Baker Avenue Asset Management LP Lowers Position in Chevron Co. (NYSE:CVX)

Baker Avenue Asset Management LP lowered its stake in Chevron Co. (NYSE:CVX) by 4.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 29,951 shares of the oil and gas company’s stock after selling 1,354 shares during the quarter. Baker Avenue Asset Management LP’s holdings in Chevron were worth $4,411,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Montz Harcus Wealth Management LLC lifted its stake in Chevron by 2.2% in the second quarter. Montz Harcus Wealth Management LLC now owns 2,943 shares of the oil and gas company’s stock valued at $460,000 after acquiring an additional 63 shares during the last quarter. Hubbell Strickland Wealth Management LLC lifted its stake in shares of Chevron by 0.7% during the 2nd quarter. Hubbell Strickland Wealth Management LLC now owns 9,493 shares of the oil and gas company’s stock valued at $1,485,000 after buying an additional 64 shares in the last quarter. Cyndeo Wealth Partners LLC increased its stake in Chevron by 0.3% in the third quarter. Cyndeo Wealth Partners LLC now owns 19,769 shares of the oil and gas company’s stock valued at $2,911,000 after acquiring an additional 67 shares during the last quarter. S.A. Mason LLC grew its position in Chevron by 0.7% during the third quarter. S.A. Mason LLC now owns 9,033 shares of the oil and gas company’s stock valued at $1,330,000 after acquiring an additional 67 shares during the last quarter. Finally, Jaffetilchin Investment Partners LLC lifted its stake in Chevron by 1.2% in the second quarter. Jaffetilchin Investment Partners LLC now owns 5,777 shares of the oil and gas company’s stock worth $904,000 after purchasing an additional 68 shares during the last quarter. Institutional investors own 72.42% of the company’s stock.

Chevron Price Performance

Shares of NYSE CVX traded up $0.16 during trading hours on Friday, hitting $156.93. 6,041,457 shares of the stock were exchanged, compared to its average volume of 6,615,985. The company has a market cap of $287.01 billion, a PE ratio of 17.25, a price-to-earnings-growth ratio of 3.51 and a beta of 1.09. Chevron Co. has a 1-year low of $135.37 and a 1-year high of $167.11. The company’s fifty day simple moving average is $147.80 and its two-hundred day simple moving average is $152.89. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.85 and a current ratio of 1.16.

Chevron (NYSE:CVX) last released its earnings results on Friday, November 1st. The oil and gas company reported $2.51 EPS for the quarter, topping the consensus estimate of $2.47 by $0.04. The business had revenue of $50.67 billion during the quarter, compared to analysts’ expectations of $48.86 billion. Chevron had a return on equity of 13.07% and a net margin of 8.44%. The firm’s revenue was down 6.3% on a year-over-year basis. During the same quarter last year, the firm posted $3.05 earnings per share. On average, sell-side analysts predict that Chevron Co. will post 10.59 EPS for the current year.

Chevron Announces Dividend

The business also recently declared 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 yield of 4.15%. The ex-dividend date is Monday, November 18th. Chevron’s dividend payout ratio (DPR) is currently 71.65%.

Analyst Ratings Changes

A number of brokerages recently weighed in on CVX. Mizuho decreased their price objective on shares of Chevron from $205.00 to $189.00 and set an “outperform” rating for the company in a report on Monday, September 16th. Royal Bank of Canada increased their price target on Chevron from $170.00 to $175.00 and gave the stock an “outperform” rating in a research report on Monday, November 4th. Wolfe Research assumed coverage on Chevron in a research note on Thursday, July 18th. They issued a “peer perform” rating for the company. Sanford C. Bernstein downgraded shares of Chevron from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $183.00 to $167.00 in a research report on Wednesday, July 17th. Finally, Wells Fargo & Company dropped their target price on Chevron from $196.00 to $169.00 and set an “overweight” rating on the stock in a research report on Friday, September 27th. 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, the company currently has a consensus rating of “Moderate Buy” and a consensus price target 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.