Chevron Co. (NYSE:CVX) Shares Bought by Summit Wealth Partners LLC

Summit Wealth Partners LLC lifted its holdings in shares of Chevron Co. (NYSE:CVX) by 14.9% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 2,154 shares of the oil and gas company’s stock after buying an additional 280 shares during the quarter. Summit Wealth Partners LLC’s holdings in Chevron were worth $317,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Silverlake Wealth Management LLC increased its stake in shares of Chevron by 2.3% during the first quarter. Silverlake Wealth Management LLC now owns 10,026 shares of the oil and gas company’s stock worth $1,581,000 after acquiring an additional 221 shares during the period. Tower Wealth Partners Inc. increased its position in Chevron by 3.5% during the 1st quarter. Tower Wealth Partners Inc. now owns 3,727 shares of the oil and gas company’s stock worth $588,000 after purchasing an additional 126 shares during the period. Sloy Dahl & Holst LLC raised its stake in shares of Chevron by 3.4% during the 1st quarter. Sloy Dahl & Holst LLC now owns 4,087 shares of the oil and gas company’s stock worth $645,000 after buying an additional 135 shares in the last quarter. Monument Capital Management lifted its holdings in shares of Chevron by 22.6% in the 1st quarter. Monument Capital Management now owns 6,795 shares of the oil and gas company’s stock valued at $1,072,000 after buying an additional 1,253 shares during the period. Finally, Carret Asset Management LLC lifted its holdings in Chevron by 2.1% in the first quarter. Carret Asset Management LLC now owns 82,532 shares of the oil and gas company’s stock valued at $13,019,000 after acquiring an additional 1,712 shares during the period. Institutional investors and hedge funds own 72.42% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on CVX shares. Scotiabank lowered their target price on Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Sanford C. Bernstein cut shares of Chevron from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $183.00 to $167.00 in a research note on Wednesday, July 17th. Wells Fargo & Company cut their target price on shares of Chevron from $196.00 to $169.00 and set an “overweight” rating for the company in a research report on Friday, September 27th. Barclays lowered their price target on shares of Chevron from $185.00 to $168.00 and set an “overweight” rating on the stock in a research report on Thursday, October 3rd. Finally, Wolfe Research began coverage on Chevron in a research report on Thursday, July 18th. They set a “peer perform” rating for the company. Five investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $173.07.

Chevron Price Performance

CVX opened at $148.80 on Friday. Chevron Co. has a 1 year low of $135.37 and a 1 year high of $167.11. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.85 and a current ratio of 1.16. The company’s 50 day simple moving average is $146.85 and its 200 day simple moving average is $153.01. The stock has a market capitalization of $272.14 billion, a PE ratio of 14.73, a P/E/G ratio of 3.27 and a beta of 1.09.

Chevron (NYSE:CVX) last announced its quarterly 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). The company had revenue of $51.18 billion during the quarter, compared to analyst estimates of $48.68 billion. Chevron had a net margin of 9.31% and a return on equity of 13.70%. The firm’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same quarter last year, the business earned $3.08 EPS. As a group, sell-side analysts expect that Chevron Co. will post 10.74 EPS for the current year.

Chevron 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.