Amalgamated Bank Decreases Stake in Chevron Co. (NYSE:CVX)

Amalgamated Bank lowered its holdings in Chevron Co. (NYSE:CVX) by 2.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 338,325 shares of the oil and gas company’s stock after selling 8,356 shares during the quarter. Amalgamated Bank’s holdings in Chevron were worth $49,825,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Rational Advisors LLC acquired a new stake in shares of Chevron in the third quarter worth $29,000. Anfield Capital Management LLC increased its stake in shares of Chevron by 118.0% in the second quarter. Anfield Capital Management LLC now owns 218 shares of the oil and gas company’s stock worth $34,000 after acquiring an additional 118 shares during the period. Cyrus J. Lawrence LLC increased its stake in shares of Chevron by 66.7% in the second quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company’s stock worth $39,000 after acquiring an additional 100 shares during the period. Livelsberger Financial Advisory acquired a new stake in shares of Chevron in the third quarter worth $47,000. Finally, Krane Funds Advisors LLC acquired a new stake in shares of Chevron in the third quarter worth $47,000. Institutional investors and hedge funds own 72.42% of the company’s stock.

Chevron Stock Performance

CVX opened at $153.97 on Tuesday. The firm’s fifty day simple moving average is $147.07 and its two-hundred day simple moving average is $152.91. The company has a quick ratio of 0.85, a current ratio of 1.16 and a debt-to-equity ratio of 0.13. The company has a market cap of $281.60 billion, a price-to-earnings ratio of 16.92, a PEG ratio of 3.39 and a beta of 1.09. Chevron Co. has a 52-week low of $135.37 and a 52-week high of $167.11.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share for the quarter, topping the consensus estimate of $2.47 by $0.04. The firm had revenue of $50.67 billion for the quarter, compared to the consensus estimate of $48.86 billion. Chevron had a net margin of 8.44% and a return on equity of 13.07%. The company’s revenue for the quarter was down 6.3% on a year-over-year basis. During the same period last year, the firm posted $3.05 earnings per share. Equities analysts anticipate that Chevron Co. will post 10.7 earnings per share for the current fiscal year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th will be paid a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 4.23%. The ex-dividend date of this dividend is Monday, November 18th. Chevron’s dividend payout ratio is currently 71.65%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on CVX shares. Royal Bank of Canada increased their price objective on shares of Chevron from $170.00 to $175.00 and gave the stock an “outperform” rating in a research note on Monday. Truist Financial raised their price target on shares of Chevron from $150.00 to $155.00 and gave the company a “hold” rating in a research report on Monday. 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 on the stock. Barclays raised their price target on shares of Chevron from $168.00 to $174.00 and gave the company an “overweight” rating in a research report on Monday. Finally, UBS Group raised their price target on shares of Chevron from $192.00 to $194.00 and gave the company a “buy” rating in a research report on Monday. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $174.93.

Chevron Profile

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.