SouthState Corp Purchases 3,398 Shares of Chevron Co. (NYSE:CVX)

SouthState Corp lifted its position in Chevron Co. (NYSE:CVX - Free Report) by 3.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 96,180 shares of the oil and gas company's stock after acquiring an additional 3,398 shares during the period. SouthState Corp's holdings in Chevron were worth $14,164,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of CVX. Rational Advisors LLC bought a new stake in shares of Chevron during the third quarter worth about $29,000. Anfield Capital Management LLC lifted its stake 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 valued at $34,000 after buying an additional 118 shares during the period. Cyrus J. Lawrence LLC lifted its stake in Chevron by 66.7% in the second quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company's stock valued at $39,000 after buying an additional 100 shares during the period. Krane Funds Advisors LLC acquired a new position in shares of Chevron during the third quarter worth approximately $47,000. Finally, Livelsberger Financial Advisory bought a new stake in Chevron during the third quarter worth $47,000. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Chevron Stock Down 0.7 %

Shares of Chevron stock traded down $1.16 on Tuesday, reaching $159.60. 4,651,144 shares of the company were exchanged, compared to its average volume of 7,651,674. Chevron Co. has a one year low of $135.37 and a one year high of $167.11. The company has a market capitalization of $286.82 billion, a price-to-earnings ratio of 17.52, a PEG ratio of 3.63 and a beta of 1.09. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. The company has a 50-day moving average of $149.80 and a 200 day moving average of $152.57.

Chevron (NYSE:CVX - Get Free Report) 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 the consensus estimate of $2.47 by $0.04. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The business had revenue of $50.67 billion for the quarter, compared to analyst estimates of $48.86 billion. During the same period last year, the firm posted $3.05 earnings per share. Chevron's revenue was down 6.3% compared to the same quarter last year. On average, equities research analysts forecast that Chevron Co. will post 10.55 earnings per share for the current year.

Chevron Dividend Announcement

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 paid a $1.63 dividend. The ex-dividend date is Monday, November 18th. This represents a $6.52 dividend on an annualized basis and a yield of 4.09%. Chevron's dividend payout ratio (DPR) is presently 71.65%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Mizuho dropped their price objective on Chevron from $205.00 to $189.00 and set an "outperform" rating for the company in a research note on Monday, September 16th. DZ Bank raised Chevron from a "hold" rating to a "buy" rating and set a $170.00 price objective on the stock in a research report on Tuesday, November 5th. Barclays upped their price objective on Chevron from $168.00 to $174.00 and gave the stock an "overweight" rating in a research note on Monday, November 4th. UBS Group upped their price objective on Chevron from $192.00 to $194.00 and gave the stock a "buy" rating in a research note on Monday, November 4th. Finally, Truist Financial increased their price target on Chevron from $150.00 to $155.00 and gave the stock a "hold" rating in a research note on Monday, November 4th. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, Chevron currently has a consensus rating of "Moderate Buy" and a consensus price target of $174.93.

Insiders Place Their Bets

In related news, CEO Michael K. Wirth sold 164,600 shares of the business's stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $160.13, for a total value of $26,357,398.00. Following the transaction, the chief executive officer now directly owns 4,280 shares of the company's stock, valued at approximately $685,356.40. The trade was a 97.47 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.20% of the company's stock.

Chevron 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.