Peapack Gladstone Financial Corp Reduces Stake in Chevron Co. (NYSE:CVX)

Peapack Gladstone Financial Corp reduced its holdings in shares of Chevron Co. (NYSE:CVX) by 1.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 353,298 shares of the oil and gas company’s stock after selling 5,687 shares during the period. Peapack Gladstone Financial Corp’s holdings in Chevron were worth $51,172,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. Ruggaard & Associates LLC boosted its holdings in Chevron by 4.9% in the 4th quarter. Ruggaard & Associates LLC now owns 4,449 shares of the oil and gas company’s stock worth $644,000 after buying an additional 208 shares during the period. Darden Wealth Group Inc grew its position in Chevron by 4.9% in the fourth quarter. Darden Wealth Group Inc now owns 8,141 shares of the oil and gas company’s stock worth $1,179,000 after acquiring an additional 380 shares in the last quarter. Cascades Capital Asset Management LLC bought a new position in shares of Chevron during the 4th quarter valued at approximately $277,000. Ilmarinen Mutual Pension Insurance Co raised its stake in shares of Chevron by 35.8% in the fourth quarter. Ilmarinen Mutual Pension Insurance Co now owns 297,500 shares of the oil and gas company’s stock valued at $43,090,000 after acquiring an additional 78,500 shares during the period. Finally, Russell Investments Group Ltd. lifted its stake in Chevron by 3.6% in the fourth quarter. Russell Investments Group Ltd. now owns 1,043,992 shares of the oil and gas company’s stock worth $151,203,000 after purchasing an additional 36,531 shares during the last quarter. 72.42% of the stock is owned by institutional investors.

Chevron Stock Performance

NYSE:CVX opened at $143.10 on Friday. The firm has a market cap of $251.95 billion, a PE ratio of 14.72, a P/E/G ratio of 1.46 and a beta of 0.93. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80. Chevron Co. has a 1-year low of $135.37 and a 1-year high of $168.96. The firm has a 50 day simple moving average of $157.38 and a 200-day simple moving average of $154.18.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, January 31st. The oil and gas company reported $2.06 EPS for the quarter, missing the consensus estimate 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 period last year, the business earned $3.45 EPS. On average, equities analysts expect that Chevron Co. will post 10.79 EPS 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 issued a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.78%. The ex-dividend date of this dividend was Friday, February 14th. This is a boost from Chevron’s previous quarterly dividend of $1.63. Chevron’s dividend payout ratio (DPR) is 70.37%.

Insider Activity

In other news, VP Jeff B. Gustavson sold 9,325 shares of Chevron 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 transaction, the vice president now owns 1,057 shares of the company’s stock, valued at $161,192.50. The trade was a 89.82 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Raymond James cut their price target on shares of Chevron from $180.00 to $175.00 and set an “outperform” rating on the stock in a report on Monday, February 3rd. UBS Group reduced their target price on shares of Chevron from $195.00 to $194.00 and set a “buy” rating for the company in a report on Monday, February 3rd. Piper Sandler dropped their target price on Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. Barclays lowered 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. Finally, Truist Financial cut their price target on shares of Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a report on Tuesday, February 4th. Four equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $174.13.

Chevron 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.