Chevron Co. (NYSE:CVX) is Adams Natural Resources Fund Inc.'s 2nd Largest Position

Adams Natural Resources Fund Inc. reduced its position in shares of Chevron Co. (NYSE:CVX - Free Report) by 1.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 518,071 shares of the oil and gas company's stock after selling 6,600 shares during the period. Chevron accounts for about 11.3% of Adams Natural Resources Fund Inc.'s holdings, making the stock its 2nd biggest position. Adams Natural Resources Fund Inc.'s holdings in Chevron were worth $76,296,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Anfield Capital Management LLC grew its holdings in shares of Chevron by 118.0% in the second quarter. Anfield Capital Management LLC now owns 218 shares of the oil and gas company's stock valued at $34,000 after acquiring an additional 118 shares in the last quarter. Cyrus J. Lawrence LLC increased its position in shares of Chevron by 66.7% during the 2nd quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company's stock valued at $39,000 after purchasing an additional 100 shares during the last quarter. Krane Funds Advisors LLC bought a new stake in shares of Chevron during the 3rd quarter worth $47,000. Livelsberger Financial Advisory purchased a new position in shares of Chevron in the 3rd quarter worth about $47,000. Finally, Dixon Mitchell Investment Counsel Inc. bought a new position in Chevron during the first quarter valued at about $55,000. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Price Performance

Shares of NYSE:CVX traded down $0.23 during trading on Wednesday, reaching $148.29. The company had a trading volume of 2,570,971 shares, compared to its average volume of 7,625,297. Chevron Co. has a 12 month low of $135.37 and a 12 month high of $167.11. The company has a current ratio of 1.16, a quick ratio of 0.85 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $271.21 billion, a P/E ratio of 14.75, a price-to-earnings-growth ratio of 3.29 and a beta of 1.09. The company has a fifty day moving average of $146.74 and a two-hundred day moving average of $153.08.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings results on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share for the quarter, missing analysts' consensus estimates of $2.93 by ($0.38). Chevron had a net margin of 9.31% and a return on equity of 13.70%. The firm had revenue of $51.18 billion for the quarter, compared to analysts' expectations of $48.68 billion. During the same quarter in the previous year, the business earned $3.08 EPS. The company's revenue for the quarter was up 4.7% on a year-over-year basis. Equities research analysts forecast that Chevron Co. will post 10.86 earnings per share for the current year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th were paid a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 4.40%. The ex-dividend date of this dividend was Monday, August 19th. Chevron's dividend payout ratio is currently 64.55%.

Analysts Set New Price Targets

CVX has been the topic of a number of research analyst reports. Sanford C. Bernstein cut shares of Chevron from an "outperform" rating to a "market perform" rating and dropped their target price for the company from $183.00 to $167.00 in a research note on Wednesday, July 17th. Wolfe Research initiated coverage on Chevron in a research report on Thursday, July 18th. They issued a "peer perform" rating for the company. Barclays dropped their price target on Chevron from $185.00 to $168.00 and set an "overweight" rating on the stock in a research report on Thursday, October 3rd. UBS Group boosted their price objective on Chevron from $189.00 to $192.00 and gave the company a "buy" rating in a research note on Tuesday, October 8th. Finally, Truist Financial reduced their target price on shares of Chevron from $154.00 to $150.00 and set a "hold" rating for the company in a research note on Monday, September 30th. Five equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $173.07.

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.