Lake Street Private Wealth LLC Cuts Stock Position in Chevron Co. (NYSE:CVX)

Lake Street Private Wealth LLC trimmed its position in shares of Chevron Co. (NYSE:CVX) by 26.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,192 shares of the oil and gas company’s stock after selling 4,790 shares during the period. Lake Street Private Wealth LLC’s holdings in Chevron were worth $1,943,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of CVX. Anfield Capital Management LLC boosted its stake in shares of Chevron by 118.0% in the 2nd quarter. Anfield Capital Management LLC now owns 218 shares of the oil and gas company’s stock valued at $34,000 after purchasing an additional 118 shares in the last quarter. Cyrus J. Lawrence LLC boosted its position in Chevron by 66.7% during the second quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company’s stock valued at $39,000 after buying an additional 100 shares during the period. Livelsberger Financial Advisory purchased a new stake in Chevron during the third quarter valued at about $47,000. Krane Funds Advisors LLC bought a new position in shares of Chevron during the third quarter valued at about $47,000. Finally, Dixon Mitchell Investment Counsel Inc. purchased a new position in shares of Chevron in the first quarter worth about $55,000. Institutional investors own 72.42% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on CVX. Bank of America began coverage on Chevron in a research report on Thursday, October 17th. They set a “buy” rating and a $168.00 price target on the stock. Wolfe Research initiated coverage on shares of Chevron in a report on Thursday, July 18th. They issued a “peer perform” rating on the stock. Wells Fargo & Company decreased their target price on shares of Chevron from $196.00 to $169.00 and set an “overweight” rating on the stock in a research note on Friday, September 27th. Scotiabank dropped their price target on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. Finally, Truist Financial decreased their price objective on shares of Chevron from $154.00 to $150.00 and set a “hold” rating on the stock in a research report on Monday, September 30th. Five investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $173.07.

Chevron Stock Performance

Chevron stock opened at $150.46 on Thursday. Chevron Co. has a fifty-two week low of $135.37 and a fifty-two week high of $167.11. The stock’s 50 day simple moving average is $146.44 and its two-hundred day simple moving average is $153.45. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.85 and a current ratio of 1.16. The stock has a market cap of $277.29 billion, a price-to-earnings ratio of 13.84, a PEG ratio of 2.73 and a beta of 1.09.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share for the quarter, missing the consensus estimate of $2.93 by ($0.38). The firm had revenue of $51.18 billion for the quarter, compared to the consensus estimate of $48.68 billion. Chevron had a net margin of 9.31% and a return on equity of 13.70%. The company’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.08 earnings per share. As a group, analysts expect that Chevron Co. will post 10.95 earnings per share for the current fiscal year.

Chevron Announces Dividend

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

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.