Red Spruce Capital LLC Sells 507 Shares of Chevron Co. (NYSE:CVX)

Red Spruce Capital LLC lessened its stake in Chevron Co. (NYSE:CVX) by 6.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 7,135 shares of the oil and gas company’s stock after selling 507 shares during the period. Red Spruce Capital LLC’s holdings in Chevron were worth $1,051,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Berkshire Hathaway Inc grew its holdings in shares of Chevron by 14.4% during the 4th quarter. Berkshire Hathaway Inc now owns 126,093,326 shares of the oil and gas company’s stock worth $18,808,081,000 after purchasing an additional 15,845,037 shares in the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of Chevron by 55.5% in 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 buying an additional 3,048,819 shares in the last quarter. Wulff Hansen & CO. lifted its holdings in shares of Chevron by 15,542.0% during 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 acquiring an additional 1,168,137 shares during the period. Global Assets Advisory LLC acquired a new stake in shares of Chevron during the 1st quarter valued at about $156,482,000. Finally, Confluence Investment Management LLC bought a new stake in Chevron in the first quarter valued at about $123,681,000. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Trading Down 0.3 %

Shares of CVX traded down $0.51 during trading hours on Friday, hitting $150.74. 7,895,285 shares of the stock traded hands, compared to its average volume of 8,508,590. The business has a fifty day moving average of $145.99 and a 200-day moving average of $154.12. The company has a current ratio of 1.16, a quick ratio of 0.85 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $275.69 billion, a PE ratio of 13.87, a price-to-earnings-growth ratio of 2.72 and a beta of 1.09. Chevron Co. has a 1-year low of $135.37 and a 1-year high of $170.17.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, August 2nd. The oil and gas company reported $2.55 EPS for the quarter, missing the consensus estimate of $2.93 by ($0.38). Chevron had a return on equity of 13.70% and a net margin of 9.31%. The business had revenue of $51.18 billion for the quarter, compared to analyst estimates of $48.68 billion. During the same quarter in the prior year, the firm earned $3.08 EPS. The firm’s quarterly revenue was up 4.7% compared to the same quarter last year. Analysts expect that Chevron Co. will post 11.09 EPS for the current year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th were given a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 4.33%. The ex-dividend date was Monday, August 19th. Chevron’s payout ratio is 59.98%.

Wall Street Analysts Forecast Growth

CVX has been the subject of a number of analyst reports. Mizuho cut their price target on shares of Chevron from $205.00 to $189.00 and set an “outperform” rating for the company in a research note on Monday, September 16th. Sanford C. Bernstein downgraded Chevron from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $183.00 to $167.00 in a research report on Wednesday, July 17th. Truist Financial decreased their price target on Chevron from $154.00 to $150.00 and set a “hold” rating on the stock in a research note on Monday, September 30th. Wolfe Research started coverage on Chevron in a report on Thursday, July 18th. They set a “peer perform” rating for the company. Finally, UBS Group reduced their target price on shares of Chevron from $192.00 to $189.00 and set a “buy” rating on the stock in a research note on Wednesday, September 18th. Seven research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $179.00.

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.