Elite Wealth Management Inc. Grows Holdings in Chevron Co. (NYSE:CVX)

Elite Wealth Management Inc. grew its holdings in shares of Chevron Co. (NYSE:CVX) by 14.8% in the 3rd quarter, Holdings Channel reports. The fund owned 5,437 shares of the oil and gas company’s stock after acquiring an additional 700 shares during the period. Chevron accounts for about 0.1% of Elite Wealth Management Inc.’s investment portfolio, making the stock its 25th biggest position. Elite Wealth Management Inc.’s holdings in Chevron were worth $801,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of CVX. Montz Harcus Wealth Management LLC increased its holdings in Chevron by 2.2% during the second quarter. Montz Harcus Wealth Management LLC now owns 2,943 shares of the oil and gas company’s stock worth $460,000 after buying an additional 63 shares during the last quarter. Hubbell Strickland Wealth Management LLC boosted its stake in Chevron by 0.7% in the 2nd quarter. Hubbell Strickland Wealth Management LLC now owns 9,493 shares of the oil and gas company’s stock worth $1,485,000 after purchasing an additional 64 shares during the period. Tacita Capital Inc boosted its position in shares of Chevron by 16.7% in the third quarter. Tacita Capital Inc now owns 454 shares of the oil and gas company’s stock valued at $67,000 after acquiring an additional 65 shares during the period. Cyndeo Wealth Partners LLC boosted its holdings in Chevron by 0.3% in the 3rd quarter. Cyndeo Wealth Partners LLC now owns 19,769 shares of the oil and gas company’s stock valued at $2,911,000 after purchasing an additional 67 shares during the period. Finally, S.A. Mason LLC grew its position in Chevron by 0.7% during the third quarter. S.A. Mason LLC now owns 9,033 shares of the oil and gas company’s stock worth $1,330,000 after buying an additional 67 shares in the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Trading Down 0.3 %

NYSE CVX opened at $162.11 on Thursday. The company’s 50-day simple moving average is $152.69 and its two-hundred day simple moving average is $152.56. Chevron Co. has a one year low of $135.37 and a one year high of $167.11. The company has a market capitalization of $291.33 billion, a price-to-earnings ratio of 17.81, a price-to-earnings-growth ratio of 3.54 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.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, November 1st. The oil and gas company reported $2.51 earnings per share for the quarter, beating 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 company had revenue of $50.67 billion for the quarter, compared to the consensus estimate of $48.86 billion. During the same quarter last year, the company earned $3.05 earnings per share. The firm’s revenue for the quarter was down 6.3% compared to the same quarter last year. Equities analysts forecast that Chevron Co. will post 10.53 EPS for the current fiscal year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Monday, November 18th will be paid a dividend of $1.63 per share. The ex-dividend date of this dividend is Monday, November 18th. This represents a $6.52 annualized dividend and a yield of 4.02%. Chevron’s dividend payout ratio (DPR) is 71.65%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. DZ Bank raised shares of Chevron from a “hold” rating to a “buy” rating and set a $170.00 price target for the company in a research note on Tuesday, November 5th. Wells Fargo & Company decreased their price target on Chevron from $196.00 to $169.00 and set an “overweight” rating on the stock in a research note on Friday, September 27th. Scotiabank lowered 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. UBS Group raised their price target on Chevron from $192.00 to $194.00 and gave the stock a “buy” rating in a research note on Monday, November 4th. Finally, Barclays lifted their price objective on Chevron from $168.00 to $174.00 and gave the company an “overweight” rating in a research report on Monday, November 4th. Four equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, Chevron currently has a consensus rating of “Moderate Buy” and a consensus target price of $175.56.

Insider Transactions at Chevron

In related news, CEO Michael K. Wirth sold 164,600 shares of the company’s stock in a transaction 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 transaction, the chief executive officer now directly owns 4,280 shares of the company’s stock, valued at $685,356.40. This represents a 97.47 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.20% of the company’s stock.

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.