Stockman Wealth Management Increases Chevron Holdings

Stockman Wealth Management Inc. has expanded its stake in Chevron Co. (NYSE:CVX - Free Report) by 9.7% in the third quarter. This information comes from the firm’s latest Form 13F filing with the Securities and Exchange Commission (SEC). Following the acquisition of an additional 5,769 shares, Stockman now owns a total of 65,457 shares of the oil and gas company. Notably, Chevron represents approximately 1.5% of Stockman Wealth Management's total investment portfolio, ranking it as the firm’s 25th largest investment. As of the end of the most recent reporting period, these Chevron holdings were valued at $9,640,000.

Other Hedge Fund Activity

In addition to Stockman's movements, several other hedge funds have also adjusted their holdings in Chevron. For instance, Montz Harcus Wealth Management LLC increased its shares by 2.2% during the second quarter, now owning 2,943 shares valued at $460,000 after securing an additional 63 shares. Similarly, Hubbell Strickland Wealth Management LLC grew its holdings by 0.7% during the same quarter, bringing its total to 9,493 shares worth $1,485,000 following an acquisition of 64 shares. Cyndeo Wealth Partners LLC also added to its Chevron shares, increasing its stake by 0.3%, resulting in ownership of 19,769 shares valued at $2,911,000 after purchasing 67 more shares. Additionally, S.A. Mason LLC's holdings rose by 0.7% to a total of 9,033 shares valued at $1,330,000 after acquiring 67 shares. Jaffetilchin Investment Partners LLC raised its holdings by 1.2% in the second quarter, now owning 5,777 shares worth $904,000 following an additional purchase of 68 shares. In total, institutional investors currently own 72.42% of Chevron's shares.

Chemical Performance of Chevron Shares

On the trading front, shares of Chevron rose by 0.1%, climbing $0.16 to reach a price of $156.93. During this trading session, the volume reached 6,041,457 shares, slightly below the average trading volume of 6,615,985. Chevron’s stock has fluctuated between a 12-month low of $135.37 and a high of $167.11. Currently, the company boasts a quick ratio of 0.85, a current ratio of 1.16, and a debt-to-equity ratio of 0.13. Chevron holds a market capitalization of $287.01 billion, with a price-to-earnings ratio of 17.25, a P/E/G ratio of 3.51, and a beta value of 1.09. The fifty-day moving average stands at $147.80, while the two-hundred day moving average is at $152.82.

Recent Earnings Report

Chevron recently disclosed its quarterly earnings results on November 1st. The company reported earnings of $2.51 per share for the quarter, which surpassed analysts' expectations of $2.47 by $0.04. The oil and gas company experienced a net margin of 8.44% and a return on equity of 13.07%. Revenues for the quarter reached $50.67 billion, exceeding estimates of $48.86 billion. It is worth noting that revenue decreased by 6.3% compared to the same period last year, where the earnings per share stood at $3.05. Analysts project that Chevron will report earnings of 10.59 per share for the current fiscal year.

Dividend Announcement from Chevron

Chevron has also announced a quarterly dividend to be paid out on December 10th. Shareholders recorded as of November 18th will receive a dividend of $1.63 per share, translating to an annualized dividend of $6.52, with a yield of 4.15%. The ex-dividend date for this payout is November 18th. Currently, Chevron has a dividend payout ratio of 71.65%.

Analyst Insights on Chevron

In the realm of analyst ratings, various brokerages have recently issued reports concerning Chevron. Wolfe Research initiated coverage of the stock, awarding it a "peer perform" rating. Scotiabank lowered its price target for Chevron from $180.00 to $163.00 while maintaining a "sector outperform" rating. Mizuho also cut its target price from $205.00 to $189.00, giving Chevron an “outperform” rating. Additionally, Bank of America initiated coverage with a “buy” rating and a target price of $168.00. DZ Bank upgraded its rating from "hold" to "buy" with a target of $170.00. Currently, four research analysts have rated Chevron with a hold recommendation, while thirteen analysts have given it a buy rating. MarketBeat reports a consensus rating of "Moderate Buy" for Chevron, with an average target price of $174.93.

About Chevron Corporation

Chevron Corporation operates globally, delivering integrated energy and chemicals products. It has two main segments: Upstream, which focuses on the exploration, development, and production of crude oil and natural gas; and Downstream, involved in processing fuels as well as refining operations. Chevron’s operations also extend to transportation and marketing of natural gas and crude oil, alongside carbon capture and storage efforts.

Chevron, Investment, Shares, Stockman, Wealth