Chevron Co. (NYSE:CVX) Stake Boosted by Inverness Counsel LLC NY

Inverness Counsel LLC NY raised its holdings in shares of Chevron Co. (NYSE:CVX) by 17.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 210,901 shares of the oil and gas company’s stock after acquiring an additional 31,418 shares during the quarter. Inverness Counsel LLC NY’s holdings in Chevron were worth $22,090,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the business. Stonehage Fleming Financial Services Holdings Ltd bought a new stake in shares of Chevron in the 2nd quarter valued at approximately $30,000. Bradley & Co. Private Wealth Management LLC acquired a new stake in Chevron in the 1st quarter worth approximately $31,000. Horan Securities Inc. lifted its holdings in Chevron by 196.0% in the 2nd quarter. Horan Securities Inc. now owns 296 shares of the oil and gas company’s stock worth $31,000 after purchasing an additional 196 shares during the last quarter. Total Clarity Wealth Management Inc. acquired a new stake in Chevron in the 1st quarter worth approximately $34,000. Finally, Newton One Investments LLC acquired a new stake in Chevron in the 2nd quarter worth approximately $34,000. 65.78% of the stock is currently owned by institutional investors.

Shares of CVX traded up $1.48 during trading hours on Wednesday, hitting $97.68. 290,160 shares of the stock traded hands, compared to its average volume of 10,414,321. The company has a current ratio of 1.17, a quick ratio of 0.95 and a debt-to-equity ratio of 0.30. Chevron Co. has a 1-year low of $65.16 and a 1-year high of $113.11. The firm has a market capitalization of $188.90 billion, a PE ratio of 51.66, a price-to-earnings-growth ratio of 2.85 and a beta of 1.32. The business has a fifty day moving average of $99.47 and a 200-day moving average of $103.55.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Thursday, July 29th. The oil and gas company reported $1.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.59 by $0.12. Chevron had a return on equity of 3.89% and a net margin of 3.01%. The business had revenue of $37.60 billion for the quarter, compared to analyst estimates of $35.98 billion. During the same quarter in the prior year, the firm posted ($1.59) earnings per share. The firm’s revenue for the quarter was up 169.5% compared to the same quarter last year. As a group, equities research analysts expect that Chevron Co. will post 6.74 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, September 10th. Stockholders of record on Thursday, August 19th were paid a dividend of $1.34 per share. This represents a $5.36 annualized dividend and a dividend yield of 5.49%. The ex-dividend date of this dividend was Wednesday, August 18th. Chevron’s dividend payout ratio (DPR) is presently -2,680.00%.

A number of analysts have recently issued reports on the company. Truist boosted their price objective on Chevron from $130.00 to $144.00 and gave the company a “buy” rating in a research report on Thursday, July 1st. They noted that the move was a valuation call. Morgan Stanley upped their price target on Chevron from $127.00 to $149.00 and gave the company an “overweight” rating in a research report on Friday, June 18th. HSBC cut Chevron from a “buy” rating to a “hold” rating and lowered their price target for the company from $127.00 to $112.00 in a research report on Thursday, July 22nd. JPMorgan Chase & Co. cut Chevron from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $128.00 to $111.00 in a research report on Wednesday. Finally, Mizuho upped their price target on Chevron from $127.00 to $135.00 and gave the company a “buy” rating in a research report on Wednesday, July 7th. Eleven investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Chevron has an average rating of “Buy” and a consensus target price of $118.29.

About Chevron

Chevron Corp. engages in the provision of administrative, financial management, and technology support for energy and chemical operations. It operates through the Upstream and Downstream segments. The Upstream segment consists of exploration, development, and production of crude oil and natural gas; liquefaction, transportation, and regasification associated with liquefied natural gas; transporting crude oil by major international oil export pipelines; processing, transporting, storage, and marketing of natural gas; and a gas-to-liquids plant.

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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