Malaga Cove Capital LLC Buys 1,699 Shares of Chevron Co. (NYSE:CVX)

Malaga Cove Capital LLC lifted its stake in Chevron Co. (NYSE:CVX) by 64.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,320 shares of the oil and gas company’s stock after acquiring an additional 1,699 shares during the period. Malaga Cove Capital LLC’s holdings in Chevron were worth $636,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in CVX. Rational Advisors LLC bought a new stake in shares of Chevron in the 3rd quarter valued at about $29,000. Anfield Capital Management LLC grew its holdings in Chevron by 118.0% in the second quarter. Anfield Capital Management LLC now owns 218 shares of the oil and gas company’s stock worth $34,000 after purchasing an additional 118 shares during the last quarter. Cyrus J. Lawrence LLC increased its position in shares of Chevron by 66.7% during the second quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company’s stock worth $39,000 after purchasing an additional 100 shares in the last quarter. Krane Funds Advisors LLC acquired a new stake in shares of Chevron in the 3rd quarter worth $47,000. Finally, Livelsberger Financial Advisory purchased a new position in Chevron during the 3rd quarter worth $47,000. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have weighed in on CVX. Wells Fargo & Company lowered their price target on Chevron from $196.00 to $169.00 and set an “overweight” rating for the company in a report on Friday, September 27th. DZ Bank upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $170.00 target price for the company in a research note on Tuesday. UBS Group boosted their target price on shares of Chevron from $192.00 to $194.00 and gave the stock a “buy” rating in a research report on Monday. Scotiabank lowered their price objective on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. Finally, Truist Financial upped their target price on Chevron from $150.00 to $155.00 and gave the company a “hold” rating in a research report on Monday. Four equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $174.93.

Chevron Price Performance

Shares of NYSE CVX opened at $157.65 on Thursday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.16 and a quick ratio of 0.85. The stock has a market capitalization of $288.33 billion, a price-to-earnings ratio of 17.32, a PEG ratio of 3.43 and a beta of 1.09. The firm’s 50 day simple moving average is $147.43 and its 200-day simple moving average is $152.90. Chevron Co. has a 12 month low of $135.37 and a 12 month high of $167.11.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, November 1st. The oil and gas company reported $2.51 earnings per share for the quarter, beating analysts’ consensus estimates of $2.47 by $0.04. Chevron had a net margin of 8.44% and a return on equity of 13.07%. The company had revenue of $50.67 billion during the quarter, compared to analysts’ expectations of $48.86 billion. During the same quarter in the previous year, the company earned $3.05 earnings per share. The firm’s revenue for the quarter was down 6.3% on a year-over-year basis. Analysts expect that Chevron Co. will post 10.65 EPS for the current 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 given a dividend of $1.63 per share. 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 4.14%. Chevron’s dividend payout ratio is currently 71.65%.

About Chevron

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.