Sierra Summit Advisors LLC Buys 223 Shares of Chevron Co. (NYSE:CVX)

Sierra Summit Advisors LLC boosted its stake in shares of Chevron Co. (NYSE:CVX) by 13.8% in the second quarter, Holdings Channel reports. The institutional investor owned 1,839 shares of the oil and gas company’s stock after purchasing an additional 223 shares during the period. Sierra Summit Advisors LLC’s holdings in Chevron were worth $288,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in CVX. Dimensional Fund Advisors LP grew its stake in shares of Chevron by 1.0% in the second quarter. Dimensional Fund Advisors LP now owns 13,021,023 shares of the oil and gas company’s stock worth $2,036,846,000 after acquiring an additional 126,889 shares during the last quarter. Massachusetts Financial Services Co. MA grew its position in Chevron by 55.5% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 8,537,859 shares of the oil and gas company’s stock valued at $1,335,492,000 after purchasing an additional 3,048,819 shares during the last quarter. Black Diamond Financial LLC purchased a new stake in Chevron during the 2nd quarter valued at about $301,000. Fairfield Financial Advisors LTD bought a new stake in Chevron during the 2nd quarter valued at about $591,000. Finally, Brown Brothers Harriman & Co. raised its holdings in Chevron by 5.2% in the second quarter. Brown Brothers Harriman & Co. now owns 48,299 shares of the oil and gas company’s stock worth $7,555,000 after buying an additional 2,385 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Stock Performance

Shares of NYSE CVX opened at $142.11 on Tuesday. Chevron Co. has a 12-month low of $135.37 and a 12-month high of $171.70. The firm has a market capitalization of $259.91 billion, a price-to-earnings ratio of 13.07, a price-to-earnings-growth ratio of 2.41 and a beta of 1.09. The company has a current ratio of 1.16, a quick ratio of 0.85 and a debt-to-equity ratio of 0.13. The firm has a 50 day moving average of $148.88 and a 200 day moving average of $154.68.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.38). Chevron had a net margin of 9.31% and a return on equity of 13.70%. The business had revenue of $51.18 billion for the quarter, compared to the consensus estimate of $48.68 billion. During the same period in the previous year, the firm earned $3.08 EPS. The company’s revenue was up 4.7% on a year-over-year basis. On average, research analysts anticipate that Chevron Co. will post 11.57 earnings per share for the current year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th were given a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 4.59%. The ex-dividend date of this dividend was Monday, August 19th. Chevron’s payout ratio is 59.98%.

Analyst Ratings Changes

Several brokerages recently weighed in on CVX. Royal Bank of Canada reduced their price target on shares of Chevron from $190.00 to $180.00 and set an “outperform” rating for the company in a research report on Monday, August 5th. Wolfe Research started coverage on Chevron in a report on Thursday, July 18th. They issued a “peer perform” rating for the company. Truist Financial lowered their price target on Chevron from $156.00 to $154.00 and set a “hold” rating on the stock in a report on Monday, August 5th. Barclays reduced their price objective on Chevron from $203.00 to $185.00 and set an “overweight” rating for the company in a report on Tuesday, August 6th. Finally, Scotiabank lowered their target price on shares of Chevron from $195.00 to $180.00 and set a “sector outperform” rating on the stock in a research note on Friday, July 12th. Seven research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Chevron currently has an average rating of “Moderate Buy” and a consensus target price of $182.88.

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.