Chesapeake Wealth Management Sells 197 Shares of Chevron Co. (NYSE:CVX)

Chesapeake Wealth Management lowered its position in Chevron Co. (NYSE:CVX) by 1.2% in the 3rd quarter, HoldingsChannel reports. The fund owned 15,932 shares of the oil and gas company’s stock after selling 197 shares during the period. Chesapeake Wealth Management’s holdings in Chevron were worth $2,346,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Rational Advisors LLC bought a new stake in shares of Chevron in the third quarter valued at approximately $29,000. Anfield Capital Management LLC grew its stake in Chevron by 118.0% in the 2nd quarter. Anfield Capital Management LLC now owns 218 shares of the oil and gas company’s stock valued at $34,000 after buying an additional 118 shares in the last quarter. Cyrus J. Lawrence LLC raised its holdings in Chevron by 66.7% during the 2nd quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company’s stock valued at $39,000 after acquiring an additional 100 shares during the period. Livelsberger Financial Advisory purchased a new stake in shares of Chevron during the third quarter worth $47,000. Finally, Krane Funds Advisors LLC purchased a new stake in shares of Chevron during the third quarter worth $47,000. 72.42% of the stock is currently owned by institutional investors.

Chevron Price Performance

Shares of Chevron stock opened at $160.78 on Tuesday. The firm has a market capitalization of $288.94 billion, a PE ratio of 17.67, a price-to-earnings-growth ratio of 3.63 and a beta of 1.09. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. Chevron Co. has a 12 month low of $135.37 and a 12 month high of $167.11. The business’s 50-day moving average price is $149.80 and its 200-day moving average price is $152.57.

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, beating analysts’ consensus estimates of $2.47 by $0.04. The business had revenue of $50.67 billion for the quarter, compared to analysts’ expectations of $48.86 billion. Chevron had a net margin of 8.44% and a return on equity of 13.15%. The business’s quarterly revenue was down 6.3% on a year-over-year basis. During the same period last year, the business earned $3.05 earnings per share. Sell-side analysts forecast that Chevron Co. will post 10.55 EPS for the current fiscal 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 $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 4.06%. The ex-dividend date is Monday, November 18th. Chevron’s dividend payout ratio is presently 71.65%.

Insider Buying and Selling at Chevron

In other Chevron news, CEO Michael K. Wirth sold 164,600 shares of the business’s stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $160.13, for a total value of $26,357,398.00. Following the completion of the sale, the chief executive officer now owns 4,280 shares in the company, valued at approximately $685,356.40. The trade was a 97.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.20% of the company’s stock.

Wall Street Analysts Forecast Growth

CVX has been the topic of a number of analyst reports. DZ Bank upgraded Chevron from a “hold” rating to a “buy” rating and set a $170.00 price objective on the stock in a research note on Tuesday, November 5th. Mizuho decreased their price target on Chevron from $205.00 to $189.00 and set an “outperform” rating on the stock in a research report on Monday, September 16th. Bank of America began coverage on shares of Chevron in a research report on Thursday, October 17th. They issued a “buy” rating and a $168.00 price objective for the company. Scotiabank reduced their price objective on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. Finally, Royal Bank of Canada increased their target price on shares of Chevron from $170.00 to $175.00 and gave the stock an “outperform” rating in a research note on Monday, November 4th. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average 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.