Pin Oak Investment Advisors Inc. Reduces Holdings in Chevron Co. (NYSE:CVX)

Pin Oak Investment Advisors Inc. reduced its stake in shares of Chevron Co. (NYSE:CVX) by 3.0% in the 3rd quarter, HoldingsChannel reports. The firm owned 12,867 shares of the oil and gas company’s stock after selling 400 shares during the quarter. Chevron makes up 1.7% of Pin Oak Investment Advisors Inc.’s portfolio, making the stock its 13th largest position. Pin Oak Investment Advisors Inc.’s holdings in Chevron were worth $1,894,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Strategic Wealth Partners Ltd. boosted its stake in shares of Chevron by 15.3% during the 1st quarter. Strategic Wealth Partners Ltd. now owns 6,782 shares of the oil and gas company’s stock worth $1,070,000 after purchasing an additional 898 shares during the last quarter. Swedbank AB acquired a new stake in Chevron during the first quarter worth approximately $86,131,000. Burney Co. grew its stake in Chevron by 1.6% in the 1st quarter. Burney Co. now owns 17,481 shares of the oil and gas company’s stock worth $2,757,000 after acquiring an additional 275 shares during the period. Austin Wealth Management LLC raised its holdings in Chevron by 29.3% in the 1st quarter. Austin Wealth Management LLC now owns 2,319 shares of the oil and gas company’s stock valued at $365,000 after acquiring an additional 525 shares during the last quarter. Finally, Community Trust & Investment Co. lifted its stake in shares of Chevron by 4.5% during the 1st quarter. Community Trust & Investment Co. now owns 113,911 shares of the oil and gas company’s stock worth $17,968,000 after purchasing an additional 4,940 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Insider Activity

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

Chevron Price Performance

CVX stock opened at $162.11 on Thursday. The stock has a 50-day simple moving average of $152.69 and a 200-day simple moving average of $152.56. The firm has a market cap of $291.33 billion, a P/E ratio of 17.81, a price-to-earnings-growth ratio of 3.54 and a beta of 1.09. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. Chevron Co. has a 1 year low of $135.37 and a 1 year high of $167.11.

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

Chevron Announces Dividend

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

Wall Street Analysts Forecast Growth

Several research firms recently commented on CVX. Barclays upped their target price on Chevron from $168.00 to $174.00 and gave the company an “overweight” rating in a research note on Monday, November 4th. Mizuho cut their price objective on shares of Chevron from $205.00 to $189.00 and set an “outperform” rating on the stock in a report on Monday, September 16th. Royal Bank of Canada upped their price target on shares of Chevron from $170.00 to $175.00 and gave the stock an “outperform” rating in a research report on Monday, November 4th. DZ Bank upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $170.00 price target on the stock in a report on Tuesday, November 5th. Finally, UBS Group upped their price objective on Chevron from $192.00 to $194.00 and gave the stock a “buy” rating in a report on Monday, November 4th. Four analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $175.56.

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.