Meritage Portfolio Management Increases Stake in Chevron Co. (NYSE:CVX)

Meritage Portfolio Management raised its holdings in shares of Chevron Co. (NYSE:CVX) by 41.0% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 36,339 shares of the oil and gas company’s stock after buying an additional 10,566 shares during the quarter. Meritage Portfolio Management’s holdings in Chevron were worth $5,352,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of CVX. Sanctuary Wealth Management L.L.C. acquired a new stake in shares of Chevron in the third quarter valued at approximately $48,000. Tyler Stone Wealth Management grew its holdings in Chevron by 135.1% in the 3rd quarter. Tyler Stone Wealth Management now owns 4,171 shares of the oil and gas company’s stock valued at $614,000 after buying an additional 2,397 shares in the last quarter. Colonial River Investments LLC increased its stake in shares of Chevron by 1.8% in the 3rd quarter. Colonial River Investments LLC now owns 6,864 shares of the oil and gas company’s stock worth $1,011,000 after acquiring an additional 124 shares during the last quarter. Mayflower Financial Advisors LLC raised its holdings in shares of Chevron by 14.7% during the 3rd quarter. Mayflower Financial Advisors LLC now owns 17,296 shares of the oil and gas company’s stock worth $2,547,000 after acquiring an additional 2,216 shares during the period. Finally, Alan B Lancz & Associates Inc. grew its holdings in shares of Chevron by 14.0% in the third quarter. Alan B Lancz & Associates Inc. now owns 2,849 shares of the oil and gas company’s stock valued at $420,000 after purchasing an additional 350 shares during the period. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Chevron Stock Up 0.1 %

Shares of Chevron stock traded up $0.16 on Friday, reaching $156.93. 6,041,457 shares of the company were exchanged, compared to its average volume of 6,615,985. The stock’s 50 day moving average price is $147.80 and its 200-day moving average price is $152.89. 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 1-year low of $135.37 and a 1-year high of $167.11. The company has a market cap of $287.01 billion, a P/E ratio of 17.25, a price-to-earnings-growth ratio of 3.51 and a beta of 1.09.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, November 1st. The oil and gas company reported $2.51 EPS for the quarter, beating analysts’ consensus estimates of $2.47 by $0.04. The company had revenue of $50.67 billion for the quarter, compared to the consensus estimate of $48.86 billion. Chevron had a net margin of 8.44% and a return on equity of 13.07%. The company’s quarterly revenue was down 6.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.05 EPS. As a group, equities analysts forecast that Chevron Co. will post 10.59 EPS for the current year.

Chevron Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th will be issued a $1.63 dividend. The ex-dividend date of this dividend is Monday, November 18th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.15%. Chevron’s payout ratio is currently 71.65%.

Wall Street Analysts Forecast Growth

CVX has been the topic of a number of analyst reports. Scotiabank decreased their target price on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Mizuho lowered 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. DZ Bank raised Chevron from a “hold” rating to a “buy” rating and set a $170.00 price target on the stock in a research note on Tuesday, November 5th. Wells Fargo & Company cut their price objective on Chevron from $196.00 to $169.00 and set an “overweight” rating for the company in a research report on Friday, September 27th. Finally, Royal Bank of Canada lifted their price target on shares of Chevron from $170.00 to $175.00 and gave the company an “outperform” rating in a research report on Monday, November 4th. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Chevron currently has an average rating of “Moderate Buy” and an average target price of $174.93.

About Chevron

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.