Spring Capital Management LLC Boosts Stock Position in Chevron Co. (NYSE:CVX)

Spring Capital Management LLC grew its holdings in Chevron Co. (NYSE:CVX) by 1.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 31,628 shares of the oil and gas company’s stock after buying an additional 307 shares during the quarter. Chevron accounts for 3.4% of Spring Capital Management LLC’s investment portfolio, making the stock its 16th largest position. Spring Capital Management LLC’s holdings in Chevron were worth $4,658,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Anfield Capital Management LLC increased 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 in the last quarter. Cyrus J. Lawrence LLC increased 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 in the last quarter. Livelsberger Financial Advisory purchased a new stake in shares of Chevron during the third quarter worth approximately $47,000. Krane Funds Advisors LLC purchased a new stake in shares of Chevron during the third quarter worth approximately $47,000. Finally, Dixon Mitchell Investment Counsel Inc. purchased a new stake in shares of Chevron during the first quarter worth approximately $55,000. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Stock Performance

Shares of Chevron stock opened at $150.46 on Thursday. Chevron Co. has a 52 week low of $135.37 and a 52 week high of $167.11. The business’s fifty day simple moving average is $146.44 and its 200-day simple moving average is $153.45. The firm has a market cap of $277.29 billion, a PE ratio of 13.84, a price-to-earnings-growth ratio of 2.73 and a beta of 1.09. The company has a quick ratio of 0.85, a current ratio of 1.16 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last posted its earnings results on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.93 by ($0.38). Chevron had a return on equity of 13.70% and a net margin of 9.31%. The firm had revenue of $51.18 billion for the quarter, compared to analyst estimates of $48.68 billion. During the same period in the previous year, the company posted $3.08 EPS. Chevron’s revenue was up 4.7% on a year-over-year basis. Equities analysts forecast that Chevron Co. will post 10.95 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Monday, August 19th were paid a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 4.33%. The ex-dividend date was Monday, August 19th. Chevron’s payout ratio is 59.98%.

Analyst Ratings Changes

Several analysts recently commented on CVX shares. UBS Group boosted their price target on Chevron from $189.00 to $192.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Bank of America began coverage on Chevron in a report on Thursday, October 17th. They issued a “buy” rating and a $168.00 target price for the company. Wells Fargo & Company dropped their target price on Chevron from $196.00 to $169.00 and set an “overweight” rating for the company in a report on Friday, September 27th. Scotiabank dropped their target price on Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. Finally, Wolfe Research began coverage on Chevron in a report on Thursday, July 18th. They issued a “peer perform” rating for the company. Five investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from 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.