Stockman Wealth Management Inc. Increases Stake in Chevron Co. (NYSE: CVX)

Stockman Wealth Management Inc. raised its holdings in Chevron Co. (NYSE:CVX - Free Report) by 9.7% in the third quarter, as reported in the latest Form 13F filed with the Securities and Exchange Commission (SEC). After acquiring an additional 5,769 shares during this period, the firm now owns a total of 65,457 shares in the oil and gas company. This investment in Chevron constitutes about 1.5% of Stockman Wealth Management's overall investment portfolio, making Chevron its 25th largest holding. At the close of the recent reporting period, Stockman Wealth Management's investment in Chevron was valued at approximately $9,640,000.

Institutional Activity in Chevron

Several other investment firms have also adjusted their positions in Chevron recently. For instance, Montz Harcus Wealth Management LLC increased its position by 2.2% during the second quarter, bringing its ownership to 2,943 shares valued at $460,000 after acquiring an additional 63 shares. Hubbell Strickland Wealth Management LLC also expanded its position by 0.7% in the second quarter, owning 9,493 shares worth $1,485,000 after purchasing 64 extra shares. Similarly, Cyndeo Wealth Partners LLC raised its position by 0.3% in the third quarter, now holding 19,769 shares valued at $2,911,000 after adding 67 shares. S.A. Mason LLC increased its holdings by 0.7% in the same quarter, resulting in ownership of 9,033 shares valued at $1,330,000. In another instance, Jaffetilchin Investment Partners LLC boosted its holdings by 1.2% in the second quarter, owning 5,777 shares valued at $904,000 after purchasing 68 shares. It is noteworthy that 72.42% of Chevron's stock is currently held by institutional investors.

Recent Performance of Chevron Stock

On Friday, shares of Chevron traded up 0.1%, with prices reaching $156.93. The trading volume for the day was 6,041,457 shares, while the average daily trading volume stands at 6,615,985. Over the past twelve months, Chevron's stock recorded a low of $135.37 and a high of $167.11. Currently, the company's market capitalization is approximately $287.01 billion, and it has a price-to-earnings (P/E) ratio of 17.25. The company also holds a quick ratio of 0.85, a current ratio of 1.16, and a debt-to-equity ratio of 0.13. Its fifty-day moving average is $147.80, while the two-hundred-day moving average is $152.82.

Chevron's Earnings Report

Chevron recently announced its quarterly earnings for the period ending November 1st. The company reported earnings per share (EPS) of $2.51, exceeding the consensus estimate of $2.47 by $0.04. Chevron also reported a net margin of 8.44% and a return on equity of 13.07%. The total revenue for the quarter was $50.67 billion, surpassing analyst predictions of $48.86 billion. However, the revenue marked a decline of 6.3% compared to the same quarter last year, where the company had earnings of $3.05 EPS. Analysts forecast that Chevron will report an EPS of 10.59 for the current fiscal year.

Dividend Declaration by Chevron

The company has also announced a quarterly dividend of $1.63 per share, payable on December 10th. Shareholders on record as of November 18th will be eligible for this dividend payment, which amounts to an annualized dividend of $6.52 and represents a yield of 4.15%. The ex-dividend date for this payment is also November 18th. Chevron's current dividend payout ratio is 71.65%, indicating that the company is committed to returning value to its shareholders.

Analyst Ratings for Chevron

Various brokerages have recently provided updates regarding Chevron's stock. Wolfe Research announced coverage on Chevron with a "peer perform" rating on July 18th. Scotiabank reduced its price target for Chevron from $180.00 to $163.00 while maintaining a "sector outperform" rating on October 10th. Mizuho cut its price target from $205.00 to $189.00, also rating the stock as "outperform". Additionally, Bank of America started coverage, issuing a "buy" rating alongside a price target of $168.00. DZ Bank upgraded its stance from "hold" to "buy" while setting a price target of $170.00. Overall, four research analysts have rated Chevron with a hold while thirteen analysts have given it a buy rating. The consensus rating stands as "Moderate Buy" with an average target price of $174.93.

About Chevron Corporation

Chevron Corporation, through its subsidiaries, operates in the integrated energy and chemicals sector both within the United States and internationally. The organization is divided into two operational segments: Upstream and Downstream. The Upstream segment entails activities such as exploration, development, production, and transportation of crude oil and natural gas, while also including the processing and transportation of liquefied natural gas. The Downstream segment focuses on refining and selling petroleum products as well as the utilities related to them.

Stockman, Chevron, Investment