Opes Wealth Management LLC Grows Stake in Chevron Co. (NYSE:CVX)

Opes Wealth Management LLC increased its stake in Chevron Co. (NYSE:CVX) by 29.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,545 shares of the oil and gas company’s stock after acquiring an additional 351 shares during the period. Opes Wealth Management LLC’s holdings in Chevron were worth $230,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. NCM Capital Management LLC lifted its position in Chevron by 1.2% in the 1st quarter. NCM Capital Management LLC now owns 5,570 shares of the oil and gas company’s stock valued at $909,000 after purchasing an additional 65 shares during the last quarter. Sweet Financial Partners LLC raised its position in shares of Chevron by 0.7% during the 3rd quarter. Sweet Financial Partners LLC now owns 8,761 shares of the oil and gas company’s stock worth $1,477,000 after buying an additional 65 shares in the last quarter. Strategic Investment Advisors MI raised its position in shares of Chevron by 3.8% during the 3rd quarter. Strategic Investment Advisors MI now owns 1,758 shares of the oil and gas company’s stock worth $296,000 after buying an additional 65 shares in the last quarter. Global Trust Asset Management LLC raised its position in shares of Chevron by 1.0% during the 3rd quarter. Global Trust Asset Management LLC now owns 6,852 shares of the oil and gas company’s stock worth $1,155,000 after buying an additional 67 shares in the last quarter. Finally, Regent Peak Wealth Advisors LLC raised its position in shares of Chevron by 1.4% during the 3rd quarter. Regent Peak Wealth Advisors LLC now owns 5,081 shares of the oil and gas company’s stock worth $857,000 after buying an additional 68 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Stock Performance

NYSE:CVX traded up $2.93 during trading hours on Friday, hitting $160.50. 2,088,170 shares of the company traded hands, compared to its average volume of 8,442,681. The stock has a market capitalization of $298.09 billion, a price-to-earnings ratio of 14.12, a P/E/G ratio of 2.36 and a beta of 1.12. The company has a current ratio of 1.27, a quick ratio of 1.01 and a debt-to-equity ratio of 0.13. The firm has a 50-day moving average of $155.26 and a 200 day moving average of $151.90. Chevron Co. has a twelve month low of $139.62 and a twelve month high of $172.38.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, February 2nd. The oil and gas company reported $3.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.19 by $0.26. The firm had revenue of $47.18 billion for the quarter, compared to analyst estimates of $50.93 billion. Chevron had a net margin of 10.63% and a return on equity of 15.24%. The business’s revenue for the quarter was down 16.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.09 EPS. On average, analysts forecast that Chevron Co. will post 13.27 EPS for the current year.

Chevron Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 11th. Shareholders of record on Friday, February 16th were issued a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 4.06%. The ex-dividend date of this dividend was Thursday, February 15th. This is a positive change from Chevron’s previous quarterly dividend of $1.51. Chevron’s payout ratio is 57.39%.

Insider Buying and Selling at Chevron

In other Chevron news, VP Alana K. Knowles sold 2,800 shares of the business’s stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $160.09, for a total value of $448,252.00. Following the sale, the vice president now owns 276 shares of the company’s stock, valued at approximately $44,184.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.18% of the company’s stock.

Analyst Upgrades and Downgrades

CVX has been the topic of a number of recent analyst reports. The Goldman Sachs Group restated a “buy” rating on shares of Chevron in a research report on Monday, April 1st. Barclays began coverage on shares of Chevron in a research report on Wednesday, April 10th. They set an “overweight” rating and a $203.00 price target on the stock. Royal Bank of Canada lifted their price objective on shares of Chevron from $185.00 to $190.00 and gave the stock an “outperform” rating in a research note on Monday, February 5th. Piper Sandler lifted their price objective on shares of Chevron from $180.00 to $204.00 and gave the stock an “overweight” rating in a research note on Thursday. Finally, Truist Financial lowered their price objective on shares of Chevron from $168.00 to $156.00 and set a “hold” rating on the stock in a research note on Friday, April 5th. Six research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $184.75.

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.