Spinnaker Trust Sells 1,566 Shares of Chevron Co. (NYSE:CVX)

by · The Markets Daily

Spinnaker Trust cut its position in Chevron Co. (NYSE:CVX – Free Report) by 2.7% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 56,914 shares of the oil and gas company’s stock after selling 1,566 shares during the quarter. Spinnaker Trust’s holdings in Chevron were worth $8,382,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Consilium Wealth Advisory LLC boosted its position in shares of Chevron by 4.6% in the third quarter. Consilium Wealth Advisory LLC now owns 5,349 shares of the oil and gas company’s stock valued at $788,000 after acquiring an additional 236 shares during the period. Concurrent Investment Advisors LLC boosted its holdings in Chevron by 13.8% in the 3rd quarter. Concurrent Investment Advisors LLC now owns 91,859 shares of the oil and gas company’s stock valued at $13,528,000 after purchasing an additional 11,151 shares during the period. Gordian Advisors LLC acquired a new position in shares of Chevron during the 3rd quarter worth approximately $236,000. Centennial Wealth Advisory LLC increased its holdings in shares of Chevron by 5.8% during the third quarter. Centennial Wealth Advisory LLC now owns 5,453 shares of the oil and gas company’s stock worth $803,000 after purchasing an additional 299 shares during the period. Finally, Maia Wealth LLC boosted its stake in shares of Chevron by 3.1% in the third quarter. Maia Wealth LLC now owns 3,577 shares of the oil and gas company’s stock valued at $538,000 after buying an additional 107 shares during the period. 72.42% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Wolfe Research initiated coverage on Chevron in a report on Thursday, July 18th. They issued a “peer perform” rating for the company. UBS Group upped their price objective on shares of Chevron from $192.00 to $194.00 and gave the stock a “buy” rating in a research report on Monday. Barclays raised their target price on shares of Chevron from $168.00 to $174.00 and gave the company an “overweight” rating in a report on Monday. Royal Bank of Canada upped their price target on shares of Chevron from $170.00 to $175.00 and gave the stock an “outperform” rating in a report on Monday. Finally, Mizuho decreased their target price on Chevron from $205.00 to $189.00 and set an “outperform” rating on the stock in a research report on Monday, September 16th. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $174.93.

Get Our Latest Stock Analysis on CVX

Chevron Trading Up 2.7 %

Shares of CVX stock traded up $4.15 during mid-day trading on Wednesday, hitting $157.56. The company’s stock had a trading volume of 2,204,826 shares, compared to its average volume of 7,623,106. The company has a market cap of $288.16 billion, a PE ratio of 16.86, a P/E/G ratio of 3.43 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 company has a debt-to-equity ratio of 0.13, a quick ratio of 0.85 and a current ratio of 1.16. The company’s fifty day simple moving average is $147.20 and its 200-day simple moving average is $152.86.

Chevron (NYSE:CVX – Get Free Report) last posted its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share for the quarter, topping analysts’ consensus estimates of $2.47 by $0.04. The business had revenue of $50.67 billion for 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 firm’s revenue for the quarter was down 6.3% on a year-over-year basis. During the same period in the prior year, the business earned $3.05 EPS. As a group, equities research analysts expect that Chevron Co. will post 10.65 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Monday, November 18th will be given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.14%. The ex-dividend date is Monday, November 18th. Chevron’s payout ratio is currently 71.65%.

Chevron Profile

(Free Report)

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.

Further Reading

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