Braun Stacey Associates Inc. Reduces Stock Position in Chevron Co. (NYSE:CVX)

Braun Stacey Associates Inc. cut its holdings in Chevron Co. (NYSE:CVX) by 55.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 59,453 shares of the oil and gas company’s stock after selling 74,558 shares during the quarter. Braun Stacey Associates Inc.’s holdings in Chevron were worth $8,756,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Marietta Wealth Management LLC raised its holdings in shares of Chevron by 10.9% during the third quarter. Marietta Wealth Management LLC now owns 40,484 shares of the oil and gas company’s stock valued at $5,962,000 after acquiring an additional 3,965 shares in the last quarter. Leo Wealth LLC raised its holdings in Chevron by 19.6% in the 3rd quarter. Leo Wealth LLC now owns 8,246 shares of the oil and gas company’s stock worth $1,214,000 after purchasing an additional 1,354 shares in the last quarter. RPG Investment Advisory LLC lifted its position in shares of Chevron by 3.4% in the 3rd quarter. RPG Investment Advisory LLC now owns 121,167 shares of the oil and gas company’s stock worth $17,844,000 after purchasing an additional 3,933 shares during the period. Garner Asset Management Corp boosted its stake in shares of Chevron by 14.5% during the 2nd quarter. Garner Asset Management Corp now owns 19,997 shares of the oil and gas company’s stock valued at $3,128,000 after purchasing an additional 2,530 shares in the last quarter. Finally, Cantor Fitzgerald Investment Advisors L.P. increased its position in shares of Chevron by 3.2% during the third quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 114,961 shares of the oil and gas company’s stock valued at $16,930,000 after buying an additional 3,561 shares during the period. Institutional investors own 72.42% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Barclays lifted their price objective on Chevron from $168.00 to $174.00 and gave the company an “overweight” rating in a research report on Monday, November 4th. Bank of America initiated coverage on Chevron in a research note on Thursday, October 17th. They issued a “buy” rating and a $168.00 price target on the stock. Truist Financial raised their price objective on Chevron from $150.00 to $155.00 and gave the company a “hold” rating in a research report on Monday, November 4th. Wells Fargo & Company reduced their target price on shares of Chevron from $196.00 to $169.00 and set an “overweight” rating on the stock in a research report on Friday, September 27th. Finally, Royal Bank of Canada lifted their price target on shares of Chevron from $170.00 to $175.00 and gave the company an “outperform” rating in a research report on Monday, November 4th. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $174.93.

Chevron Price Performance

Shares of NYSE:CVX opened at $161.42 on Monday. The business has a 50-day simple moving average of $149.39 and a two-hundred day simple moving average of $152.57. 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 firm has a market cap of $290.09 billion, a price-to-earnings ratio of 17.74, a price-to-earnings-growth ratio of 3.63 and a beta of 1.09. Chevron Co. has a fifty-two week low of $135.37 and a fifty-two week high of $167.11.

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

Chevron Announces Dividend

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 issued a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 4.04%. The ex-dividend date is Monday, November 18th. Chevron’s payout ratio is currently 71.65%.

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.