Source Financial Advisors LLC Trims Holdings in Chevron Co. (NYSE:CVX)

Source Financial Advisors LLC lowered its stake in shares of Chevron Co. (NYSE:CVX) by 7.7% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 1,991 shares of the oil and gas company’s stock after selling 167 shares during the period. Source Financial Advisors LLC’s holdings in Chevron were worth $293,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. China Universal Asset Management Co. Ltd. purchased a new position in Chevron in the 1st quarter valued at approximately $566,000. Oxbow Advisors LLC boosted its stake in shares of Chevron by 13.1% in the 1st quarter. Oxbow Advisors LLC now owns 11,787 shares of the oil and gas company’s stock valued at $1,859,000 after buying an additional 1,361 shares during the period. Bard Financial Services Inc. increased its stake in shares of Chevron by 1.7% during the first quarter. Bard Financial Services Inc. now owns 70,070 shares of the oil and gas company’s stock worth $11,053,000 after buying an additional 1,200 shares during the period. TFG Advisers LLC grew its holdings in Chevron by 1.3% during the 1st quarter. TFG Advisers LLC now owns 20,483 shares of the oil and gas company’s stock worth $3,231,000 after acquiring an additional 261 shares in the last quarter. Finally, Mittelman Wealth Management acquired a new stake in shares of Chevron in the 1st quarter valued at $1,265,000. Institutional investors and hedge funds own 72.42% of the company’s stock.

Chevron Stock Performance

NYSE CVX opened at $156.95 on Friday. The firm has a market cap of $287.05 billion, a P/E ratio of 17.25, a P/E/G ratio of 3.53 and a beta of 1.09. Chevron Co. has a 52-week low of $135.37 and a 52-week high of $167.11. The business’s 50-day moving average price is $147.80 and its 200 day moving average price is $152.89. The company has a quick ratio of 0.85, a current ratio of 1.16 and a debt-to-equity ratio of 0.13.

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

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th will be paid a dividend of $1.63 per share. The ex-dividend date is Monday, November 18th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.15%. Chevron’s dividend payout ratio (DPR) is 71.65%.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Royal Bank of Canada increased their target price on Chevron from $170.00 to $175.00 and gave the company an “outperform” rating in a report on Monday, November 4th. UBS Group raised their target price on Chevron from $192.00 to $194.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. Truist Financial upped their price target on Chevron from $150.00 to $155.00 and gave the company a “hold” rating in a report on Monday, November 4th. Barclays raised their price objective on shares of Chevron from $168.00 to $174.00 and gave the stock an “overweight” rating in a report on Monday, November 4th. Finally, Bank of America began coverage on shares of Chevron in a report on Thursday, October 17th. They issued a “buy” rating and a $168.00 target price for the company. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $174.93.

Chevron 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.