Adams Diversified Equity Fund Inc. Sells 9,600 Shares of Chevron Co. (NYSE:CVX)

Adams Diversified Equity Fund Inc. lessened its stake in Chevron Co. (NYSE:CVX) by 10.7% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 79,900 shares of the oil and gas company’s stock after selling 9,600 shares during the quarter. Adams Diversified Equity Fund Inc.’s holdings in Chevron were worth $11,767,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Anfield Capital Management LLC raised its stake in Chevron by 118.0% during the second quarter. Anfield Capital Management LLC now owns 218 shares of the oil and gas company’s stock worth $34,000 after acquiring an additional 118 shares in the last quarter. Cyrus J. Lawrence LLC raised its stake in Chevron by 66.7% during the second quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company’s stock worth $39,000 after acquiring an additional 100 shares in the last quarter. Livelsberger Financial Advisory acquired a new position in Chevron during the third quarter worth about $47,000. Krane Funds Advisors LLC acquired a new position in Chevron during the third quarter worth about $47,000. Finally, Dixon Mitchell Investment Counsel Inc. acquired a new position in Chevron during the first quarter worth about $55,000. Institutional investors and hedge funds own 72.42% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. UBS Group boosted their price target on Chevron from $189.00 to $192.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. Royal Bank of Canada restated an “outperform” rating and set a $170.00 price target on shares of Chevron in a report on Tuesday, October 8th. Wolfe Research assumed coverage on Chevron in a report on Thursday, July 18th. They set a “peer perform” rating on the stock. Wells Fargo & Company reduced their price target on Chevron from $196.00 to $169.00 and set an “overweight” rating on the stock in a report on Friday, September 27th. Finally, Scotiabank reduced 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. Five research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, Chevron has an average rating of “Moderate Buy” and a consensus price target of $173.07.

Chevron Price Performance

Shares of Chevron stock opened at $148.55 on Wednesday. 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 company has a market cap of $271.69 billion, a PE ratio of 14.71, a P/E/G ratio of 3.29 and a beta of 1.09. The business has a 50 day moving average of $146.74 and a 200 day moving average of $153.08. Chevron Co. has a 52 week low of $135.37 and a 52 week high of $167.11.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share for the quarter, missing the consensus estimate of $2.93 by ($0.38). The firm had revenue of $51.18 billion during the quarter, compared to analysts’ expectations of $48.68 billion. Chevron had a return on equity of 13.70% and a net margin of 9.31%. Chevron’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same period in the previous year, the company earned $3.08 earnings per share. As a group, equities research analysts forecast that Chevron Co. will post 10.86 earnings per share for the current year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were paid a $1.63 dividend. The ex-dividend date of this dividend was Monday, August 19th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.39%. Chevron’s dividend payout ratio is currently 64.55%.

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.