Apella Capital LLC lifted its position in Chevron Co. (NYSE:CVX – Get Rating) by 17.7% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 7,908 shares of the oil and gas company’s stock after purchasing an additional 1,192 shares during the quarter. Apella Capital LLC’s holdings in Chevron were worth $1,419,000 at the end of the most recent reporting period.
Several other large investors have also made changes to their positions in the company. Gries Financial LLC grew its holdings in shares of Chevron by 23.3% in the 4th quarter. Gries Financial LLC now owns 3,523 shares of the oil and gas company’s stock worth $632,000 after purchasing an additional 666 shares during the last quarter. Coldstream Capital Management Inc. bought a new stake in shares of Chevron in the 4th quarter worth about $7,999,000. Thomasville National Bank grew its holdings in shares of Chevron by 4.2% in the 4th quarter. Thomasville National Bank now owns 5,587 shares of the oil and gas company’s stock worth $1,003,000 after purchasing an additional 225 shares during the last quarter. Bank of New Hampshire grew its holdings in shares of Chevron by 6.4% in the 4th quarter. Bank of New Hampshire now owns 21,376 shares of the oil and gas company’s stock worth $3,837,000 after purchasing an additional 1,292 shares during the last quarter. Finally, Woodstock Corp grew its holdings in shares of Chevron by 8.6% in the 4th quarter. Woodstock Corp now owns 36,829 shares of the oil and gas company’s stock worth $6,610,000 after purchasing an additional 2,925 shares during the last quarter. Institutional investors own 69.37% of the company’s stock.
Insider Buying and Selling
In related news, VP Rhonda J. Morris sold 19,666 shares of the stock in a transaction that occurred on Tuesday, February 7th. The stock was sold at an average price of $170.00, for a total transaction of $3,343,220.00. Following the completion of the sale, the vice president now directly owns 3,967 shares of the company’s stock, valued at approximately $674,390. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.32% of the stock is owned by company insiders.
Chevron Stock Performance
Chevron (NYSE:CVX – Get Rating) last announced its quarterly earnings results on Friday, January 27th. The oil and gas company reported $4.09 earnings per share for the quarter, missing analysts’ consensus estimates of $4.16 by ($0.07). The firm had revenue of $56.47 billion during the quarter, compared to analyst estimates of $53.97 billion. Chevron had a net margin of 14.40% and a return on equity of 23.52%. The business’s revenue was up 17.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.56 earnings per share. As a group, sell-side analysts forecast that Chevron Co. will post 14.73 earnings per share for the current year.
Chevron announced that its board has initiated a share repurchase program on Wednesday, January 25th that allows the company to buyback $75.00 billion in shares. This buyback authorization allows the oil and gas company to repurchase up to 21.7% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.
Chevron Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, March 10th. Investors of record on Thursday, February 16th were given a $1.51 dividend. This represents a $6.04 dividend on an annualized basis and a dividend yield of 3.96%. This is an increase from Chevron’s previous quarterly dividend of $1.42. The ex-dividend date of this dividend was Wednesday, February 15th. Chevron’s dividend payout ratio (DPR) is currently 33.04%.
Wall Street Analyst Weigh In
Several research analysts recently issued reports on the stock. BNP Paribas downgraded shares of Chevron from a “neutral” rating to an “underperform” rating and set a $190.00 price target on the stock. in a research report on Wednesday, December 14th. Piper Sandler reduced their price target on shares of Chevron from $206.00 to $199.00 and set an “overweight” rating on the stock in a research report on Monday, December 19th. Cowen reduced their price target on shares of Chevron from $185.00 to $170.00 and set an “outperform” rating on the stock in a research report on Friday, February 24th. Morgan Stanley reduced their price target on shares of Chevron from $197.00 to $195.00 and set an “equal weight” rating on the stock in a research report on Monday, January 30th. Finally, Barclays upped their price target on shares of Chevron from $196.00 to $212.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 3rd. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $189.50.
Chevron Corp. engages in the provision of administrative, financial management, and technology support for energy and chemical operations. It operates through the Upstream and Downstream segments. The Upstream segment consists of the exploration, development, and production of crude oil and natural gas, the liquefaction, transportation, and regasification associated with liquefied natural gas, the transporting of crude oil by major international oil export pipelines, the processing, transporting, storage, and marketing of natural gas, and a gas-to-liquids plant.
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