CTC Alternative Strategies Ltd. Has $1.01 Million Holdings in Chevron Co. (NYSE:CVX)

CTC Alternative Strategies Ltd. lifted its stake in Chevron Co. (NYSE:CVX) by 1.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,867 shares of the oil and gas company’s stock after buying an additional 94 shares during the period. Chevron comprises approximately 1.3% of CTC Alternative Strategies Ltd.’s holdings, making the stock its 15th largest holding. CTC Alternative Strategies Ltd.’s holdings in Chevron were worth $1,011,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. Montz Harcus Wealth Management LLC increased its holdings in shares of 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 in the last quarter. Hubbell Strickland Wealth Management LLC increased 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 worth $1,485,000 after buying an additional 64 shares in the last quarter. Tacita Capital Inc increased its holdings 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 worth $67,000 after buying an additional 65 shares in the last quarter. Wallace Capital Management Inc. increased its holdings in shares of Chevron by 0.8% during the third quarter. Wallace Capital Management Inc. now owns 8,229 shares of the oil and gas company’s stock worth $1,212,000 after buying an additional 65 shares in the last quarter. Finally, Cyndeo Wealth Partners LLC increased its holdings in shares of Chevron by 0.3% during the third quarter. Cyndeo Wealth Partners LLC now owns 19,769 shares of the oil and gas company’s stock worth $2,911,000 after buying an additional 67 shares in the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Stock Performance

Shares of CVX opened at $155.24 on Friday. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $278.98 billion, a P/E ratio of 17.06, a price-to-earnings-growth ratio of 3.50 and a beta of 1.10. The firm’s fifty day simple moving average is $154.77 and its two-hundred day simple moving average is $152.45. Chevron Co. has a 12 month low of $135.37 and a 12 month high of $167.11.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, November 1st. The oil and gas company reported $2.51 earnings per share 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 firm had revenue of $50.67 billion for the quarter, compared to analyst estimates of $48.86 billion. During the same quarter in the prior year, the business earned $3.05 earnings per share. The business’s quarterly revenue was down 6.3% compared to the same quarter last year. As a group, analysts predict that Chevron Co. will post 10.53 EPS for the current year.

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th will be issued a dividend of $1.63 per share. The ex-dividend date is Monday, November 18th. This represents a $6.52 annualized dividend and a dividend yield of 4.20%. Chevron’s dividend payout ratio is currently 71.65%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Royal Bank of Canada upped their price target on shares of Chevron from $170.00 to $175.00 and gave the stock an “outperform” rating in a report on Monday, November 4th. DZ Bank raised shares of Chevron from a “hold” rating to a “buy” rating and set a $170.00 price objective on the stock in a research note on Tuesday, November 5th. Barclays boosted their price objective on shares of Chevron from $168.00 to $174.00 and gave the stock an “overweight” rating in a research note on Monday, November 4th. Bank of America assumed coverage on shares of Chevron in a research note on Thursday, October 17th. They issued a “buy” rating and a $168.00 price objective on the stock. Finally, Truist Financial boosted their price objective on shares of Chevron from $155.00 to $160.00 and gave the stock a “hold” rating in a research note on Friday. Four investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, Chevron currently has an average rating of “Moderate Buy” and an average target price of $175.94.

Insider Buying and Selling

In related news, CEO Michael K. Wirth sold 164,600 shares of the company’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $160.13, for a total value of $26,357,398.00. Following the sale, the chief executive officer now owns 4,280 shares in the company, valued at $685,356.40. This represents a 97.47 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.20% of the stock is currently owned by company insiders.

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.