Hourglass Capital LLC Reduces Holdings in Chevron Co. (NYSE:CVX)

Hourglass Capital LLC trimmed its position in shares of Chevron Co. (NYSE:CVX) by 1.9% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 41,634 shares of the oil and gas company’s stock after selling 820 shares during the quarter. Chevron accounts for approximately 1.7% of Hourglass Capital LLC’s investment portfolio, making the stock its 27th largest position. Hourglass Capital LLC’s holdings in Chevron were worth $6,131,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of CVX. Rational Advisors LLC bought a new stake in shares of Chevron during the third quarter worth $29,000. Anfield Capital Management LLC lifted its position in shares of Chevron by 118.0% during the second quarter. Anfield Capital Management LLC now owns 218 shares of the oil and gas company’s stock worth $34,000 after purchasing an additional 118 shares during the last quarter. Cyrus J. Lawrence LLC lifted its position in shares of Chevron by 66.7% during the second quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company’s stock worth $39,000 after purchasing an additional 100 shares during the last quarter. Krane Funds Advisors LLC bought a new stake in shares of Chevron during the third quarter worth $47,000. Finally, Livelsberger Financial Advisory bought a new stake in shares of Chevron during the third quarter worth $47,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CVX has been the subject of several research analyst reports. Sanford C. Bernstein downgraded Chevron from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $183.00 to $167.00 in a research report on Wednesday, July 17th. Scotiabank decreased 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. UBS Group lifted their price objective on Chevron from $192.00 to $194.00 and gave the company a “buy” rating in a report on Monday, November 4th. Mizuho decreased their price objective on Chevron from $205.00 to $189.00 and set an “outperform” rating for the company in a report on Monday, September 16th. Finally, Truist Financial lifted their price objective on Chevron from $150.00 to $155.00 and gave the company a “hold” rating in a report on Monday, November 4th. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $174.93.

Chevron Price Performance

Shares of CVX stock opened at $158.69 on Thursday. Chevron Co. has a fifty-two week low of $135.37 and a fifty-two week high of $167.11. The firm has a market capitalization of $285.18 billion, a price-to-earnings ratio of 17.44, a PEG ratio of 3.49 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 stock’s 50-day simple moving average is $148.18 and its 200-day simple moving average is $152.61.

Chevron (NYSE:CVX) last issued its 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 firm had revenue of $50.67 billion for the quarter, compared to analyst estimates of $48.86 billion. Chevron had a return on equity of 13.15% and a net margin of 8.44%. Chevron’s revenue for the quarter was down 6.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.05 earnings per share. As a group, equities analysts forecast that Chevron Co. will post 10.55 earnings per share for the current fiscal year.

Chevron Announces Dividend

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 yield of 4.11%. Chevron’s dividend payout ratio is currently 71.65%.

Chevron 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.