Chevron Co. (NYSE:CVX) Holdings Lowered by Beacon Financial Group

Beacon Financial Group lessened its stake in shares of Chevron Co. (NYSE:CVX) by 5.4% during the fourth quarter, Holdings Channel.com reports. The fund owned 16,290 shares of the oil and gas company’s stock after selling 922 shares during the period. Beacon Financial Group’s holdings in Chevron were worth $2,359,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CVX. ORG Wealth Partners LLC bought a new position in Chevron during the third quarter valued at about $182,000. Wedge Capital Management L L P NC raised its position in Chevron by 4.3% in the third quarter. Wedge Capital Management L L P NC now owns 2,887 shares of the oil and gas company’s stock worth $425,000 after acquiring an additional 120 shares in the last quarter. CX Institutional lifted its holdings in Chevron by 97.0% in the 3rd quarter. CX Institutional now owns 46,181 shares of the oil and gas company’s stock valued at $6,801,000 after acquiring an additional 22,735 shares during the last quarter. Wesbanco Bank Inc. boosted its position in shares of Chevron by 1.8% during the 3rd quarter. Wesbanco Bank Inc. now owns 228,634 shares of the oil and gas company’s stock valued at $33,671,000 after purchasing an additional 4,004 shares in the last quarter. Finally, Iams Wealth Management LLC grew its stake in shares of Chevron by 10.5% in the 3rd quarter. Iams Wealth Management LLC now owns 13,294 shares of the oil and gas company’s stock worth $1,958,000 after purchasing an additional 1,258 shares during the last quarter. Institutional investors own 72.42% of the company’s stock.

Insider Buying and Selling at Chevron

In other Chevron news, VP Jeff B. Gustavson sold 9,325 shares of the business’s stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $152.50, for a total value of $1,422,062.50. Following the completion of the sale, the vice president now directly owns 1,057 shares of the company’s stock, valued at $161,192.50. The trade was a 89.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Michael K. Wirth sold 164,600 shares of the stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the transaction, the chief executive officer now owns 4,280 shares in the company, valued at approximately $685,356.40. This trade represents a 97.47 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.20% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Royal Bank of Canada reissued an “outperform” rating and set a $175.00 target price on shares of Chevron in a research note on Monday, February 3rd. Piper Sandler cut their price objective on Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a research report on Thursday, December 19th. DZ Bank raised Chevron from a “hold” rating to a “buy” rating and set a $170.00 price objective for the company in a research note on Tuesday, November 5th. Barclays reduced their target price on Chevron from $174.00 to $171.00 and set an “overweight” rating for the company in a report on Wednesday, February 5th. Finally, Bank of America began coverage on Chevron in a research report on Thursday, October 17th. They issued a “buy” rating and a $168.00 price target for the company. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $174.13.

Chevron Price Performance

NYSE CVX opened at $157.43 on Wednesday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80. The firm has a market capitalization of $282.91 billion, a price-to-earnings ratio of 16.20, a price-to-earnings-growth ratio of 1.39 and a beta of 1.11. The company has a 50 day simple moving average of $152.08 and a 200-day simple moving average of $150.81. Chevron Co. has a 52-week low of $135.37 and a 52-week high of $167.11.

Chevron (NYSE:CVX) last released its earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.42 by ($0.36). Chevron had a return on equity of 11.44% and a net margin of 8.71%. During the same quarter in the previous year, the company posted $3.45 earnings per share. Equities research analysts predict that Chevron Co. will post 10.84 earnings per share for the current fiscal year.

Chevron Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 10th. Investors of record on Friday, February 14th will be given a dividend of $1.71 per share. This is a boost from Chevron’s previous quarterly dividend of $1.63. The ex-dividend date is Friday, February 14th. This represents a $6.84 dividend on an annualized basis and a yield of 4.34%. Chevron’s dividend payout ratio (DPR) is presently 67.08%.

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.