Drive Wealth Management LLC Sells 813 Shares of Chevron Co. (NYSE:CVX)

Drive Wealth Management LLC decreased its stake in Chevron Co. (NYSE:CVX) by 10.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,619 shares of the oil and gas company’s stock after selling 813 shares during the period. Drive Wealth Management LLC’s holdings in Chevron were worth $975,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. International Assets Investment Management LLC boosted its stake in Chevron by 19,404.1% in the third quarter. International Assets Investment Management LLC now owns 4,901,390 shares of the oil and gas company’s stock worth $7,218,280,000 after buying an additional 4,876,260 shares in the last quarter. Pathway Financial Advisers LLC boosted its stake in shares of Chevron by 15,750.1% in the 3rd quarter. Pathway Financial Advisers LLC now owns 3,901,345 shares of the oil and gas company’s stock valued at $574,551,000 after purchasing an additional 3,876,731 shares in the last quarter. Massachusetts Financial Services Co. MA grew its holdings in shares of Chevron by 55.5% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 8,537,859 shares of the oil and gas company’s stock valued at $1,335,492,000 after purchasing an additional 3,048,819 shares during the last quarter. Wulff Hansen & CO. raised its position in Chevron by 15,542.0% in the 2nd quarter. Wulff Hansen & CO. now owns 1,175,653 shares of the oil and gas company’s stock worth $183,896,000 after purchasing an additional 1,168,137 shares during the period. Finally, Capital International Investors lifted its stake in Chevron by 5.9% in the first quarter. Capital International Investors now owns 13,418,287 shares of the oil and gas company’s stock worth $2,116,600,000 after purchasing an additional 743,042 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on CVX. Scotiabank decreased their price objective on Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Royal Bank of Canada lifted their price target on Chevron from $170.00 to $175.00 and gave the stock an “outperform” rating in a research note on Monday, November 4th. Bank of America began coverage on Chevron in a research note on Thursday, October 17th. They set a “buy” rating and a $168.00 price objective for the company. UBS Group lifted their target price on shares of Chevron from $192.00 to $194.00 and gave the stock a “buy” rating in a research note on Monday, November 4th. Finally, Mizuho dropped their price target on shares of Chevron from $205.00 to $189.00 and set an “outperform” rating for the company in a research report on Monday, September 16th. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $174.93.

Chevron Stock Performance

Shares of CVX opened at $161.42 on Monday. Chevron Co. has a one year low of $135.37 and a one year high of $167.11. The company has a 50-day simple moving average of $149.39 and a two-hundred day simple moving average of $152.57. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80. The firm has a market capitalization of $290.09 billion, a PE ratio of 17.74, a price-to-earnings-growth ratio of 3.63 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 the consensus estimate of $2.47 by $0.04. The business had revenue of $50.67 billion during the quarter, compared to analyst estimates of $48.86 billion. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The company’s revenue for the quarter was down 6.3% on a year-over-year basis. During the same quarter last year, the firm posted $3.05 earnings per share. On average, analysts anticipate that Chevron Co. will post 10.55 EPS for the current fiscal year.

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Monday, November 18th will be paid a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 4.04%. The ex-dividend date of this dividend is Monday, November 18th. Chevron’s payout ratio is currently 71.65%.

Chevron Company 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.