Richard Bernstein Advisors LLC Cuts Stake in Chevron Co. (NYSE:CVX)

Richard Bernstein Advisors LLC lessened its holdings in Chevron Co. (NYSE:CVX) by 46.4% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 28,504 shares of the oil and gas company’s stock after selling 24,712 shares during the quarter. Richard Bernstein Advisors LLC’s holdings in Chevron were worth $4,129,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Pettinga Financial Advisors LLC grew its position in shares of Chevron by 10.1% during the third quarter. Pettinga Financial Advisors LLC now owns 2,972 shares of the oil and gas company’s stock worth $438,000 after buying an additional 272 shares in the last quarter. Gemmer Asset Management LLC grew its holdings in Chevron by 11.7% during the 3rd quarter. Gemmer Asset Management LLC now owns 4,888 shares of the oil and gas company’s stock worth $720,000 after acquiring an additional 512 shares in the last quarter. Semanteon Capital Management LP acquired a new position in Chevron during the 3rd quarter worth approximately $1,208,000. Inscription Capital LLC increased its position in shares of Chevron by 3.5% in the 3rd quarter. Inscription Capital LLC now owns 77,577 shares of the oil and gas company’s stock valued at $11,425,000 after purchasing an additional 2,635 shares during the last quarter. Finally, Welch Group LLC raised its holdings in shares of Chevron by 2.8% in the 3rd quarter. Welch Group LLC now owns 386,666 shares of the oil and gas company’s stock valued at $56,944,000 after purchasing an additional 10,660 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Chevron Price Performance

Shares of NYSE:CVX opened at $156.38 on Wednesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. Chevron Co. has a one year low of $135.37 and a one year high of $167.11. The company has a 50-day simple moving average of $152.30 and a 200-day simple moving average of $151.28. The stock has a market capitalization of $281.04 billion, a price-to-earnings ratio of 16.09, a PEG ratio of 1.46 and a beta of 1.11.

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

Chevron Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 10th. Investors of record on Friday, February 14th will be given a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 4.37%. This is a positive change from Chevron’s previous quarterly dividend of $1.63. The ex-dividend date of this dividend is Friday, February 14th. Chevron’s dividend payout ratio (DPR) is 70.37%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. DZ Bank upgraded shares of 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. Barclays lowered their price objective on Chevron from $174.00 to $171.00 and set an “overweight” rating for the company in a research report on Wednesday, February 5th. Citigroup raised 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 report on Tuesday, November 26th. Wells Fargo & Company lowered their price target on Chevron from $188.00 to $184.00 and set an “overweight” rating for the company in a report on Monday, February 3rd. Finally, Truist Financial cut their price objective 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 investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $174.13.

Insider Buying and Selling at Chevron

In other news, VP Jeff B. Gustavson sold 9,325 shares of Chevron 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 sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.20% of the stock is currently owned by corporate insiders.

About Chevron

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.