Convergence Financial LLC Purchases 1,149 Shares of Chevron Co. (NYSE:CVX)

Convergence Financial LLC grew its position in shares of Chevron Co. (NYSE:CVX) by 13.4% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 9,723 shares of the oil and gas company’s stock after buying an additional 1,149 shares during the quarter. Convergence Financial LLC’s holdings in Chevron were worth $1,432,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of CVX. International Assets Investment Management LLC raised its holdings in shares of Chevron by 19,404.1% in the 3rd quarter. International Assets Investment Management LLC now owns 4,901,390 shares of the oil and gas company’s stock worth $7,218,280,000 after purchasing an additional 4,876,260 shares during the period. Massachusetts Financial Services Co. MA raised its holdings in shares of Chevron by 55.5% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 8,537,859 shares of the oil and gas company’s stock worth $1,335,492,000 after purchasing an additional 3,048,819 shares during the period. Wulff Hansen & CO. raised its holdings in shares of Chevron by 15,542.0% in the 2nd quarter. Wulff Hansen & CO. now owns 1,175,653 shares of the oil and gas company’s stock worth $183,896,000 after purchasing an additional 1,168,137 shares during the period. Capital International Investors raised its holdings in shares of Chevron by 5.9% in the 1st quarter. Capital International Investors now owns 13,418,287 shares of the oil and gas company’s stock worth $2,116,600,000 after purchasing an additional 743,042 shares during the period. Finally, Federated Hermes Inc. raised its holdings in shares of Chevron by 38.6% in the 2nd quarter. Federated Hermes Inc. now owns 2,445,005 shares of the oil and gas company’s stock worth $382,448,000 after purchasing an additional 681,394 shares during the period. Institutional investors own 72.42% of the company’s stock.

Chevron Stock Up 0.2 %

CVX opened at $150.81 on Friday. The company has a fifty day moving average price of $146.59 and a 200-day moving average price of $153.30. The firm has a market capitalization of $277.94 billion, a P/E ratio of 13.87, a price-to-earnings-growth ratio of 3.30 and a beta of 1.09. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.16 and a quick ratio of 0.85. Chevron Co. has a one year low of $135.37 and a one year high of $167.11.

Chevron (NYSE:CVX) last released 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 net margin of 9.31% and a return on equity of 13.70%. The firm had revenue of $51.18 billion for the quarter, compared to analysts’ expectations of $48.68 billion. During the same quarter last year, the firm earned $3.08 earnings per share. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. Equities research analysts expect that Chevron Co. will post 10.86 earnings per share for the current fiscal year.

Chevron Dividend Announcement

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

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $170.00 price target on shares of Chevron in a report on Tuesday, October 8th. Scotiabank reduced their price objective on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. UBS Group lifted their price objective on shares of Chevron from $189.00 to $192.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. Bank of America started coverage on shares of Chevron in a research note on Thursday, October 17th. They issued a “buy” rating and a $168.00 price objective for the company. Finally, Sanford C. Bernstein lowered shares of Chevron from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $183.00 to $167.00 in a research note on Wednesday, July 17th. Five analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $173.07.

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.