Bristlecone Advisors LLC Cuts Stock Holdings in Chevron Co. (NYSE:CVX)

Bristlecone Advisors LLC trimmed its holdings in shares of Chevron Co. (NYSE:CVX) by 8.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,421 shares of the oil and gas company’s stock after selling 1,493 shares during the period. Bristlecone Advisors LLC’s holdings in Chevron were worth $2,271,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Mattern Capital Management LLC boosted its position in Chevron by 14.4% during the third quarter. Mattern Capital Management LLC now owns 5,534 shares of the oil and gas company’s stock valued at $815,000 after buying an additional 697 shares during the period. Modera Wealth Management LLC boosted its position in Chevron by 5.5% during the third quarter. Modera Wealth Management LLC now owns 30,629 shares of the oil and gas company’s stock valued at $4,511,000 after buying an additional 1,600 shares during the period. GHP Investment Advisors Inc. boosted its position in Chevron by 2.4% during the third quarter. GHP Investment Advisors Inc. now owns 32,515 shares of the oil and gas company’s stock valued at $4,789,000 after buying an additional 752 shares during the period. PFG Investments LLC boosted its position in Chevron by 19.0% during the third quarter. PFG Investments LLC now owns 48,957 shares of the oil and gas company’s stock valued at $7,210,000 after buying an additional 7,818 shares during the period. Finally, Pathway Financial Advisers LLC boosted its position in Chevron by 15,750.1% during the third quarter. Pathway Financial Advisers LLC now owns 3,901,345 shares of the oil and gas company’s stock valued at $574,551,000 after buying an additional 3,876,731 shares during the period. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on CVX shares. Scotiabank cut their price target on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $170.00 price objective on shares of Chevron in a research note on Tuesday, October 8th. Mizuho lowered their price objective on shares of Chevron from $205.00 to $189.00 and set an “outperform” rating for the company in a research note on Monday, September 16th. Truist Financial lowered their price objective on shares of Chevron from $154.00 to $150.00 and set a “hold” rating for the company in a research note on Monday, September 30th. Finally, Barclays lowered their price objective on shares of Chevron from $185.00 to $168.00 and set an “overweight” rating for the company in a research note on Thursday, October 3rd. Five investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $173.07.

Chevron Price Performance

Shares of NYSE CVX opened at $150.81 on Monday. Chevron Co. has a fifty-two week low of $135.37 and a fifty-two week high of $167.11. The company has a 50 day simple moving average of $146.59 and a two-hundred day simple moving average of $153.23. The company has a market capitalization of $277.94 billion, a price-to-earnings ratio of 13.87, a P/E/G ratio of 3.30 and a beta of 1.09. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.85 and a current ratio of 1.16.

Chevron (NYSE:CVX) last announced its earnings results on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share 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 business had revenue of $51.18 billion for the quarter, compared to the consensus estimate of $48.68 billion. During the same period in the prior year, the business posted $3.08 EPS. Chevron’s revenue for the quarter was up 4.7% on a year-over-year basis. Analysts expect that Chevron Co. will post 10.86 EPS for the current fiscal year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th were paid a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.32%. The ex-dividend date was Monday, August 19th. Chevron’s dividend payout ratio is 59.98%.

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.