Chevron Co. (NYSE:CVX) Holdings Cut by Confluence Wealth Services Inc.

Confluence Wealth Services Inc. reduced its stake in Chevron Co. (NYSE:CVX) by 7.0% in the third quarter, HoldingsChannel.com reports. The fund owned 38,028 shares of the oil and gas company’s stock after selling 2,863 shares during the quarter. Confluence Wealth Services Inc.’s holdings in Chevron were worth $5,600,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently made changes to their positions in the stock. New Century Financial Group LLC lifted its stake in Chevron by 277.8% in the first quarter. New Century Financial Group LLC now owns 19,335 shares of the oil and gas company’s stock valued at $3,050,000 after buying an additional 14,217 shares during the last quarter. Retirement Guys Formula LLC acquired a new stake in shares of Chevron in the 1st quarter worth about $733,000. Insight Folios Inc lifted its position in Chevron by 0.8% in the 1st quarter. Insight Folios Inc now owns 43,394 shares of the oil and gas company’s stock valued at $6,845,000 after purchasing an additional 347 shares during the last quarter. FCG Investment Co boosted its stake in Chevron by 34.1% during the 1st quarter. FCG Investment Co now owns 5,967 shares of the oil and gas company’s stock valued at $941,000 after purchasing an additional 1,517 shares during the period. Finally, American National Bank & Trust Co. VA bought a new position in Chevron in the 1st quarter worth about $6,978,000. 72.42% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Truist Financial cut their price target on Chevron from $154.00 to $150.00 and set a “hold” rating on the stock in a report on Monday, September 30th. Scotiabank reduced their price target on Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. UBS Group increased their price target on Chevron from $189.00 to $192.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Royal Bank of Canada restated an “outperform” rating and set a $170.00 price objective on shares of Chevron in a research note on Tuesday, October 8th. Finally, Wells Fargo & Company reduced their price objective on shares of Chevron from $196.00 to $169.00 and set an “overweight” rating for the company in a report on Friday, September 27th. Five investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $173.07.

Chevron Stock Up 2.9 %

NYSE CVX opened at $153.07 on Friday. Chevron Co. has a 12 month low of $135.37 and a 12 month high of $167.11. The company has a market capitalization of $279.95 billion, a P/E ratio of 16.82, a PEG ratio of 3.29 and a beta of 1.09. The company’s 50 day simple moving average is $146.96 and its 200 day simple moving average is $152.96. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.16 and a quick ratio of 0.85.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.93 by ($0.38). Chevron had a net margin of 9.31% and a return on equity of 13.70%. The company had revenue of $51.18 billion during the quarter, compared to the consensus estimate of $48.68 billion. During the same period in the prior year, the company posted $3.08 EPS. Chevron’s quarterly revenue was up 4.7% on a year-over-year basis. Equities research analysts expect that Chevron Co. will post 10.74 earnings per share for the current fiscal year.

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.