Capital Wealth Planning LLC Raises Position in Chevron Co. (NYSE:CVX)

Capital Wealth Planning LLC grew its holdings in shares of Chevron Co. (NYSE:CVX) by 6.2% in the 4th quarter, HoldingsChannel.com reports. The firm owned 2,189,879 shares of the oil and gas company’s stock after purchasing an additional 128,218 shares during the quarter. Chevron comprises approximately 2.9% of Capital Wealth Planning LLC’s portfolio, making the stock its 17th biggest position. Capital Wealth Planning LLC’s holdings in Chevron were worth $317,182,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Life Planning Partners Inc purchased a new position in Chevron in the 4th quarter worth $25,000. Rational Advisors LLC purchased a new position in Chevron in the 3rd quarter worth $29,000. Legacy Investment Solutions LLC purchased a new position in Chevron in the 3rd quarter worth $29,000. Darwin Wealth Management LLC purchased a new position in Chevron in the 3rd quarter worth $30,000. Finally, RPg Family Wealth Advisory LLC purchased a new position in Chevron in the 3rd quarter worth $31,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Price Performance

NYSE:CVX opened at $158.59 on Friday. Chevron Co. has a 52 week low of $135.37 and a 52 week high of $167.11. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $279.21 billion, a PE ratio of 16.32, a price-to-earnings-growth ratio of 1.46 and a beta of 1.11. The stock’s 50-day moving average price is $153.14 and its 200-day moving average price is $151.49.

Chevron (NYSE:CVX) last posted its earnings results on Friday, January 31st. The oil and gas company reported $2.06 EPS for the quarter, missing analysts’ consensus estimates of $2.42 by ($0.36). Chevron had a net margin of 8.71% and a return on equity of 11.44%. During the same period last year, the firm earned $3.45 EPS. As a group, equities analysts expect that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 10th. Stockholders of record on Friday, February 14th will be given a dividend of $1.71 per share. The ex-dividend date of this dividend is Friday, February 14th. This is a boost from Chevron’s previous quarterly dividend of $1.63. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.31%. Chevron’s dividend payout ratio (DPR) is 70.37%.

Insider Activity

In related news, VP Jeff B. Gustavson sold 9,325 shares of Chevron stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $152.50, for a total value of $1,422,062.50. Following the sale, the vice president now directly owns 1,057 shares in the company, valued at approximately $161,192.50. The trade was a 89.82 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CVX. Piper Sandler reduced their target price on Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. DZ Bank upgraded Chevron from a “hold” rating to a “buy” rating and set a $170.00 target price for the company in a research note on Tuesday, November 5th. Citigroup upgraded Chevron from a “neutral” rating to a “buy” rating and raised their target price for the stock from $145.00 to $185.00 in a research note on Tuesday, November 26th. Royal Bank of Canada restated an “outperform” rating and issued a $175.00 target price on shares of Chevron in a research note on Monday, February 3rd. Finally, Wells Fargo & Company cut their price target on Chevron from $188.00 to $184.00 and set an “overweight” rating on the stock in a research report on Monday, February 3rd. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $174.13.

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.