Chevron Co. (NYSE:CVX) Shares Bought by Pacific Wealth Strategies Group Inc.

Pacific Wealth Strategies Group Inc. raised its holdings in Chevron Co. (NYSE:CVX) by 6.5% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 7,792 shares of the oil and gas company’s stock after buying an additional 475 shares during the quarter. Chevron accounts for about 1.1% of Pacific Wealth Strategies Group Inc.’s investment portfolio, making the stock its 27th largest position. Pacific Wealth Strategies Group Inc.’s holdings in Chevron were worth $1,162,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in CVX. Vanguard Group Inc. lifted its stake in shares of Chevron by 0.3% in the 3rd quarter. Vanguard Group Inc. now owns 161,924,375 shares of the oil and gas company’s stock valued at $27,303,688,000 after purchasing an additional 458,080 shares during the period. Morgan Stanley increased its stake in Chevron by 7.0% in the third quarter. Morgan Stanley now owns 34,166,899 shares of the oil and gas company’s stock valued at $5,761,223,000 after acquiring an additional 2,244,995 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Chevron by 1.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 24,236,141 shares of the oil and gas company’s stock worth $4,059,834,000 after purchasing an additional 368,898 shares during the period. Northern Trust Corp boosted its holdings in shares of Chevron by 2.6% during the third quarter. Northern Trust Corp now owns 22,705,118 shares of the oil and gas company’s stock worth $3,828,537,000 after purchasing an additional 569,850 shares during the period. Finally, Ameriprise Financial Inc. lifted its holdings in Chevron by 0.4% in the third quarter. Ameriprise Financial Inc. now owns 14,814,522 shares of the oil and gas company’s stock worth $2,499,684,000 after buying an additional 62,254 shares during the period. Institutional investors own 72.42% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on CVX shares. The Goldman Sachs Group restated a “buy” rating on shares of Chevron in a research note on Monday, April 1st. Truist Financial decreased their price objective on Chevron from $168.00 to $156.00 and set a “hold” rating on the stock in a report on Friday, April 5th. Royal Bank of Canada increased their target price 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. Raymond James increased their price target on shares of Chevron from $170.00 to $174.00 and gave the stock an “outperform” rating in a report on Monday, April 15th. Finally, Wells Fargo & Company raised their price objective on shares of Chevron from $185.00 to $198.00 and gave the stock an “overweight” rating in a research note on Thursday, April 4th. Six research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Chevron has an average rating of “Moderate Buy” and a consensus target price of $184.75.

Chevron Price Performance

CVX stock traded down $0.22 during mid-day trading on Wednesday, hitting $162.63. The company had a trading volume of 1,978,061 shares, compared to its average volume of 8,376,000. The company has a 50-day moving average price of $155.88 and a 200 day moving average price of $151.66. Chevron Co. has a 12-month low of $139.62 and a 12-month high of $171.70. The company has a quick ratio of 1.01, a current ratio of 1.27 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $302.05 billion, a price-to-earnings ratio of 14.33, a P/E/G ratio of 2.38 and a beta of 1.12.

Chevron (NYSE:CVX) last released its earnings results on Friday, February 2nd. The oil and gas company reported $3.45 EPS for the quarter, topping analysts’ consensus estimates of $3.19 by $0.26. Chevron had a net margin of 10.63% and a return on equity of 15.24%. The business had revenue of $47.18 billion during the quarter, compared to analysts’ expectations of $50.93 billion. During the same quarter in the previous year, the company earned $4.09 earnings per share. The company’s quarterly revenue was down 16.5% on a year-over-year basis. On average, research analysts anticipate that Chevron Co. will post 13.58 earnings per share for the current year.

Chevron Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 11th. Shareholders of record on Friday, February 16th were paid a dividend of $1.63 per share. This is a positive change from Chevron’s previous quarterly dividend of $1.51. The ex-dividend date was Thursday, February 15th. This represents a $6.52 annualized dividend and a yield of 4.01%. Chevron’s payout ratio is presently 57.39%.

Insiders Place Their Bets

In related news, VP Alana K. Knowles sold 2,800 shares of the firm’s stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $160.09, for a total value of $448,252.00. Following the transaction, the vice president now owns 276 shares in the company, valued at $44,184.84. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.18% of the company’s stock.

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.