Kimelman & Baird LLC Sells 5,250 Shares of Chevron Co. (NYSE:CVX)

Kimelman & Baird LLC cut its stake in shares of Chevron Co. (NYSE:CVX) by 12.2% in the fourth quarter, Holdings Channel reports. The fund owned 37,682 shares of the oil and gas company’s stock after selling 5,250 shares during the period. Kimelman & Baird LLC’s holdings in Chevron were worth $5,458,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Raymond James Financial Inc. bought a new position in shares of Chevron in the fourth quarter valued at about $1,036,302,000. Pacer Advisors Inc. raised its holdings in shares of Chevron by 949.6% in the third quarter. Pacer Advisors Inc. now owns 3,819,963 shares of the oil and gas company’s stock valued at $562,566,000 after buying an additional 3,456,008 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Chevron by 11.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 31,108,760 shares of the oil and gas company’s stock valued at $4,581,137,000 after buying an additional 3,203,899 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Chevron by 17.3% in the fourth quarter. Bank of New York Mellon Corp now owns 16,496,687 shares of the oil and gas company’s stock valued at $2,389,380,000 after buying an additional 2,432,756 shares during the last quarter. Finally, Amundi raised its holdings in shares of Chevron by 27.7% in the fourth quarter. Amundi now owns 8,806,050 shares of the oil and gas company’s stock valued at $1,323,549,000 after buying an additional 1,910,262 shares during the last quarter. 72.42% of the stock is owned by institutional investors.

Insider Activity

In other 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 transaction of $1,422,062.50. Following the transaction, the vice president now owns 1,057 shares in the company, valued at $161,192.50. The trade was a 89.82 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.20% of the stock is currently owned by company insiders.

Chevron Price Performance

Chevron stock opened at $157.10 on Monday. The firm has a market capitalization of $276.59 billion, a P/E ratio of 16.16, a PEG ratio of 1.46 and a beta of 1.08. Chevron Co. has a 1 year low of $135.37 and a 1 year high of $167.11. The business has a 50-day moving average of $155.03 and a 200-day moving average of $152.06. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, January 31st. The oil and gas company reported $2.06 earnings per share for the quarter, missing the consensus estimate 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 in the prior year, the firm posted $3.45 EPS. On average, equities analysts anticipate that Chevron Co. will post 10.79 EPS for the current year.

Chevron Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Friday, February 14th were issued a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 4.35%. The ex-dividend date was Friday, February 14th. This is a boost from Chevron’s previous quarterly dividend of $1.63. Chevron’s payout ratio is 70.37%.

Analyst Ratings Changes

A number of research firms recently issued reports on CVX. Truist Financial cut their price target on Chevron from $164.00 to $160.00 and set a “hold” rating for the company in a report on Tuesday, February 4th. Barclays cut their price target on Chevron from $174.00 to $171.00 and set an “overweight” rating for the company in a report on Wednesday, February 5th. UBS Group lowered their price objective on Chevron from $195.00 to $194.00 and set a “buy” rating for the company in a research report on Monday, February 3rd. Wells Fargo & Company lowered their price objective on Chevron from $188.00 to $184.00 and set an “overweight” rating for the company in a research report on Monday, February 3rd. Finally, Citigroup upgraded Chevron from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $145.00 to $185.00 in a research report on Tuesday, November 26th. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus 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.