Instrumental Wealth LLC Acquires 76 Shares of Chevron Co. (NYSE:CVX)

Instrumental Wealth LLC grew its holdings in Chevron Co. (NYSE:CVX) by 3.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,238 shares of the oil and gas company’s stock after acquiring an additional 76 shares during the period. Chevron accounts for 0.4% of Instrumental Wealth LLC’s portfolio, making the stock its 27th largest holding. Instrumental Wealth LLC’s holdings in Chevron were worth $353,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. American Capital Advisory LLC increased its stake in shares of Chevron by 403.2% in the first quarter. American Capital Advisory LLC now owns 156 shares of the oil and gas company’s stock worth $25,000 after purchasing an additional 125 shares in the last quarter. Bare Financial Services Inc bought a new stake in Chevron during the 4th quarter valued at about $27,000. Frank Rimerman Advisors LLC bought a new stake in Chevron during the 4th quarter valued at about $30,000. Cooksen Wealth LLC bought a new stake in Chevron during the 4th quarter valued at about $40,000. Finally, Clear Investment Research LLC lifted its holdings in Chevron by 264.9% during the 4th quarter. Clear Investment Research LLC now owns 281 shares of the oil and gas company’s stock valued at $42,000 after buying an additional 204 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors.

Chevron Stock Performance

Shares of CVX traded down $1.55 during trading hours on Tuesday, hitting $146.95. The stock had a trading volume of 5,087,108 shares, compared to its average volume of 7,785,664. 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 firm has a 50-day moving average price of $152.88 and a 200 day moving average price of $155.79. The firm has a market capitalization of $270.82 billion, a price-to-earnings ratio of 13.52, a PEG ratio of 2.46 and a beta of 1.10. Chevron Co. has a fifty-two week low of $139.62 and a fifty-two week high of $171.70.

Chevron (NYSE:CVX) last released its earnings results on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.38). Chevron had a return on equity of 13.70% and a net margin of 9.31%. The business had revenue of $51.18 billion for the quarter, compared to analysts’ expectations of $48.68 billion. During the same period in the previous year, the company earned $3.08 EPS. Chevron’s quarterly revenue was up 4.7% compared to the same quarter last year. As a group, research analysts anticipate that Chevron Co. will post 11.96 EPS for the current year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Monday, August 19th will be issued a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.44%. The ex-dividend date is Monday, August 19th. Chevron’s dividend payout ratio is currently 59.98%.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. HSBC raised their target price on shares of Chevron from $175.00 to $178.00 and gave the company a “buy” rating in a research report on Tuesday, April 30th. Scotiabank cut their price objective 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. Sanford C. Bernstein downgraded shares of Chevron from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $183.00 to $167.00 in a research report on Wednesday, July 17th. Truist Financial cut their price objective on shares of Chevron from $156.00 to $154.00 and set a “hold” rating on the stock in a research report on Monday, August 5th. Finally, Barclays cut their price objective on shares of Chevron from $203.00 to $185.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 6th. Seven investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Chevron currently has a consensus rating of “Moderate Buy” and an average target price of $183.82.

Chevron Company 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.