FRG Family Wealth Advisors LLC Reduces Holdings in Chevron Co. (NYSE:CVX)

FRG Family Wealth Advisors LLC cut its position in Chevron Co. (NYSE:CVX) by 1.7% in the 2nd quarter, Holdings Channel.com reports. The firm owned 9,647 shares of the oil and gas company’s stock after selling 164 shares during the quarter. FRG Family Wealth Advisors LLC’s holdings in Chevron were worth $1,382,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in CVX. Doheny Asset Management CA boosted its position in Chevron by 25.3% in the 2nd quarter. Doheny Asset Management CA now owns 13,155 shares of the oil and gas company’s stock valued at $2,058,000 after buying an additional 2,656 shares during the last quarter. Hutchinson Capital Management CA boosted its holdings in Chevron by 3.2% in the second quarter. Hutchinson Capital Management CA now owns 19,292 shares of the oil and gas company’s stock valued at $3,018,000 after purchasing an additional 600 shares during the last quarter. Chesapeake Capital Corp IL acquired a new stake in Chevron during the 2nd quarter valued at approximately $243,000. Provident Investment Management Inc. grew its stake in Chevron by 3.0% during the 2nd quarter. Provident Investment Management Inc. now owns 6,710 shares of the oil and gas company’s stock valued at $1,050,000 after purchasing an additional 195 shares in the last quarter. Finally, Sachetta LLC increased its holdings in Chevron by 9.9% during the 2nd quarter. Sachetta LLC now owns 3,769 shares of the oil and gas company’s stock worth $601,000 after purchasing an additional 340 shares during the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently weighed in on CVX shares. Royal Bank of Canada decreased their price target on shares of Chevron from $190.00 to $180.00 and set an “outperform” rating for the company in a research report on Monday, August 5th. Scotiabank decreased their price objective on shares of Chevron from $195.00 to $180.00 and set a “sector outperform” rating for the company in a report on Friday, July 12th. Barclays dropped their target price on shares of Chevron from $203.00 to $185.00 and set an “overweight” rating for the company in a research report on Tuesday, August 6th. Sanford C. Bernstein cut shares of Chevron from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $183.00 to $167.00 in a research report on Wednesday, July 17th. Finally, Truist Financial lowered their price objective on Chevron from $156.00 to $154.00 and set a “hold” rating for the company in a report on Monday, August 5th. Seven analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, Chevron presently has a consensus rating of “Moderate Buy” and a consensus target price of $183.82.

Chevron Stock Performance

CVX stock opened at $140.30 on Tuesday. Chevron Co. has a 1 year low of $137.87 and a 1 year high of $171.70. The stock has a market capitalization of $256.60 billion, a price-to-earnings ratio of 12.91, a PEG ratio of 2.34 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. The stock’s fifty day moving average is $150.50 and its two-hundred day moving average is $155.16.

Chevron (NYSE:CVX) last released its quarterly earnings data 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 firm had revenue of $51.18 billion during the quarter, compared to analyst estimates of $48.68 billion. Chevron had a return on equity of 13.70% and a net margin of 9.31%. The firm’s revenue was up 4.7% on a year-over-year basis. During the same period last year, the business earned $3.08 EPS. On average, research analysts predict that Chevron Co. will post 11.86 EPS for the current year.

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th will be given a dividend of $1.63 per share. The ex-dividend date is Monday, August 19th. This represents a $6.52 annualized dividend and a dividend yield of 4.65%. Chevron’s dividend payout ratio is presently 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.