Cassaday & Co Wealth Management LLC Decreases Stake in Chevron Co. (NYSE:CVX)

Cassaday & Co Wealth Management LLC lowered its holdings in Chevron Co. (NYSE:CVX) by 3.2% in the 3rd quarter, Holdings Channel reports. The firm owned 14,341 shares of the oil and gas company’s stock after selling 481 shares during the period. Cassaday & Co Wealth Management LLC’s holdings in Chevron were worth $2,112,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Rational Advisors LLC purchased a new position in shares of Chevron in the third quarter worth $29,000. Anfield Capital Management LLC grew its holdings in shares of Chevron by 118.0% in the second quarter. Anfield Capital Management LLC now owns 218 shares of the oil and gas company’s stock worth $34,000 after acquiring an additional 118 shares during the period. Cyrus J. Lawrence LLC grew its holdings in shares of Chevron by 66.7% in the second quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company’s stock worth $39,000 after acquiring an additional 100 shares during the period. Krane Funds Advisors LLC bought a new stake in shares of Chevron in the third quarter worth $47,000. Finally, Livelsberger Financial Advisory bought a new stake in shares of Chevron in the third quarter worth $47,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Stock Performance

NYSE CVX opened at $161.42 on Monday. The firm has a market cap of $290.09 billion, a price-to-earnings ratio of 17.74, a price-to-earnings-growth ratio of 3.63 and a beta of 1.09. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. The business has a 50-day moving average price of $149.39 and a 200-day moving average price of $152.57. Chevron Co. has a twelve month low of $135.37 and a twelve month high of $167.11.

Chevron (NYSE:CVX) last posted its 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 company 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 13.15% 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 previous year, the business earned $3.05 earnings per share. As a group, equities research analysts predict that Chevron Co. will post 10.55 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Monday, November 18th will be given a $1.63 dividend. The ex-dividend date is Monday, November 18th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.04%. Chevron’s dividend payout ratio is currently 71.65%.

Analyst Ratings Changes

Several analysts recently commented on the company. Royal Bank of Canada lifted their price objective on Chevron from $170.00 to $175.00 and gave the stock an “outperform” rating in a report on Monday, November 4th. Scotiabank cut their price objective on Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. Bank of America initiated coverage on Chevron in a report on Thursday, October 17th. They issued a “buy” rating and a $168.00 price objective for the company. Wells Fargo & Company cut their price target on Chevron from $196.00 to $169.00 and set an “overweight” rating for the company in a report on Friday, September 27th. Finally, Truist Financial boosted 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. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $174.93.

About Chevron

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.