Balboa Wealth Partners Sells 899 Shares of Chevron Co. (NYSE:CVX)

Balboa Wealth Partners trimmed its position in Chevron Co. (NYSE:CVX) by 12.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,333 shares of the oil and gas company’s stock after selling 899 shares during the period. Balboa Wealth Partners’ holdings in Chevron were worth $933,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. China Universal Asset Management Co. Ltd. acquired a new stake in Chevron during the 1st quarter worth approximately $566,000. Empowered Funds LLC raised its position in Chevron by 5.4% during the first quarter. Empowered Funds LLC now owns 429,000 shares of the oil and gas company’s stock valued at $67,670,000 after purchasing an additional 22,047 shares in the last quarter. Wintrust Investments LLC raised its holdings in shares of Chevron by 1.6% during the 1st quarter. Wintrust Investments LLC now owns 10,066 shares of the oil and gas company’s stock worth $1,588,000 after buying an additional 158 shares in the last quarter. M&G Plc acquired a new stake in shares of Chevron in the 1st quarter valued at approximately $16,280,000. Finally, Prevail Innovative Wealth Advisors LLC increased its holdings in shares of Chevron by 38.4% during the first quarter. Prevail Innovative Wealth Advisors LLC now owns 14,939 shares of the oil and gas company’s stock worth $2,356,000 after buying an additional 4,148 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors.

Chevron Stock Performance

Shares of CVX stock opened at $161.77 on Friday. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. The company’s fifty day moving average price is $148.51 and its 200-day moving average price is $152.65. The stock has a market cap of $290.72 billion, a PE ratio of 17.78, a price-to-earnings-growth ratio of 3.57 and a beta of 1.09. Chevron Co. has a 12 month low of $135.37 and a 12 month high of $167.11.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, November 1st. The oil and gas company reported $2.51 EPS for the quarter, beating the consensus estimate of $2.47 by $0.04. Chevron had a net margin of 8.44% and a return on equity of 13.15%. The company had revenue of $50.67 billion for the quarter, compared to the consensus estimate of $48.86 billion. During the same period in the prior year, the firm posted $3.05 EPS. Chevron’s revenue for the quarter was down 6.3% on a year-over-year basis. On average, equities analysts expect that Chevron Co. will post 10.55 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Monday, November 18th will be given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 4.03%. The ex-dividend date of this dividend is Monday, November 18th. Chevron’s dividend payout ratio (DPR) is presently 71.65%.

Analysts Set New Price Targets

Several research firms recently commented on CVX. Mizuho cut their target price on shares of Chevron from $205.00 to $189.00 and set an “outperform” rating on the stock in a research report on Monday, September 16th. Barclays upped their target price on Chevron from $168.00 to $174.00 and gave the company an “overweight” rating in a report on Monday, November 4th. Scotiabank dropped their target price on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Truist Financial boosted their price objective on Chevron from $150.00 to $155.00 and gave the company a “hold” rating in a research note on Monday, November 4th. Finally, Bank of America assumed coverage on shares of Chevron in a research report on Thursday, October 17th. They set a “buy” rating and a $168.00 price objective for the company. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $174.93.

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.