Genesee Capital Advisors LLC Increases Stock Position in Chevron Co. (NYSE:CVX)

Genesee Capital Advisors LLC boosted its stake in Chevron Co. (NYSE:CVX) by 2.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,506 shares of the oil and gas company’s stock after purchasing an additional 121 shares during the period. Genesee Capital Advisors LLC’s holdings in Chevron were worth $664,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in CVX. Massachusetts Financial Services Co. MA grew its position in Chevron by 55.5% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 8,537,859 shares of the oil and gas company’s stock worth $1,335,492,000 after purchasing an additional 3,048,819 shares during the period. Wulff Hansen & CO. grew its position in shares of Chevron by 15,542.0% during the 2nd quarter. Wulff Hansen & CO. now owns 1,175,653 shares of the oil and gas company’s stock valued at $183,896,000 after acquiring an additional 1,168,137 shares during the period. Global Assets Advisory LLC bought a new stake in shares of Chevron during the 1st quarter valued at $156,482,000. Capital International Investors grew its position in shares of Chevron by 5.9% during the 1st quarter. Capital International Investors now owns 13,418,287 shares of the oil and gas company’s stock valued at $2,116,600,000 after acquiring an additional 743,042 shares during the period. Finally, Federated Hermes Inc. grew its position in shares of Chevron by 38.6% during the 2nd quarter. Federated Hermes Inc. now owns 2,445,005 shares of the oil and gas company’s stock valued at $382,448,000 after acquiring an additional 681,394 shares during the period. Institutional investors own 72.42% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Scotiabank dropped their target price on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. UBS Group upped their target price on shares of Chevron from $189.00 to $192.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. Truist Financial decreased their price target on shares of Chevron from $154.00 to $150.00 and set a “hold” rating on the stock in a research note on Monday, September 30th. Wolfe Research assumed coverage on shares of Chevron in a research note on Thursday, July 18th. They issued a “peer perform” rating on the stock. Finally, Sanford C. Bernstein cut shares of Chevron from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $183.00 to $167.00 in a research note on Wednesday, July 17th. Five analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, Chevron currently has an average rating of “Moderate Buy” and an average price target of $173.07.

Chevron Stock Performance

Shares of Chevron stock traded up $0.33 during trading on Monday, hitting $151.08. 2,233,228 shares of the company’s stock were exchanged, compared to its average volume of 7,679,878. 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 business has a 50-day simple moving average of $146.07 and a 200-day simple moving average of $153.62. Chevron Co. has a 52-week low of $135.37 and a 52-week high of $167.11. The stock has a market capitalization of $278.44 billion, a price-to-earnings ratio of 13.94, a PEG ratio of 2.74 and a beta of 1.09.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, August 2nd. The oil and gas company reported $2.55 EPS 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 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 quarterly revenue was up 4.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.08 EPS. On average, research analysts forecast that Chevron Co. will post 11.06 EPS for the current year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were given a $1.63 dividend. The ex-dividend date was Monday, August 19th. This represents a $6.52 annualized dividend and a dividend yield of 4.32%. Chevron’s dividend payout ratio (DPR) is 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.