Strait & Sound Wealth Management LLC Lowers Stock Position in Chevron Co. (NYSE:CVX)

Strait & Sound Wealth Management LLC reduced its position in Chevron Co. (NYSE:CVX) by 52.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,763 shares of the oil and gas company’s stock after selling 1,938 shares during the quarter. Strait & Sound Wealth Management LLC’s holdings in Chevron were worth $260,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CVX. Marietta Wealth Management LLC lifted its stake in shares of Chevron by 10.9% in the 3rd quarter. Marietta Wealth Management LLC now owns 40,484 shares of the oil and gas company’s stock valued at $5,962,000 after purchasing an additional 3,965 shares in the last quarter. Leo Wealth LLC lifted its position in Chevron by 19.6% during the third quarter. Leo Wealth LLC now owns 8,246 shares of the oil and gas company’s stock valued at $1,214,000 after buying an additional 1,354 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Chevron by 11.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 31,108,760 shares of the oil and gas company’s stock worth $4,581,137,000 after buying an additional 3,203,899 shares during the period. RPG Investment Advisory LLC increased its position in shares of Chevron by 3.4% in the third quarter. RPG Investment Advisory LLC now owns 121,167 shares of the oil and gas company’s stock worth $17,844,000 after acquiring an additional 3,933 shares in the last quarter. Finally, State Street Corp raised its stake in shares of Chevron by 0.6% in the 3rd quarter. State Street Corp now owns 159,105,244 shares of the oil and gas company’s stock valued at $23,431,429,000 after acquiring an additional 874,962 shares during the period. Institutional investors and hedge funds own 72.42% of the company’s stock.

Analyst Ratings Changes

CVX has been the subject of several recent research reports. UBS Group increased their price target on Chevron from $194.00 to $195.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Mizuho lowered their target price on Chevron from $205.00 to $189.00 and set an “outperform” rating for the company in a research note on Monday, September 16th. Scotiabank reduced their price target on Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. Wells Fargo & Company increased their price objective on shares of Chevron from $171.00 to $188.00 and gave the company an “overweight” rating in a research report on Monday. Finally, Truist Financial boosted their target price on shares of Chevron from $155.00 to $160.00 and gave the stock a “hold” rating in a research report on Friday. Four research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, Chevron presently has a consensus rating of “Moderate Buy” and an average target price of $177.13.

Insider Activity

In other Chevron news, CEO Michael K. Wirth sold 164,600 shares of the firm’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $160.13, for a total value of $26,357,398.00. Following the sale, the chief executive officer now directly owns 4,280 shares in the company, valued at approximately $685,356.40. This trade represents a 97.47 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.20% of the company’s stock.

Chevron Trading Up 1.2 %

Shares of NYSE CVX opened at $157.13 on Tuesday. The stock has a market capitalization of $282.37 billion, a P/E ratio of 17.27, a PEG ratio of 3.43 and a beta of 1.10. The stock’s 50 day moving average price is $154.97 and its two-hundred day moving average price is $152.42. The company has a quick ratio of 0.80, a current ratio of 1.07 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.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $48.86 billion. During the same period in the prior year, the company posted $3.05 EPS. The business’s revenue was down 6.3% compared to the same quarter last year. On average, analysts anticipate that Chevron Co. will post 10.53 earnings per share for the current fiscal year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th will be issued a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 4.15%. The ex-dividend date is Monday, November 18th. Chevron’s dividend payout ratio (DPR) is presently 71.65%.

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.