CapWealth Advisors Boosts Chevron Stake by 3.9% in Third Quarter
CapWealth Advisors LLC increased its stake in Chevron Corporation (NYSE: CVX) by 3.9% during the third quarter, according to its recent SEC filing. The firm now holds 199,164 shares of the oil and gas company, valued at $40,671,000, making Chevron its fifth-largest holding at approximately 3.1% of its investment portfolio.
Several other institutional investors also adjusted their positions in Chevron. Adelphi Trust Co raised its stake by 5.0%, Heartwood Wealth Advisors LLC by 3.2%, and Miller Global Investments LLC by 9.3%. CX Institutional increased its holdings by 22.0%, while Polaris Financial Partners acquired a new stake valued at about $143,000. Collectively, institutional investors own 72.42% of Chevron's stock.
Chevron's stock recently traded at $206.00, down $0.69, with a market capitalization of $407 billion. The company reported strong third-quarter earnings, with $6.06 earnings per share, beating estimates by $0.51, and revenue of $67.20 billion, up 57.4% year-over-year. Chevron also declared a quarterly dividend of $1.78 per share, representing a 3.5% yield.
Analysts have mixed views on Chevron. Royal Bank of Canada raised its price target to $230.00 with an "outperform" rating, while Morgan Stanley increased its target to $218.00 with an "overweight" rating. Piper Sandler set the highest target at $243.00 with an "overweight" rating. Overall, the stock has a "Moderate Buy" consensus rating with an average target price of $210.87.