Bank of Marin Grows Stock Position in Chevron Co. (NYSE:CVX)

Bank of Marin increased its holdings in Chevron Co. (NYSE:CVX) by 14.1% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 5,902 shares of the oil and gas company’s stock after purchasing an additional 730 shares during the quarter. Bank of Marin’s holdings in Chevron were worth $855,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. United Bank lifted its holdings in Chevron by 8.4% in the 3rd quarter. United Bank now owns 8,095 shares of the oil and gas company’s stock valued at $1,192,000 after purchasing an additional 629 shares in the last quarter. Joseph Group Capital Management lifted its holdings in Chevron by 23.2% in the 3rd quarter. Joseph Group Capital Management now owns 16,393 shares of the oil and gas company’s stock valued at $2,414,000 after purchasing an additional 3,092 shares in the last quarter. New England Asset Management Inc. lifted its holdings in Chevron by 0.4% in the 3rd quarter. New England Asset Management Inc. now owns 38,685 shares of the oil and gas company’s stock valued at $5,697,000 after purchasing an additional 145 shares in the last quarter. Windle Wealth LLC lifted its holdings in Chevron by 12.4% in the 3rd quarter. Windle Wealth LLC now owns 43,928 shares of the oil and gas company’s stock valued at $6,469,000 after purchasing an additional 4,851 shares in the last quarter. Finally, Lindenwold Advisors INC lifted its holdings in Chevron by 1.5% in the 3rd quarter. Lindenwold Advisors INC now owns 15,651 shares of the oil and gas company’s stock valued at $2,305,000 after purchasing an additional 238 shares in the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently commented on CVX. Piper Sandler dropped their price objective on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $175.00 price objective on shares of Chevron in a research note on Monday, February 3rd. Truist Financial dropped their price objective on shares of Chevron from $164.00 to $160.00 and set a “hold” rating for the company in a research note on Tuesday, February 4th. Citigroup raised shares of Chevron from a “neutral” rating to a “buy” rating and upped their price objective for the company from $145.00 to $185.00 in a research note on Tuesday, November 26th. Finally, Barclays dropped their price objective on shares of Chevron from $174.00 to $171.00 and set an “overweight” rating for the company in a research note on Wednesday, February 5th. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $174.13.

Chevron Stock Up 1.3 %

Shares of NYSE:CVX opened at $160.81 on Wednesday. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. Chevron Co. has a 52-week low of $135.37 and a 52-week high of $167.11. The company has a 50 day moving average of $155.49 and a two-hundred day moving average of $152.23. The company has a market capitalization of $283.12 billion, a price-to-earnings ratio of 16.54, a price-to-earnings-growth ratio of 1.46 and a beta of 1.08.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, January 31st. The oil and gas company reported $2.06 earnings per share (EPS) 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 quarter last year, the company posted $3.45 earnings per share. As a group, analysts forecast that Chevron Co. will post 10.79 earnings per share for the current fiscal year.

Chevron Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Friday, February 14th were paid a dividend of $1.71 per share. This is a boost from Chevron’s previous quarterly dividend of $1.63. This represents a $6.84 annualized dividend and a dividend yield of 4.25%. The ex-dividend date of this dividend was Friday, February 14th. Chevron’s dividend payout ratio is 70.37%.

Insider Activity

In other news, VP Jeff B. Gustavson sold 9,325 shares of the stock in a transaction that occurred on 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 completion of the transaction, the vice president now directly owns 1,057 shares in the company, valued at approximately $161,192.50. This represents a 89.82 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.20% of the company’s stock.

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.