Brown Brothers Harriman & Co. Buys 6,558 Shares of Chevron Co. (NYSE:CVX)

26 Nov 2024, 07:38 by Amy Steele · The Cerbat Gem

Brown Brothers Harriman & Co. boosted its stake in shares of Chevron Co. (NYSE:CVX – Free Report) by 13.6% in the third quarter, Holdings Channel reports. The firm owned 54,857 shares of the oil and gas company’s stock after acquiring an additional 6,558 shares during the period. Brown Brothers Harriman & Co.’s holdings in Chevron were worth $8,079,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Marietta Wealth Management LLC grew its holdings in Chevron by 10.9% in the 3rd quarter. Marietta Wealth Management LLC now owns 40,484 shares of the oil and gas company’s stock valued at $5,962,000 after buying an additional 3,965 shares during the last quarter. Leo Wealth LLC boosted its position in shares of Chevron by 19.6% in the third quarter. Leo Wealth LLC now owns 8,246 shares of the oil and gas company’s stock valued at $1,214,000 after acquiring an additional 1,354 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Chevron by 11.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 31,108,760 shares of the oil and gas company’s stock valued at $4,581,137,000 after acquiring an additional 3,203,899 shares during the period. RPG Investment Advisory LLC increased its position in Chevron by 3.4% during the third quarter. RPG Investment Advisory LLC now owns 121,167 shares of the oil and gas company’s stock worth $17,844,000 after acquiring an additional 3,933 shares during the period. Finally, Garner Asset Management Corp increased its position in Chevron by 14.5% during the second quarter. Garner Asset Management Corp now owns 19,997 shares of the oil and gas company’s stock worth $3,128,000 after acquiring an additional 2,530 shares during the period. Institutional investors and hedge funds own 72.42% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. UBS Group increased their price target on shares of Chevron from $192.00 to $194.00 and gave the company a “buy” rating in a report on Monday, November 4th. Wells Fargo & Company decreased their target price on Chevron from $196.00 to $169.00 and set an “overweight” rating on the stock in a research report on Friday, September 27th. Scotiabank cut their price target on Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. Mizuho reduced their price objective on Chevron from $205.00 to $189.00 and set an “outperform” rating for the company in a research report on Monday, September 16th. Finally, Truist Financial boosted their price objective on Chevron from $150.00 to $155.00 and gave the company a “hold” rating in a research report on Monday, November 4th. Four equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Chevron has a consensus rating of “Moderate Buy” and a consensus target price of $174.93.

Check Out Our Latest Report on Chevron

Insider Buying and Selling

In other news, CEO Michael K. Wirth sold 164,600 shares of Chevron stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $160.13, for a total value of $26,357,398.00. Following the completion of the sale, the chief executive officer now directly owns 4,280 shares of the company’s stock, valued at approximately $685,356.40. This trade represents a 97.47 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.20% of the stock is currently owned by corporate insiders.

Chevron Price Performance

Chevron stock opened at $160.38 on Tuesday. Chevron Co. has a 52 week low of $135.37 and a 52 week high of $167.11. The firm has a market cap of $288.22 billion, a P/E ratio of 17.62, a P/E/G ratio of 3.58 and a beta of 1.09. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. The business’s fifty day moving average is $151.94 and its two-hundred day moving average is $152.51.

Chevron (NYSE:CVX – Get Free Report) last issued its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share (EPS) for the quarter, topping 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 business had revenue of $50.67 billion for the quarter, compared to the consensus estimate of $48.86 billion. During the same quarter in the prior year, the company earned $3.05 EPS. The firm’s quarterly revenue was down 6.3% on a year-over-year basis. Equities research analysts forecast that Chevron Co. will post 10.55 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Monday, November 18th will be issued a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.07%. The ex-dividend date of this dividend is Monday, November 18th. Chevron’s dividend payout ratio is currently 71.65%.

Chevron Profile

(Free Report)

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.