Chevron Co. (NYSE:CVX) Shares Acquired by Bank of Marin

Bank of Marin lifted its stake in shares of Chevron Co. (NYSE:CVX) by 5.6% in the 3rd quarter, Holdings Channel.com reports. The firm owned 5,172 shares of the oil and gas company’s stock after buying an additional 274 shares during the quarter. Bank of Marin’s holdings in Chevron were worth $762,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the stock. Archer Investment Corp increased its position in Chevron by 3.3% during the 3rd quarter. Archer Investment Corp now owns 11,449 shares of the oil and gas company’s stock worth $1,686,000 after purchasing an additional 369 shares during the period. Valley Wealth Managers Inc. grew its holdings in Chevron by 7.3% during the third quarter. Valley Wealth Managers Inc. now owns 140,987 shares of the oil and gas company’s stock worth $20,763,000 after acquiring an additional 9,650 shares during the period. Empirical Finance LLC raised its position in Chevron by 1.9% in the third quarter. Empirical Finance LLC now owns 61,065 shares of the oil and gas company’s stock worth $8,993,000 after acquiring an additional 1,115 shares in the last quarter. Empowered Funds LLC lifted its holdings in Chevron by 5.2% in the third quarter. Empowered Funds LLC now owns 654,701 shares of the oil and gas company’s stock valued at $96,418,000 after acquiring an additional 32,592 shares during the period. Finally, Vectors Research Management LLC boosted its position in shares of Chevron by 0.7% during the 3rd quarter. Vectors Research Management LLC now owns 18,870 shares of the oil and gas company’s stock worth $2,796,000 after purchasing an additional 135 shares in the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Stock Up 0.2 %

Shares of CVX stock traded up $0.27 on Friday, hitting $162.07. The stock had a trading volume of 1,127,607 shares, compared to its average volume of 7,642,264. Chevron Co. has a 52-week low of $135.37 and a 52-week high of $167.11. The firm has a market capitalization of $291.25 billion, a price-to-earnings ratio of 17.77, a P/E/G ratio of 3.57 and a beta of 1.09. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. The stock’s 50 day moving average is $148.93 and its 200-day moving average is $152.71.

Chevron (NYSE:CVX) last announced its earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share for the quarter, beating the consensus estimate of $2.47 by $0.04. The company had revenue of $50.67 billion during the quarter, compared to the consensus estimate of $48.86 billion. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The company’s revenue was down 6.3% on a year-over-year basis. During the same period last year, the firm earned $3.05 earnings per share. As a group, research analysts expect that Chevron Co. will post 10.55 earnings per share for the current year.

Chevron Dividend Announcement

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

Wall Street Analysts Forecast Growth

CVX has been the subject of a number of research analyst reports. Truist Financial increased their price target on shares of Chevron from $150.00 to $155.00 and gave the company a “hold” rating in a report on Monday, November 4th. Bank of America initiated coverage on shares of Chevron in a research report on Thursday, October 17th. They set a “buy” rating and a $168.00 price target for the company. Wolfe Research assumed coverage on Chevron in a report on Thursday, July 18th. They issued a “peer perform” rating on the stock. UBS Group lifted their price objective on Chevron from $192.00 to $194.00 and gave the stock a “buy” rating in a report on Monday, November 4th. Finally, DZ Bank raised Chevron from a “hold” rating to a “buy” rating and set a $170.00 target price on the stock in a report on Tuesday, November 5th. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, Chevron currently has an average rating of “Moderate Buy” and a consensus price target of $174.93.

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.