ProVise Management Group LLC Reduces Stock Position in Chevron Co. (NYSE:CVX)

ProVise Management Group LLC lessened its holdings in Chevron Co. (NYSE:CVX) by 38.0% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 4,474 shares of the oil and gas company’s stock after selling 2,739 shares during the quarter. ProVise Management Group LLC’s holdings in Chevron were worth $648,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the business. Enhancing Capital LLC purchased a new position in Chevron in the fourth quarter valued at $2,949,000. Generali Asset Management SPA SGR purchased a new position in Chevron in the fourth quarter valued at $11,771,000. Evoke Wealth LLC increased its holdings in Chevron by 5.9% in the fourth quarter. Evoke Wealth LLC now owns 43,672 shares of the oil and gas company’s stock valued at $6,326,000 after buying an additional 2,428 shares during the last quarter. Horizon Investments LLC increased its holdings in Chevron by 2.7% in the fourth quarter. Horizon Investments LLC now owns 37,650 shares of the oil and gas company’s stock valued at $5,453,000 after buying an additional 1,000 shares during the last quarter. Finally, Carlson Capital Management increased its holdings in Chevron by 6.6% in the fourth quarter. Carlson Capital Management now owns 3,350 shares of the oil and gas company’s stock valued at $485,000 after buying an additional 206 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Insider Activity at Chevron

In related news, VP Jeff B. Gustavson sold 9,325 shares of the firm’s stock in a transaction dated 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 owns 1,057 shares in the company, valued at $161,192.50. This trade represents a 89.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.20% of the stock is owned by insiders.

Chevron Price Performance

Shares of NYSE:CVX opened at $164.00 on Thursday. 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 company has a market cap of $288.73 billion, a P/E ratio of 16.87, a PEG ratio of 1.46 and a beta of 1.08. 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 price of $155.77 and a 200 day moving average price of $152.31.

Chevron (NYSE:CVX) last announced its quarterly earnings data 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 quarter last year, the company posted $3.45 earnings per share. Research analysts predict that Chevron Co. will post 10.79 earnings per share for the current year.

Chevron Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Friday, February 14th were given a $1.71 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $6.84 dividend on an annualized basis and a yield of 4.17%. This is an increase from Chevron’s previous quarterly dividend of $1.63. Chevron’s dividend payout ratio (DPR) is presently 70.37%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. UBS Group dropped their price objective on Chevron from $195.00 to $194.00 and set a “buy” rating on the stock in a report on Monday, February 3rd. Citigroup raised Chevron from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $145.00 to $185.00 in a report on Tuesday, November 26th. Barclays dropped their price objective on Chevron from $174.00 to $171.00 and set an “overweight” rating on the stock in a report on Wednesday, February 5th. Wells Fargo & Company dropped their price objective on Chevron from $188.00 to $184.00 and set an “overweight” rating on the stock in a report on Monday, February 3rd. Finally, Truist Financial dropped their price objective on Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a report on Tuesday, February 4th. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price 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.