Highline Wealth Partners LLC Takes Position in Chevron Co. (NYSE:CVX)

Highline Wealth Partners LLC bought a new stake in shares of Chevron Co. (NYSE:CVX) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 559 shares of the oil and gas company’s stock, valued at approximately $82,000.

A number of other large investors have also recently made changes to their positions in CVX. Montz Harcus Wealth Management LLC raised its holdings in shares of 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 valued at $460,000 after acquiring an additional 63 shares in the last quarter. Hubbell Strickland Wealth Management LLC raised its holdings in Chevron by 0.7% in the second quarter. Hubbell Strickland Wealth Management LLC now owns 9,493 shares of the oil and gas company’s stock worth $1,485,000 after purchasing an additional 64 shares in the last quarter. Verum Partners LLC raised its holdings in Chevron by 3.0% in the first quarter. Verum Partners LLC now owns 2,236 shares of the oil and gas company’s stock worth $353,000 after purchasing an additional 65 shares in the last quarter. Penbrook Management LLC raised its holdings in Chevron by 3.9% in the first quarter. Penbrook Management LLC now owns 1,730 shares of the oil and gas company’s stock worth $273,000 after purchasing an additional 65 shares in the last quarter. Finally, Cyndeo Wealth Partners LLC increased its holdings in shares of Chevron by 0.3% during the third quarter. Cyndeo Wealth Partners LLC now owns 19,769 shares of the oil and gas company’s stock valued at $2,911,000 after acquiring an additional 67 shares in the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Price Performance

Chevron stock opened at $148.06 on Thursday. 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 company has a fifty day simple moving average of $146.79 and a 200-day simple moving average of $153.04. The firm has a market capitalization of $270.79 billion, a price-to-earnings ratio of 14.66, a PEG ratio of 3.29 and a beta of 1.09.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.38). Chevron had a net margin of 9.31% and a return on equity of 13.70%. The firm had revenue of $51.18 billion during the quarter, compared to analysts’ expectations of $48.68 billion. During the same period in the prior year, the company posted $3.08 EPS. The company’s revenue for the quarter was up 4.7% compared to the same quarter last year. On average, equities analysts anticipate that Chevron Co. will post 10.86 EPS for the current fiscal year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Monday, August 19th were issued a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.40%. The ex-dividend date of this dividend was Monday, August 19th. Chevron’s dividend payout ratio is currently 64.55%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on CVX shares. Truist Financial cut their price objective on shares of Chevron from $154.00 to $150.00 and set a “hold” rating on the stock in a report on Monday, September 30th. Wolfe Research initiated coverage on shares of Chevron in a report on Thursday, July 18th. They issued a “peer perform” rating on the stock. Barclays reduced their target price on shares of Chevron from $185.00 to $168.00 and set an “overweight” rating for the company in a report on Thursday, October 3rd. Wells Fargo & Company lowered their price target on shares of Chevron from $196.00 to $169.00 and set an “overweight” rating on the stock in a report on Friday, September 27th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $170.00 price objective on shares of Chevron in a research note on Tuesday, October 8th. Five equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target 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.