Pallas Capital Advisors LLC Has $2.70 Million Holdings in Chevron Co. (NYSE:CVX)

Pallas Capital Advisors LLC reduced its stake in shares of Chevron Co. (NYSE:CVX) by 1.7% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 17,933 shares of the oil and gas company’s stock after selling 308 shares during the period. Pallas Capital Advisors LLC’s holdings in Chevron were worth $2,698,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Montz Harcus Wealth Management LLC grew its holdings in Chevron by 2.2% during the second quarter. Montz Harcus Wealth Management LLC now owns 2,943 shares of the oil and gas company’s stock valued at $460,000 after purchasing an additional 63 shares during the period. Hubbell Strickland Wealth Management LLC boosted its position in shares of Chevron by 0.7% during the second quarter. Hubbell Strickland Wealth Management LLC now owns 9,493 shares of the oil and gas company’s stock worth $1,485,000 after purchasing an additional 64 shares in the last quarter. Penbrook Management LLC grew its holdings in shares of Chevron by 3.9% in the 1st quarter. Penbrook Management LLC now owns 1,730 shares of the oil and gas company’s stock valued at $273,000 after buying an additional 65 shares during the period. Verum Partners LLC increased its position in shares of Chevron by 3.0% in the 1st quarter. Verum Partners LLC now owns 2,236 shares of the oil and gas company’s stock valued at $353,000 after buying an additional 65 shares in the last quarter. Finally, Cyndeo Wealth Partners LLC raised its stake in Chevron by 0.3% during the 3rd quarter. Cyndeo Wealth Partners LLC now owns 19,769 shares of the oil and gas company’s stock worth $2,911,000 after buying an additional 67 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on CVX. Sanford C. Bernstein cut Chevron from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $183.00 to $167.00 in a research note on Wednesday, July 17th. Bank of America began coverage on Chevron in a research note on Thursday, October 17th. They set a “buy” rating and a $168.00 target price for the company. UBS Group lifted their price target 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. Wells Fargo & Company lowered their price objective on shares of Chevron from $196.00 to $169.00 and set an “overweight” rating for the company in a research report on Friday, September 27th. Finally, Truist Financial dropped their price objective on shares of Chevron from $154.00 to $150.00 and set a “hold” rating on the stock in a report on Monday, September 30th. Five analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $173.07.

Chevron Price Performance

NYSE:CVX opened at $148.55 on Wednesday. Chevron Co. has a 52-week low of $135.37 and a 52-week high of $167.11. The company has a market cap of $271.69 billion, a P/E ratio of 14.71, a P/E/G ratio of 3.29 and a beta of 1.09. 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’s 50-day simple moving average is $146.74 and its 200 day simple moving average is $153.08.

Chevron (NYSE:CVX) last posted 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 company had revenue of $51.18 billion for the quarter, compared to analyst estimates of $48.68 billion. Chevron had a return on equity of 13.70% and a net margin of 9.31%. The firm’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same period last year, the firm earned $3.08 EPS. As a group, sell-side analysts forecast that Chevron Co. will post 10.86 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th were paid a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 4.39%. The ex-dividend date of this dividend was Monday, August 19th. Chevron’s dividend payout ratio is currently 64.55%.

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.