Prosperity Financial Group Inc. Has $542,000 Position in Chevron Co. (NYSE:CVX)

Prosperity Financial Group Inc. cut its position in shares of Chevron Co. (NYSE:CVX) by 4.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,681 shares of the oil and gas company’s stock after selling 180 shares during the quarter. Prosperity Financial Group Inc.’s holdings in Chevron were worth $542,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. China Universal Asset Management Co. Ltd. bought a new position in shares of Chevron during the 1st quarter worth about $566,000. Kennedy Capital Management LLC bought a new stake in shares of Chevron in the 1st quarter valued at approximately $5,563,000. Industrial Alliance Investment Management Inc. raised its holdings in shares of Chevron by 3.3% in the 1st quarter. Industrial Alliance Investment Management Inc. now owns 4,410 shares of the oil and gas company’s stock worth $696,000 after buying an additional 140 shares in the last quarter. Whalerock Point Partners LLC lifted its position in shares of Chevron by 1.6% during the 1st quarter. Whalerock Point Partners LLC now owns 22,146 shares of the oil and gas company’s stock worth $3,493,000 after buying an additional 348 shares during the period. Finally, Oxford Wealth Group LLC acquired a new stake in Chevron in the 1st quarter valued at $1,074,000. 72.42% of the stock is currently owned by institutional investors.

Chevron Stock Up 0.5 %

Shares of NYSE:CVX opened at $162.36 on Monday. The company has a 50 day moving average of $151.58 and a 200-day moving average of $152.55. Chevron Co. has a one year low of $135.37 and a one year high of $167.11. The stock has a market cap of $291.78 billion, a price-to-earnings ratio of 17.84, a P/E/G ratio of 3.58 and a beta of 1.09. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, November 1st. The oil and gas company reported $2.51 EPS for the quarter, topping analysts’ consensus estimates of $2.47 by $0.04. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The business had revenue of $50.67 billion during the quarter, compared to analysts’ expectations of $48.86 billion. During the same period in the previous year, the firm earned $3.05 earnings per share. The firm’s quarterly revenue was down 6.3% compared to the same quarter last year. On average, sell-side analysts forecast that Chevron Co. will post 10.55 earnings per share for the current year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th will be issued a $1.63 dividend. The ex-dividend date is Monday, November 18th. This represents a $6.52 annualized dividend and a dividend yield of 4.02%. Chevron’s dividend payout ratio (DPR) is currently 71.65%.

Insider Transactions at Chevron

In related news, CEO Michael K. Wirth sold 164,600 shares of the 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 represents a 97.47 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.20% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on CVX shares. DZ Bank upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $170.00 target price for the company in a research report on Tuesday, November 5th. Scotiabank cut their target price on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. Truist Financial increased their price target on Chevron from $150.00 to $155.00 and gave the stock a “hold” rating in a research report on Monday, November 4th. Barclays lifted their price objective on Chevron from $168.00 to $174.00 and gave the company an “overweight” rating in a research report on Monday, November 4th. Finally, Wells Fargo & Company decreased their target price on Chevron from $196.00 to $169.00 and set an “overweight” rating on the stock in a report on Friday, September 27th. Four investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $174.93.

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.