. now owns 8,229 shares of the oil and gas company’s stock worth $1,212,000 after acquiring an additional 65 shares during the last quarter. Finally, Cyndeo Wealth Partners LLC increased its stake in Chevron by 0.3% in the 3rd quarter. Cyndeo Wealth Partners LLC now owns 19,769 shares of the oil and gas company’s stock worth $2,911,000 after purchasing an additional 67 shares during the period. 72.42% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CVX. Truist Financial raised their target price on shares of Chevron from $155.00 to $160.00 and gave the stock a “hold” rating in a report on Friday. UBS Group boosted their price objective on shares of Chevron from $194.00 to $195.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Citigroup upgraded shares of Chevron from a “neutral” rating to a “buy” rating and increased their target price for the stock from $145.00 to $185.00 in a report on Tuesday, November 26th. DZ Bank upgraded Chevron from a “hold” rating to a “buy” rating and set a $170.00 price target on the stock in a report on Tuesday, November 5th. Finally, Wells Fargo & Company increased their price objective on Chevron from $171.00 to $188.00 and gave the stock an “overweight” rating in a report on Monday. Four analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $177.13.

Chevron Stock Up 1.2 %

CVX opened at $157.13 on Tuesday. 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 0.80 and a current ratio of 1.07. The stock has a market cap of $282.37 billion, a price-to-earnings ratio of 17.27, a price-to-earnings-growth ratio of 3.43 and a beta of 1.10. The firm’s fifty day moving average is $154.97 and its 200 day moving average is $152.42.

Chevron (NYSE:CVX) last released its earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.47 by $0.04. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The firm had revenue of $50.67 billion during the quarter, compared to analysts’ expectations of $48.86 billion. During the same quarter last year, the business posted $3.05 earnings per share. The firm’s revenue was down 6.3% on a year-over-year basis. On average, sell-side analysts forecast that Chevron Co. will post 10.53 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The company also recently announced 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 dividend on an annualized basis and a dividend yield of 4.15%. Chevron’s dividend payout ratio is currently 71.65%.

Insider Activity

In related news, CEO Michael K. Wirth sold 164,600 shares of the firm’s stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the completion of the sale, the chief executive officer now directly owns 4,280 shares of the company’s stock, valued at approximately $685,356.40. This trade represents a 97.47 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.20% of the company’s stock.

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.