Sheets Smith Wealth Management Reduces Stake in Chevron Co. (NYSE:CVX)

Sheets Smith Wealth Management lessened its stake in shares of Chevron Co. (NYSE:CVX) by 38.5% during the 4th quarter, Holdings Channel reports. The fund owned 4,224 shares of the oil and gas company’s stock after selling 2,647 shares during the quarter. Sheets Smith Wealth Management’s holdings in Chevron were worth $630,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. International Assets Investment Management LLC raised its stake in Chevron by 15,548.2% during the fourth quarter. International Assets Investment Management LLC now owns 3,202,411 shares of the oil and gas company’s stock worth $4,776,720,000 after purchasing an additional 3,181,946 shares during the period. Morgan Stanley raised its position in shares of Chevron by 7.0% during the 3rd quarter. Morgan Stanley now owns 34,166,899 shares of the oil and gas company’s stock valued at $5,761,223,000 after buying an additional 2,244,995 shares during the period. J.P. Morgan Private Wealth Advisors LLC purchased a new stake in shares of Chevron during the 3rd quarter valued at approximately $348,789,000. Envestnet Asset Management Inc. lifted its holdings in Chevron by 36.4% in the third quarter. Envestnet Asset Management Inc. now owns 4,614,498 shares of the oil and gas company’s stock valued at $778,097,000 after acquiring an additional 1,230,619 shares during the last quarter. Finally, California Public Employees Retirement System grew its position in Chevron by 28.3% in the third quarter. California Public Employees Retirement System now owns 4,179,942 shares of the oil and gas company’s stock worth $704,822,000 after acquiring an additional 923,119 shares during the period. Institutional investors and hedge funds own 72.42% of the company’s stock.

Insider Activity at Chevron

In other Chevron news, VP Alana K. Knowles sold 2,800 shares of the business’s stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $165.00, for a total transaction of $462,000.00. Following the transaction, the vice president now owns 276 shares in the company, valued at $45,540. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.20% of the stock is currently owned by insiders.

Chevron Trading Up 1.2 %

CVX stock traded up $1.88 during midday trading on Monday, hitting $162.13. The stock had a trading volume of 5,541,836 shares, compared to its average volume of 8,448,853. Chevron Co. has a 12-month low of $139.62 and a 12-month high of $171.70. The firm has a market cap of $301.12 billion, a PE ratio of 15.02, a price-to-earnings-growth ratio of 2.37 and a beta of 1.11. The company’s 50-day moving average price is $157.26 and its 200 day moving average price is $151.53. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.23 and a quick ratio of 0.93.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, April 26th. The oil and gas company reported $2.93 EPS for the quarter, beating analysts’ consensus estimates of $2.84 by $0.09. Chevron had a net margin of 10.21% and a return on equity of 14.40%. The company had revenue of $48.72 billion during the quarter, compared to the consensus estimate of $48.42 billion. During the same quarter in the prior year, the company posted $3.55 EPS. The company’s quarterly revenue was down 4.1% compared to the same quarter last year. On average, equities research analysts predict that Chevron Co. will post 13.53 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 10th. Shareholders of record on Friday, May 17th will be paid a dividend of $1.63 per share. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $6.52 annualized dividend and a yield of 4.02%. Chevron’s dividend payout ratio is presently 59.98%.

Wall Street Analyst Weigh In

CVX has been the subject of a number of research analyst reports. Scotiabank upgraded Chevron from a “sector perform” rating to a “sector outperform” rating and increased their price target for the stock from $170.00 to $195.00 in a report on Thursday, April 11th. Truist Financial lowered their target price on shares of Chevron from $168.00 to $156.00 and set a “hold” rating for the company in a research note on Friday, April 5th. The Goldman Sachs Group reissued a “buy” rating on shares of Chevron in a research note on Monday, April 1st. HSBC increased their price target on shares of Chevron from $175.00 to $178.00 and gave the stock a “buy” rating in a research report on Tuesday, April 30th. Finally, DZ Bank cut shares of Chevron from a “buy” rating to a “hold” rating and set a $160.00 price objective for the company. in a report on Tuesday, February 6th. 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 MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $185.35.

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.