Drive Wealth Management LLC Lowers Holdings in Chevron Co. (NYSE:CVX)

Drive Wealth Management LLC reduced its stake in Chevron Co. (NYSE:CVX) by 10.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,619 shares of the oil and gas company’s stock after selling 813 shares during the period. Drive Wealth Management LLC’s holdings in Chevron were worth $975,000 as of its most recent SEC filing.

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

Chevron Stock Down 0.2 %

Shares of CVX stock opened at $161.42 on Monday. The company has a market capitalization of $290.09 billion, a price-to-earnings ratio of 17.74, a PEG ratio of 3.63 and a beta of 1.09. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80. The company’s fifty day moving average price is $149.39 and its 200-day moving average price is $152.57. Chevron Co. has a one year low of $135.37 and a one year high of $167.11.

Chevron (NYSE:CVX) last posted 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 return on equity of 13.15% and a net margin of 8.44%. The business’s quarterly revenue was down 6.3% on a year-over-year basis. During the same period last year, the firm earned $3.05 earnings per share. Sell-side analysts expect that Chevron Co. will post 10.55 EPS for the current fiscal year.

Chevron Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of research firms have commented on CVX. Barclays lifted their target price on Chevron from $168.00 to $174.00 and gave the stock an “overweight” rating in a report on Monday, November 4th. Truist Financial lifted their price objective on Chevron from $150.00 to $155.00 and gave the stock a “hold” rating in a report on Monday, November 4th. Mizuho lowered their target price on shares of Chevron from $205.00 to $189.00 and set an “outperform” rating on the stock in a research note on Monday, September 16th. Bank of America initiated coverage on shares of Chevron in a report on Thursday, October 17th. They set a “buy” rating and a $168.00 price target on the stock. Finally, UBS Group increased their price objective on shares of Chevron from $192.00 to $194.00 and gave the company a “buy” rating in a research report on Monday, November 4th. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target 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.