Freedom Investment Management Inc. Acquires 830 Shares of Chevron Co. (NYSE:CVX)

Freedom Investment Management Inc. boosted its position in shares of Chevron Co. (NYSE:CVX) by 10.0% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 9,089 shares of the oil and gas company’s stock after buying an additional 830 shares during the quarter. Freedom Investment Management Inc.’s holdings in Chevron were worth $1,339,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Montz Harcus Wealth Management LLC boosted its stake in Chevron by 2.2% during 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 during the period. Hubbell Strickland Wealth Management LLC boosted its stake 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 worth $1,485,000 after buying an additional 64 shares during the period. Tacita Capital Inc boosted its stake in Chevron by 16.7% during the third quarter. Tacita Capital Inc now owns 454 shares of the oil and gas company’s stock worth $67,000 after buying an additional 65 shares during the period. Cyndeo Wealth Partners LLC boosted its stake in Chevron by 0.3% during the third quarter. Cyndeo Wealth Partners LLC now owns 19,769 shares of the oil and gas company’s stock worth $2,911,000 after buying an additional 67 shares during the period. Finally, S.A. Mason LLC boosted its stake in Chevron by 0.7% during the third quarter. S.A. Mason LLC now owns 9,033 shares of the oil and gas company’s stock worth $1,330,000 after buying an additional 67 shares during the period. 72.42% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CVX has been the subject of several recent analyst reports. Bank of America started coverage on shares of Chevron in a research note on Thursday, October 17th. They set a “buy” rating and a $168.00 price objective for the company. Mizuho lowered their price objective on shares of Chevron from $205.00 to $189.00 and set an “outperform” rating for the company in a research report on Monday, September 16th. Wells Fargo & Company decreased their price target on shares of Chevron from $196.00 to $169.00 and set an “overweight” rating for the company in a research note on Friday, September 27th. UBS Group boosted their price target on Chevron from $192.00 to $194.00 and gave the company a “buy” rating in a report on Monday, November 4th. Finally, Scotiabank reduced their price objective on Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Four equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $175.56.

Chevron Stock Performance

CVX stock opened at $162.11 on Thursday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. The firm has a market cap of $291.33 billion, a price-to-earnings ratio of 17.81, a PEG ratio of 3.54 and a beta of 1.09. The firm has a 50-day simple moving average of $152.69 and a two-hundred day simple moving average of $152.56. Chevron Co. has a one year low of $135.37 and a one year high of $167.11.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.47 by $0.04. Chevron had a net margin of 8.44% and a return on equity of 13.15%. The business had revenue of $50.67 billion for the quarter, compared to analyst estimates of $48.86 billion. During the same period in the previous year, the company earned $3.05 earnings per share. The business’s revenue for the quarter was down 6.3% on a year-over-year basis. On average, equities analysts forecast that Chevron Co. will post 10.53 EPS for the current fiscal year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th will be paid a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 4.02%. The ex-dividend date is Monday, November 18th. Chevron’s dividend payout ratio (DPR) is presently 71.65%.

Insiders Place Their Bets

In other Chevron news, CEO Michael K. Wirth sold 164,600 shares of the company’s stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the transaction, the chief executive officer now owns 4,280 shares in the company, valued at approximately $685,356.40. This represents a 97.47 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.20% of the company’s stock.

Chevron Company 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.