Stockman Wealth Management Inc. Increases Stake in Chevron Co. (NYSE:CVX)

Stockman Wealth Management Inc. has stepped up its investment in Chevron Co. (NYSE:CVX) by 9.7% during the third quarter of the year. This increase comes to light through the recent Form 13F filing made with the Securities and Exchange Commission (SEC). By purchasing an additional 5,769 shares, Stockman Wealth Management now holds a total of 65,457 shares in the oil and gas giant. This stock constitutes about 1.5% of their overall investment portfolio, marking Chevron as their 25th largest holding. As of the latest report, the value of Stockman Wealth Management Inc.'s holdings in Chevron is approximately $9,640,000.

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Several other hedge funds have also adjusted their positions in Chevron. For instance, Montz Harcus Wealth Management LLC increased its stake by 2.2% during the second quarter. After acquiring an additional 63 shares, their total ownership stands at 2,943 shares valued at about $460,000. Similarly, Hubbell Strickland Wealth Management LLC grew its holding by 0.7%, now owning 9,493 shares worth $1,485,000.

Cyndeo Wealth Partners LLC also raised its holding by 0.3%, bringing its total shares to 19,769, valued at approximately $2,911,000 after buying an additional 67 shares. Meanwhile, S.A. Mason LLC increased its stake in the third quarter, acquiring an additional 67 shares, bringing their holdings to 9,033 shares valued at $1,330,000. Lastly, Jaffetilchin Investment Partners LLC boosted its holdings by 1.2% in the second quarter, with a total of 5,777 shares valued at $904,000 after a transaction of 68 shares.

As it stands, institutional investors own about 72.42% of Chevron's stock.

Recent Trends in Chevron Stock

On Friday, Chevron's stock traded up by 0.1%, reaching a price of $156.93. The stock experienced a trading volume of 6,041,457 shares, compared to an average volume of 6,615,985. Over the past year, Chevron has recorded a low of $135.37 and a high of $167.11. Some of its key financial ratios include a quick ratio of 0.85, a current ratio of 1.16, and a debt-to-equity ratio of 0.13. Chevron boasts a significant market capitalization of $287.01 billion, a price-to-earnings (P/E) ratio of 17.25, and a P/E/G ratio of 3.51. The company's fifty-day moving average is $147.80, while its two-hundred-day moving average is $152.82.

Chevron's Quarterly Earnings Report

Chevron's most recent quarterly earnings report, released on November 1st, showed that the company posted earnings of $2.51 per share, surpassing the consensus estimate of $2.47 by $0.04. The firm recorded a net margin of 8.44% and a return on equity of 13.07%. Revenue for the quarter was approximately $50.67 billion, exceeding analyst predictions of $48.86 billion, though it reflected a decrease of 6.3% compared to the same quarter last year. Analysts forecast that Chevron will achieve an earnings per share of 10.59 for the ongoing fiscal year.

Dividend Announcement by Chevron

Furthermore, Chevron announced a quarterly dividend that is set to be paid on December 10th. Shareholders who are on record as of November 18th will receive a dividend of $1.63 per share. Annually, this translates to a dividend of $6.52, yielding approximately 4.15%. The ex-dividend date is also established as November 18th, with the current dividend payout ratio reported at 71.65%.

Analyst Ratings and Recommendations

Recent analyst coverage of Chevron reveals varying opinions. Wolfe Research began coverage on the company with a "peer perform" rating. Meanwhile, Scotiabank adjusted its price target from $180.00 to $163.00, while maintaining a "sector outperform" rating. Mizuho revised its price target downward from $205.00 to $189.00, assigning an "outperform" rating. Additionally, Bank of America initiated coverage with a "buy" rating and a $168.00 price target. DZ Bank upgraded its rating from "hold" to "buy" with a price target of $170.00. In total, four analysts rated the stock as a hold, whereas thirteen analysts gave a buy rating, resulting in a consensus rating of "Moderate Buy" with an average target price of $174.93.

About Chevron

Chevron Corporation operates through its subsidiaries, engaging in integrated energy and chemicals operations both in the United States and globally. The company divides its operations into two segments: Upstream and Downstream. The Upstream segment focuses on exploring, developing, producing, and transporting crude oil and natural gas. In contrast, the Downstream segment deals with the processing, liquefaction, transportation, and storage of liquefied natural gas, as well as marketing and carbon capture operations.

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