Tectonic Advisors LLC Trims Stock Position in Chevron Co. (NYSE:CVX)

Tectonic Advisors LLC trimmed its stake in Chevron Co. (NYSE:CVX) by 3.3% in the 3rd quarter, HoldingsChannel reports. The firm owned 6,718 shares of the oil and gas company’s stock after selling 226 shares during the quarter. Tectonic Advisors LLC’s holdings in Chevron were worth $989,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Eagle Capital Management LLC raised its stake in Chevron by 0.5% in the first quarter. Eagle Capital Management LLC now owns 34,455 shares of the oil and gas company’s stock worth $5,435,000 after buying an additional 163 shares in the last quarter. Leo Wealth LLC increased its holdings in shares of Chevron by 19.6% in the 3rd quarter. Leo Wealth LLC now owns 8,246 shares of the oil and gas company’s stock worth $1,214,000 after purchasing an additional 1,354 shares in the last quarter. Marietta Wealth Management LLC raised its stake in shares of Chevron by 10.9% in the third quarter. Marietta Wealth Management LLC now owns 40,484 shares of the oil and gas company’s stock worth $5,962,000 after purchasing an additional 3,965 shares during the last quarter. KCM Investment Advisors LLC boosted its position in shares of Chevron by 2.5% during the first quarter. KCM Investment Advisors LLC now owns 331,550 shares of the oil and gas company’s stock valued at $52,299,000 after buying an additional 8,168 shares during the last quarter. Finally, Hosking Partners LLP bought a new stake in Chevron in the 1st quarter worth about $4,924,000. Institutional investors own 72.42% of the company’s stock.

Chevron Stock Performance

Shares of CVX opened at $150.82 on Friday. The company has a quick ratio of 0.85, a current ratio of 1.16 and a debt-to-equity ratio of 0.13. The business has a 50-day simple moving average of $146.51 and a two-hundred day simple moving average of $153.43. The stock has a market cap of $277.96 billion, a price-to-earnings ratio of 13.87, a PEG ratio of 3.30 and a beta of 1.09. Chevron Co. has a 52 week low of $135.37 and a 52 week high of $167.11.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, August 2nd. The oil and gas company reported $2.55 EPS for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.38). Chevron had a return on equity of 13.70% and a net margin of 9.31%. The company had revenue of $51.18 billion during the quarter, compared to analysts’ expectations of $48.68 billion. During the same quarter in the previous year, the company earned $3.08 EPS. The business’s quarterly revenue was up 4.7% compared to the same quarter last year. On average, analysts expect that Chevron Co. will post 10.86 EPS for the current year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Monday, August 19th were given a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 4.32%. The ex-dividend date was Monday, August 19th. Chevron’s dividend payout ratio is currently 59.98%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CVX. Barclays dropped their price target on shares of Chevron from $185.00 to $168.00 and set an “overweight” rating on the stock in a report on Thursday, October 3rd. UBS Group lifted their target price on shares of Chevron from $189.00 to $192.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Wolfe Research began coverage on Chevron in a report on Thursday, July 18th. They set a “peer perform” rating on the stock. Wells Fargo & Company cut their price objective on Chevron from $196.00 to $169.00 and set an “overweight” rating for the company in a report on Friday, September 27th. Finally, Bank of America initiated coverage on Chevron in a report on Thursday, October 17th. They issued a “buy” rating and a $168.00 target price on the stock. Five analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $173.07.

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.