FormulaFolio Investments LLC raised its stake in shares of Chevron Co. (NYSE:CVX) by 27.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,363 shares of the oil and gas company’s stock after purchasing an additional 3,551 shares during the period. FormulaFolio Investments LLC’s holdings in Chevron were worth $1,178,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently bought and sold shares of CVX. Selective Wealth Management Inc. purchased a new position in shares of Chevron in the second quarter worth about $25,000. Demars Financial Group LLC purchased a new position in shares of Chevron in the second quarter worth about $32,000. Marshall & Sullivan Inc. WA purchased a new position in shares of Chevron in the second quarter worth about $36,000. Asset Advisors Investment Management LLC purchased a new position in shares of Chevron in the second quarter worth about $36,000. Finally, Watson Rebecca purchased a new position in shares of Chevron in the second quarter worth about $39,000. 64.01% of the stock is currently owned by institutional investors and hedge funds.
Several equities analysts have recently weighed in on CVX shares. HSBC decreased their price target on shares of Chevron from $93.00 to $86.00 and set a “hold” rating on the stock in a research note on Wednesday. Jefferies Financial Group reaffirmed a “buy” rating and set a $108.00 target price on shares of Chevron in a research note on Tuesday, August 11th. Piper Sandler downgraded shares of Chevron from an “overweight” rating to a “neutral” rating and set a $108.00 target price on the stock. in a research note on Monday, August 17th. Truist downgraded shares of Chevron to a “buy” rating and reduced their target price for the stock from $113.00 to $112.00 in a research note on Friday, October 9th. Finally, Bank of America upgraded shares of Chevron from a “neutral” rating to a “buy” rating and set a $96.00 price target for the company in a research report on Monday, September 28th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $107.27.
Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, July 31st. The oil and gas company reported ($1.59) EPS for the quarter, missing the consensus estimate of ($0.93) by ($0.66). Chevron had a positive return on equity of 3.61% and a negative net margin of 7.41%. The firm had revenue of $13.95 billion for the quarter, compared to analyst estimates of $21.71 billion. During the same quarter last year, the firm earned $1.77 EPS. The company’s revenue was down 64.1% on a year-over-year basis. On average, equities research analysts expect that Chevron Co. will post 0.01 earnings per share for the current fiscal year.
In other Chevron news, insider David A. Inchausti sold 5,750 shares of the business’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $92.00, for a total transaction of $529,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.28% of the company’s stock.
Chevron Corporation, through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, and production of crude oil and natural gas; processing, liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.
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