Shorepoint Capital Partners LLC Makes New Investment in Chevron Corporation $CVX

Shorepoint Capital Partners LLC bought a new stake in shares of Chevron Corporation (NYSE:CVX) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 54,861 shares of the oil and gas company’s stock, valued at approximately $8,519,000. Chevron makes up 1.7% of Shorepoint Capital Partners LLC’s holdings, making the stock its 14th largest position.

Other institutional investors also recently modified their holdings of the company. St. Louis Financial Planners Asset Management LLC increased its stake in shares of Chevron by 1.2% during the third quarter. St. Louis Financial Planners Asset Management LLC now owns 18,683 shares of the oil and gas company’s stock valued at $2,901,000 after purchasing an additional 221 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of Chevron by 66.3% in the 3rd quarter. GAMMA Investing LLC now owns 45,515 shares of the oil and gas company’s stock worth $7,068,000 after purchasing an additional 18,150 shares in the last quarter. Trust Co of the South grew its stake in shares of Chevron by 14.8% in the 3rd quarter. Trust Co of the South now owns 2,759 shares of the oil and gas company’s stock worth $428,000 after buying an additional 356 shares during the last quarter. First Hawaiian Bank increased its position in Chevron by 4.5% during the 3rd quarter. First Hawaiian Bank now owns 12,394 shares of the oil and gas company’s stock valued at $1,925,000 after buying an additional 534 shares in the last quarter. Finally, Capital Asset Advisory Services LLC raised its stake in Chevron by 5.5% during the third quarter. Capital Asset Advisory Services LLC now owns 29,142 shares of the oil and gas company’s stock valued at $4,525,000 after buying an additional 1,509 shares during the last quarter. 72.42% of the stock is currently owned by institutional investors.

Chevron Price Performance

NYSE CVX opened at $149.88 on Tuesday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.15 and a quick ratio of 0.86. Chevron Corporation has a 1-year low of $132.04 and a 1-year high of $168.96. The stock has a market capitalization of $301.78 billion, a price-to-earnings ratio of 21.08, a PEG ratio of 8.91 and a beta of 0.68. The business’s fifty day moving average price is $152.66 and its 200-day moving average price is $152.28.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, October 31st. The oil and gas company reported $1.85 EPS for the quarter, beating analysts’ consensus estimates of $1.71 by $0.14. The company had revenue of $48.17 billion during the quarter, compared to analysts’ expectations of $46.99 billion. Chevron had a return on equity of 8.74% and a net margin of 6.57%.Chevron’s revenue for the quarter was down 1.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.48 earnings per share. On average, equities analysts predict that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 10th. Shareholders of record on Tuesday, November 18th were issued a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date of this dividend was Tuesday, November 18th. Chevron’s dividend payout ratio is currently 96.20%.

Wall Street Analysts Forecast Growth

CVX has been the topic of a number of recent research reports. Bank of America cut their target price on Chevron from $183.00 to $180.00 and set a “buy” rating on the stock in a research note on Thursday, December 11th. Wells Fargo & Company increased their price objective on shares of Chevron from $190.00 to $196.00 and gave the company an “overweight” rating in a research report on Friday, November 14th. Mizuho lifted their target price on shares of Chevron from $204.00 to $206.00 and gave the stock an “outperform” rating in a report on Friday. HSBC set a $169.00 price target on shares of Chevron and gave the company a “buy” rating in a report on Monday, December 1st. Finally, Wall Street Zen upgraded shares of Chevron from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, seven have issued a Hold rating and four have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Chevron presently has a consensus rating of “Hold” and an average target price of $166.00.

Insider Buying and Selling

In other Chevron news, Director John B. Hess sold 275,000 shares of the stock in a transaction that occurred on Thursday, November 20th. The shares were sold at an average price of $150.75, for a total value of $41,456,250.00. Following the transaction, the director directly owned 1,128,045 shares in the company, valued at approximately $170,052,783.75. This trade represents a 19.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.21% of the company’s stock.

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.