Ellsworth Advisors LLC Purchases New Shares in Chevron Co. (NYSE:CVX)

by · The Markets Daily

Ellsworth Advisors LLC acquired a new position in Chevron Co. (NYSE:CVX – Free Report) in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 33,324 shares of the oil and gas company’s stock, valued at approximately $4,908,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Anfield Capital Management LLC grew 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 worth $34,000 after buying an additional 118 shares during the last quarter. Cyrus J. Lawrence LLC boosted its holdings in Chevron by 66.7% in the second quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company’s stock worth $39,000 after acquiring an additional 100 shares in the last quarter. Dixon Mitchell Investment Counsel Inc. purchased a new stake in shares of Chevron in the first quarter worth $55,000. Richardson Capital Management LLC bought a new position in shares of Chevron during the first quarter valued at $58,000. Finally, MFA Wealth Advisors LLC purchased a new position in shares of Chevron in the 2nd quarter worth about $59,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on CVX shares. 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. Mizuho decreased their price objective on shares of Chevron from $205.00 to $189.00 and set an “outperform” rating for the company in a report on Monday, September 16th. Wolfe Research initiated coverage on Chevron in a research note on Thursday, July 18th. They set a “peer perform” rating on the stock. Barclays decreased their price target on Chevron from $185.00 to $168.00 and set an “overweight” rating for the company in a research note on Thursday, October 3rd. Finally, Scotiabank dropped their price objective on Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. Five analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, Chevron currently has a consensus rating of “Moderate Buy” and an average price target of $173.07.

Check Out Our Latest Stock Report on CVX

Chevron Price Performance

Shares of NYSE:CVX opened at $151.19 on Friday. The firm’s 50 day moving average price is $145.96 and its 200-day moving average price is $153.76. 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 stock has a market capitalization of $276.51 billion, a PE ratio of 14.97, a price-to-earnings-growth ratio of 2.74 and a beta of 1.09. Chevron Co. has a twelve month low of $135.37 and a twelve month high of $170.17.

Chevron (NYSE:CVX – Get Free Report) 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 business had revenue of $51.18 billion during the quarter, compared to the consensus estimate of $48.68 billion. Chevron had a return on equity of 13.70% and a net margin of 9.31%. The firm’s revenue was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $3.08 earnings per share. Equities research analysts expect that Chevron Co. will post 11.06 EPS for the current 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 paid a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 4.31%. The ex-dividend date was Monday, August 19th. Chevron’s dividend payout ratio (DPR) is currently 64.55%.

Chevron Company 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.

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