Cutler Investment Counsel LLC Cuts Stock Holdings in Chevron Co. (NYSE:CVX)

Cutler Investment Counsel LLC cut its stake in Chevron Co. (NYSE:CVX) by 5.4% in the third quarter, HoldingsChannel reports. The firm owned 67,184 shares of the oil and gas company’s stock after selling 3,822 shares during the quarter. Cutler Investment Counsel LLC’s holdings in Chevron were worth $9,894,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of CVX. Rational Advisors LLC purchased a new stake in shares of Chevron during the third quarter worth approximately $29,000. Anfield Capital Management LLC increased its holdings in Chevron by 118.0% in the second quarter. Anfield Capital Management LLC now owns 218 shares of the oil and gas company’s stock valued at $34,000 after buying an additional 118 shares during the last quarter. Cyrus J. Lawrence LLC raised its stake in Chevron by 66.7% in the second quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company’s stock valued at $39,000 after buying an additional 100 shares in the last quarter. Krane Funds Advisors LLC purchased a new stake in Chevron during the 3rd quarter worth about $47,000. Finally, Livelsberger Financial Advisory acquired a new position in shares of Chevron during the 3rd quarter worth about $47,000. Institutional investors and hedge funds own 72.42% of the company’s stock.

Chevron Price Performance

NYSE CVX traded down $0.38 during trading hours on Friday, reaching $161.42. The company’s stock had a trading volume of 9,022,753 shares, compared to its average volume of 7,677,757. Chevron Co. has a fifty-two week low of $135.37 and a fifty-two week high of $167.11. The stock has a market cap of $290.09 billion, a PE ratio of 17.74, a PEG ratio of 3.57 and a beta of 1.09. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. The company’s 50-day moving average is $149.39 and its two-hundred day moving average is $152.68.

Chevron (NYSE:CVX) last announced its earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share 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 firm had revenue of $50.67 billion during the quarter, compared to the consensus estimate of $48.86 billion. During the same quarter in the previous year, the company posted $3.05 EPS. The firm’s revenue for the quarter was down 6.3% on a year-over-year basis. Analysts forecast that Chevron Co. will post 10.55 EPS for the current year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th will be issued a $1.63 dividend. The ex-dividend date is Monday, November 18th. This represents a $6.52 annualized dividend and a yield of 4.04%. Chevron’s dividend payout ratio (DPR) is presently 71.65%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on CVX shares. Wells Fargo & Company cut their price target on shares of Chevron from $196.00 to $169.00 and set an “overweight” rating on the stock in a research note on Friday, September 27th. Barclays boosted their price objective on Chevron from $168.00 to $174.00 and gave the company an “overweight” rating in a research note on Monday, November 4th. DZ Bank raised shares of Chevron from a “hold” rating to a “buy” rating and set a $170.00 target price on the stock in a report on Tuesday, November 5th. UBS Group increased their price target on shares of Chevron from $192.00 to $194.00 and gave the stock a “buy” rating in a research note on Monday, November 4th. Finally, Truist Financial upped their target price on shares of Chevron from $150.00 to $155.00 and gave the company a “hold” rating in a report on Monday, November 4th. Four 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 an average rating of “Moderate Buy” and a consensus 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.