FORA Capital LLC Buys Shares of 53,044 Chevron Co. (NYSE:CVX)

FORA Capital LLC purchased a new position in shares of Chevron Co. (NYSE:CVX) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 53,044 shares of the oil and gas company’s stock, valued at approximately $7,812,000. Chevron comprises 0.9% of FORA Capital LLC’s investment portfolio, making the stock its 22nd biggest holding.

Several other hedge funds have also recently modified their holdings of CVX. RPg Family Wealth Advisory LLC purchased a new position in Chevron during the third quarter worth about $31,000. CreativeOne Wealth LLC raised its stake in shares of Chevron by 37.5% during the 3rd quarter. CreativeOne Wealth LLC now owns 37,273 shares of the oil and gas company’s stock worth $5,489,000 after buying an additional 10,174 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in shares of Chevron by 243.5% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 477,085 shares of the oil and gas company’s stock valued at $70,260,000 after buying an additional 338,200 shares in the last quarter. Bridgewater Associates LP lifted its holdings in Chevron by 336.1% in the third quarter. Bridgewater Associates LP now owns 669,119 shares of the oil and gas company’s stock valued at $98,541,000 after acquiring an additional 515,672 shares during the period. Finally, Freedom Investment Management Inc. boosted its position in shares of Chevron by 10.0% during the 3rd quarter. Freedom Investment Management Inc. now owns 9,089 shares of the oil and gas company’s stock worth $1,339,000 after purchasing an additional 830 shares in the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Chevron

In other news, CEO Michael K. Wirth sold 164,600 shares of the company’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the completion of the transaction, the chief executive officer now owns 4,280 shares of the company’s stock, valued at $685,356.40. This represents a 97.47 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.20% of the company’s stock.

Chevron Price Performance

Chevron stock traded up $1.41 during midday trading on Wednesday, reaching $163.94. 1,157,873 shares of the company were exchanged, compared to its average volume of 7,631,230. The company has a market capitalization of $294.61 billion, a price-to-earnings ratio of 17.86, a P/E/G ratio of 3.54 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 firm’s 50-day simple moving average is $152.32 and its 200-day simple moving average is $152.49. Chevron Co. has a 1 year low of $135.37 and a 1 year high of $167.11.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 EPS for the quarter, topping analysts’ consensus estimates of $2.47 by $0.04. The business had revenue of $50.67 billion during the quarter, compared to the consensus estimate of $48.86 billion. Chevron had a net margin of 8.44% and a return on equity of 13.15%. The company’s quarterly revenue was down 6.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.05 earnings per share. On average, analysts anticipate that Chevron Co. will post 10.53 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 paid a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 3.98%. The ex-dividend date of this dividend is Monday, November 18th. Chevron’s dividend payout ratio is presently 71.65%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Scotiabank cut their price target on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. 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. Mizuho lowered their price target on Chevron from $205.00 to $189.00 and set an “outperform” rating on the stock in a report on Monday, September 16th. UBS Group raised their price objective on Chevron from $192.00 to $194.00 and gave the company a “buy” rating in a research note on Monday, November 4th. Finally, Truist Financial boosted their target price on Chevron from $150.00 to $155.00 and gave the stock a “hold” rating in a research report on Monday, November 4th. Four analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $175.56.

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.