Grimes & Company Inc. Increases Stake in Chevron Co. (NYSE:CVX)

Grimes & Company Inc. boosted its position in Chevron Co. (NYSE:CVX) by 3.9% during the third quarter, HoldingsChannel reports. The fund owned 59,593 shares of the oil and gas company’s stock after buying an additional 2,260 shares during the quarter. Grimes & Company Inc.’s holdings in Chevron were worth $8,776,000 as of its most recent filing with the SEC.

Several other institutional investors have also added to or reduced their stakes in CVX. Private Wealth Management Group LLC boosted its holdings in shares of Chevron by 15.7% in the 1st quarter. Private Wealth Management Group LLC now owns 464 shares of the oil and gas company’s stock worth $73,000 after purchasing an additional 63 shares in the last quarter. Montz Harcus Wealth Management LLC boosted its stake in Chevron by 2.2% in the second quarter. Montz Harcus Wealth Management LLC now owns 2,943 shares of the oil and gas company’s stock worth $460,000 after buying an additional 63 shares in the last quarter. Hubbell Strickland Wealth Management LLC grew its position in 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 valued at $1,485,000 after acquiring an additional 64 shares during the last quarter. Mayfair Advisory Group LLC raised its stake in shares of Chevron by 0.7% during the first quarter. Mayfair Advisory Group LLC now owns 9,407 shares of the oil and gas company’s stock worth $1,484,000 after acquiring an additional 65 shares in the last quarter. Finally, Penbrook Management LLC lifted 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 worth $273,000 after acquiring an additional 65 shares during the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Sanford C. Bernstein downgraded shares of Chevron from an “outperform” rating to a “market perform” rating and lowered their price target for the stock from $183.00 to $167.00 in a research note on Wednesday, July 17th. UBS Group increased their target price on Chevron from $189.00 to $192.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. Mizuho reduced their price target on Chevron from $205.00 to $189.00 and set an “outperform” rating on the stock in a research report on Monday, September 16th. Barclays lowered their price objective on Chevron from $185.00 to $168.00 and set an “overweight” rating for the company in a research report on Thursday, October 3rd. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $170.00 target price on shares of Chevron in a report on Tuesday, October 8th. Five investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $173.07.

Chevron Price Performance

CVX stock opened at $150.46 on Friday. 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 firm has a 50-day moving average of $146.44 and a 200 day moving average of $153.45. The company has a market cap of $275.18 billion, a P/E ratio of 14.90, a PEG ratio of 3.30 and a beta of 1.09.

Chevron (NYSE:CVX) last announced its earnings results on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share (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 firm had revenue of $51.18 billion during the quarter, compared to the consensus estimate of $48.68 billion. During the same period in the prior year, the company posted $3.08 EPS. The firm’s revenue was up 4.7% on a year-over-year basis. On average, sell-side analysts forecast that Chevron Co. will post 10.86 EPS for the current year.

Chevron Announces Dividend

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