Easterly Investment Partners LLC Increases Chevron Holdings by 75.1%

Easterly Investment Partners LLC has notably increased its stake in Chevron Co. (NYSE:CVX) by 75.1% during the third quarter, according to its recent 13F filing with the SEC. After acquiring an additional 21,996 shares during this period, the institutional investor now holds a total of 51,271 shares in the prominent oil and gas company. As of the latest filing, these holdings are valued at approximately $7,551,000.

Recent Activity Among Institutional Investors

Alongside Easterly Investment Partners LLC, several other institutional investors and hedge funds have adjusted their investments in Chevron. For instance, Rational Advisors LLC announced the acquisition of a new stake in the company during the third quarter, worth around $29,000. Anfield Capital Management LLC increased its holdings by 118.0% in the second quarter, now owning 218 shares valued at $34,000 after purchasing 118 more shares. Similarly, Cyrus J. Lawrence LLC raised its position in Chevron by 66.7%, acquiring 250 shares now worth $39,000 after obtaining an additional 100 shares recently. Both Krane Funds Advisors LLC and Livelsberger Financial Advisory also entered new positions in Chevron in the third quarter, with each investment approximately valued at $47,000. Currently, 72.42% of Chevron's stock is held by institutional investors.

Wall Street Analysts Offer Insights

Recently, several equity analysts have provided their forecasts for Chevron. Truist Financial increased its target price for Chevron from $150.00 to $155.00, maintaining a "hold" rating. DZ Bank upgraded Chevron from a "hold" to a "buy" rating, placing a target price of $170.00 on the stock. In a similar move, Barclays raised its target from $168.00 to $174.00, giving the company an "overweight" rating. Conversely, Scotiabank reduced its estimate for Chevron from $180.00 to $163.00 while designating a "sector outperform" rating. UBS Group also elevated its target price from $192.00 to $194.00, labeling the stock as a "buy". In total, four analysts have rated Chevron as a hold, while thirteen have indicated a buy rating. According to MarketBeat, Chevron currently holds an average rating of "Moderate Buy" coupled with an average target price of $174.93.

Chevron's Stock Performance

On Friday, Chevron's stock saw a slight increase, trading up $0.13 to $156.90. During the trading session, 1,538,497 shares exchanged hands, which is less than the company's average trading volume of 7,643,150 shares. Over the last year, Chevron's stock price has varied significantly, with a low of $135.37 and a high of $167.11. The company boasts a market capitalization of $286.96 billion and reports a price-to-earnings ratio of 17.13. Chevron's PEG ratio stands at 3.53, while its beta is recorded at 1.09. The company also reported a fifty-day simple moving average of $147.43 and a 200-day simple moving average of $152.90, showcasing stable stock performance amid fluctuations. Financial ratios indicate a debt-to-equity ratio of 0.13, a current ratio of 1.16, and a quick ratio of 0.85.

Update on Dividends

Chevron announced its quarterly dividend recently, which will be distributed on December 10th. Shareholders on record by November 18th will receive a dividend of $1.63 per share, equating to an annualized dividend payout of $6.52 and a dividend yield of 4.16%. The ex-dividend date is also set for November 18th. Currently, Chevron's dividend payout ratio is at 71.65%.

About Chevron

Chevron Corporation operates as an integrated energy and chemicals businesses domestically and internationally through its subsidiaries. The company is divided into two main segments: Upstream and Downstream. The Upstream segment engages in activities related to the exploration, development, production, and transportation of crude oil and natural gas, along with activities concerning liquefied natural gas and carbon capture technology. In contrast, the Downstream segment focuses on refining crude oil and distributing petroleum products.

Chevron, Investment, Shares