Chevron Co. (NYSE:CVX) Shares Acquired by CIBC Asset Management Inc

CIBC Asset Management Inc increased its position in Chevron Co. (NYSE:CVX) by 1.8% in the third quarter, Holdings Channel reports. The firm owned 623,758 shares of the oil and gas company’s stock after purchasing an additional 10,890 shares during the quarter. CIBC Asset Management Inc’s holdings in Chevron were worth $91,860,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CVX. Marietta Wealth Management LLC boosted its holdings in Chevron by 10.9% in the third quarter. Marietta Wealth Management LLC now owns 40,484 shares of the oil and gas company’s stock worth $5,962,000 after purchasing an additional 3,965 shares during the period. Leo Wealth LLC boosted its stake in Chevron by 19.6% in the third quarter. Leo Wealth LLC now owns 8,246 shares of the oil and gas company’s stock valued at $1,214,000 after acquiring an additional 1,354 shares during the period. RPG Investment Advisory LLC grew its holdings in shares of Chevron by 3.4% during the third quarter. RPG Investment Advisory LLC now owns 121,167 shares of the oil and gas company’s stock valued at $17,844,000 after purchasing an additional 3,933 shares during the last quarter. Garner Asset Management Corp raised its position in shares of Chevron by 14.5% during the 2nd quarter. Garner Asset Management Corp now owns 19,997 shares of the oil and gas company’s stock worth $3,128,000 after purchasing an additional 2,530 shares during the period. Finally, Cantor Fitzgerald Investment Advisors L.P. lifted its holdings in shares of Chevron by 3.2% in the 3rd quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 114,961 shares of the oil and gas company’s stock worth $16,930,000 after purchasing an additional 3,561 shares during the last quarter. 72.42% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CVX. Truist Financial increased 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. Bank of America initiated coverage on shares of Chevron in a report on Thursday, October 17th. They issued a “buy” rating and a $168.00 price objective on the stock. Royal Bank of Canada boosted their target price on shares of Chevron from $170.00 to $175.00 and gave the company an “outperform” rating in a research note on Monday, November 4th. DZ Bank upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $170.00 price target on the stock in a research note on Tuesday, November 5th. Finally, Wells Fargo & Company cut their price target on Chevron from $196.00 to $169.00 and set an “overweight” rating on the stock in a report on Friday, September 27th. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, Chevron has a consensus rating of “Moderate Buy” and a consensus price target of $174.93.

Chevron Price Performance

NYSE CVX opened at $161.77 on Friday. The stock has a market capitalization of $290.72 billion, a P/E ratio of 17.78, a P/E/G ratio of 3.57 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 business’s fifty day moving average is $148.51 and its two-hundred day moving average is $152.65. 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 earnings per share for the quarter, topping analysts’ consensus estimates of $2.47 by $0.04. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The firm had revenue of $50.67 billion for the quarter, compared to analysts’ expectations of $48.86 billion. During the same quarter last year, the business posted $3.05 EPS. Chevron’s revenue was down 6.3% on a year-over-year basis. On average, research analysts forecast that Chevron Co. will post 10.55 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Monday, November 18th will be paid a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 4.03%. The ex-dividend date of this dividend is Monday, November 18th. Chevron’s dividend payout ratio is 71.65%.

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.