Kovack Advisors Inc. Decreases Stock Position in Chevron Co. (NYSE:CVX)

Kovack Advisors Inc. lessened its holdings in Chevron Co. (NYSE:CVX) by 2.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 65,580 shares of the oil and gas company’s stock after selling 1,331 shares during the quarter. Chevron accounts for approximately 1.0% of Kovack Advisors Inc.’s holdings, making the stock its 16th largest holding. Kovack Advisors Inc.’s holdings in Chevron were worth $9,658,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Oppenheimer Asset Management Inc. increased its position in shares of Chevron by 10.4% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 697,848 shares of the oil and gas company’s stock valued at $102,772,000 after acquiring an additional 65,670 shares during the period. Angeles Investment Advisors LLC lifted its position in Chevron by 1.2% during the 3rd quarter. Angeles Investment Advisors LLC now owns 6,851 shares of the oil and gas company’s stock worth $1,009,000 after acquiring an additional 82 shares during the period. OLD Second National Bank of Aurora grew its stake in Chevron by 79.0% during the 3rd quarter. OLD Second National Bank of Aurora now owns 18,292 shares of the oil and gas company’s stock valued at $2,694,000 after purchasing an additional 8,074 shares during the last quarter. Pinnacle Financial Partners Inc increased its holdings in shares of Chevron by 0.5% in the third quarter. Pinnacle Financial Partners Inc now owns 205,331 shares of the oil and gas company’s stock valued at $30,239,000 after purchasing an additional 1,057 shares during the period. Finally, Mengis Capital Management Inc. raised its stake in shares of Chevron by 3.9% in the third quarter. Mengis Capital Management Inc. now owns 100,442 shares of the oil and gas company’s stock worth $14,792,000 after purchasing an additional 3,795 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on CVX shares. Truist Financial upped their target price on Chevron from $150.00 to $155.00 and gave the company a “hold” rating in a research report on Monday, November 4th. Sanford C. Bernstein downgraded shares of Chevron from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $183.00 to $167.00 in a report on Wednesday, July 17th. Wolfe Research assumed coverage on shares of Chevron in a report on Thursday, July 18th. They set a “peer perform” rating for the company. DZ Bank raised shares of Chevron from a “hold” rating to a “buy” rating and set a $170.00 price target on the stock in a report on Tuesday, November 5th. Finally, UBS Group increased their price target on Chevron from $192.00 to $194.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, Chevron has an average rating of “Moderate Buy” and a consensus target price of $174.93.

Chevron Price Performance

Shares of CVX stock traded up $0.27 during trading hours on Wednesday, hitting $155.56. 1,524,749 shares of the company’s stock were exchanged, compared to its average volume of 7,627,475. The firm has a 50 day moving average of $148.18 and a two-hundred day moving average of $152.61. 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 cap of $279.56 billion, a P/E ratio of 17.07, a P/E/G ratio of 3.50 and a beta of 1.09. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, November 1st. The oil and gas company reported $2.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.47 by $0.04. Chevron had a net margin of 8.44% and a return on equity of 13.15%. The business had revenue of $50.67 billion for the quarter, compared to the consensus estimate of $48.86 billion. During the same period last year, the firm posted $3.05 earnings per share. The company’s revenue was down 6.3% compared to the same quarter last year. Sell-side analysts forecast that Chevron Co. will post 10.59 EPS for the current year.

Chevron Dividend Announcement

The company also recently disclosed 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. This represents a $6.52 annualized dividend and a yield of 4.19%. The ex-dividend date of this dividend is Monday, November 18th. Chevron’s payout ratio is 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.