Townsend Asset Management Corp NC ADV Cuts Stock Position in Chevron Co. (NYSE:CVX)

Townsend Asset Management Corp NC ADV cut its stake in shares of Chevron Co. (NYSE:CVX) by 8.8% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 6,664 shares of the oil and gas company’s stock after selling 642 shares during the period. Townsend Asset Management Corp NC ADV’s holdings in Chevron were worth $981,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Anfield Capital Management LLC grew its holdings in shares of 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 buying an additional 118 shares in the last quarter. Cyrus J. Lawrence LLC raised its holdings in Chevron by 66.7% in the 2nd quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company’s stock valued at $39,000 after acquiring an additional 100 shares during the last quarter. Livelsberger Financial Advisory purchased a new position in Chevron in the 3rd quarter worth approximately $47,000. Krane Funds Advisors LLC purchased a new stake in shares of Chevron in the third quarter valued at approximately $47,000. Finally, Dixon Mitchell Investment Counsel Inc. acquired a new stake in shares of Chevron in the first quarter valued at approximately $55,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Stock Up 0.1 %

CVX stock opened at $150.84 on Tuesday. The stock has a market cap of $275.87 billion, a P/E ratio of 14.93, a PEG ratio of 2.73 and a beta of 1.09. 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 Co. has a twelve month low of $135.37 and a twelve month high of $167.11. The company’s 50 day moving average is $146.19 and its two-hundred day moving average is $153.55.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, August 2nd. The oil and gas company reported $2.55 EPS for the quarter, missing the consensus estimate of $2.93 by ($0.38). Chevron had a return on equity of 13.70% and a net margin of 9.31%. The company had revenue of $51.18 billion for the quarter, compared to analyst estimates of $48.68 billion. During the same quarter in the prior year, the business earned $3.08 earnings per share. Chevron’s revenue was up 4.7% compared to the same quarter last year. Research analysts expect that Chevron Co. will post 10.95 earnings per share for the current fiscal 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. The ex-dividend date was Monday, August 19th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.32%. Chevron’s dividend payout ratio (DPR) is presently 64.55%.

Analysts Set New Price Targets

Several research firms have recently commented on CVX. UBS Group lifted 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. Wolfe Research started coverage on shares of Chevron in a research report on Thursday, July 18th. They set a “peer perform” rating on the stock. Scotiabank lowered their price objective on Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. Wells Fargo & Company reduced their target price on Chevron from $196.00 to $169.00 and set an “overweight” rating on the stock in a research report on Friday, September 27th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $170.00 target price on shares of Chevron in a research note on Tuesday, October 8th. Five research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $173.07.

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.