Chevron Co. (NYSE:CVX) Stock Position Cut by Denali Advisors LLC

Denali Advisors LLC decreased its position in shares of Chevron Co. (NYSE:CVX) by 1.6% during the 2nd quarter, Holdings Channel.com reports. The firm owned 6,000 shares of the oil and gas company’s stock after selling 100 shares during the quarter. Denali Advisors LLC’s holdings in Chevron were worth $939,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CVX. Clearstead Trust LLC boosted its stake in Chevron by 0.6% during the second quarter. Clearstead Trust LLC now owns 15,444 shares of the oil and gas company’s stock valued at $2,416,000 after buying an additional 94 shares in the last quarter. Plancorp LLC lifted its holdings in Chevron by 0.7% in the 2nd quarter. Plancorp LLC now owns 10,266 shares of the oil and gas company’s stock valued at $1,606,000 after acquiring an additional 73 shares during the last quarter. Sargent Investment Group LLC boosted its position in shares of Chevron by 15.6% during the 2nd quarter. Sargent Investment Group LLC now owns 16,983 shares of the oil and gas company’s stock valued at $2,656,000 after purchasing an additional 2,292 shares in the last quarter. Edgestream Partners L.P. bought a new position in shares of Chevron during the 2nd quarter valued at about $2,398,000. Finally, GDS Wealth Management grew its stake in shares of Chevron by 7.0% in the 2nd quarter. GDS Wealth Management now owns 2,503 shares of the oil and gas company’s stock worth $392,000 after purchasing an additional 163 shares during the last quarter. 72.42% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on CVX shares. Sanford C. Bernstein cut Chevron from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $183.00 to $167.00 in a report on Wednesday, July 17th. Wolfe Research initiated coverage on Chevron in a research report on Thursday, July 18th. They set a “peer perform” rating on the stock. Truist Financial decreased their price target on Chevron from $156.00 to $154.00 and set a “hold” rating for the company in a research report on Monday, August 5th. Mizuho cut their price objective on Chevron from $205.00 to $189.00 and set an “outperform” rating on the stock in a report on Monday. Finally, Scotiabank dropped their target price on shares of Chevron from $195.00 to $180.00 and set a “sector outperform” rating on the stock in a research report on Friday, July 12th. Seven research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $182.88.

Chevron Stock Performance

Shares of NYSE:CVX opened at $142.11 on Tuesday. The stock has a market capitalization of $259.91 billion, a P/E ratio of 13.07, a P/E/G ratio of 2.41 and a beta of 1.09. Chevron Co. has a 1-year low of $135.37 and a 1-year high of $171.70. The company has a current ratio of 1.16, a quick ratio of 0.85 and a debt-to-equity ratio of 0.13. The business has a 50-day moving average price of $148.88 and a two-hundred day moving average price of $154.68.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share for the quarter, missing the consensus estimate of $2.93 by ($0.38). The firm had revenue of $51.18 billion for the quarter, compared to the consensus estimate of $48.68 billion. Chevron had a return on equity of 13.70% and a net margin of 9.31%. The business’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.08 earnings per share. Equities analysts predict that Chevron Co. will post 11.57 earnings per share for the current year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th were issued a dividend of $1.63 per share. The ex-dividend date of this dividend was Monday, August 19th. This represents a $6.52 annualized dividend and a yield of 4.59%. Chevron’s dividend payout ratio is currently 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.