Triangle Securities Wealth Management Trims Stock Position in Chevron Co. (NYSE:CVX)

Triangle Securities Wealth Management lessened its position in Chevron Co. (NYSE:CVX) by 2.3% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 16,227 shares of the oil and gas company’s stock after selling 381 shares during the quarter. Triangle Securities Wealth Management’s holdings in Chevron were worth $2,350,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Sei Investments Co. increased its holdings in shares of Chevron by 8.5% during the second quarter. Sei Investments Co. now owns 659,273 shares of the oil and gas company’s stock valued at $103,121,000 after acquiring an additional 51,564 shares in the last quarter. Kowal Investment Group LLC grew its holdings in shares of Chevron by 2.8% during the second quarter. Kowal Investment Group LLC now owns 11,250 shares of the oil and gas company’s stock valued at $1,760,000 after buying an additional 309 shares during the last quarter. Holderness Investments Co. increased its position in shares of Chevron by 0.3% during the second quarter. Holderness Investments Co. now owns 25,128 shares of the oil and gas company’s stock valued at $3,931,000 after acquiring an additional 77 shares in the last quarter. Frank Rimerman Advisors LLC raised its holdings in Chevron by 13,094.9% in the 2nd quarter. Frank Rimerman Advisors LLC now owns 26,126 shares of the oil and gas company’s stock worth $4,087,000 after acquiring an additional 25,928 shares during the last quarter. Finally, Greenline Partners LLC boosted its position in shares of Chevron by 13.1% during the second quarter. Greenline Partners LLC now owns 26,566 shares of the oil and gas company’s stock valued at $4,158,000 after buying an additional 3,075 shares during the last quarter. Institutional investors own 72.42% of the company’s stock.

Insider Buying and Selling

In related news, CEO Michael K. Wirth sold 164,600 shares of the company’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the completion of the transaction, the chief executive officer now owns 4,280 shares in the company, valued at $685,356.40. This represents a 97.47 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.20% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CVX. Truist Financial boosted their price objective on shares of Chevron from $160.00 to $164.00 and gave the company a “hold” rating in a report on Monday, January 13th. DZ Bank upgraded Chevron from a “hold” rating to a “buy” rating and set a $170.00 price objective for the company in a research note on Tuesday, November 5th. Bank of America started coverage on Chevron in a report on Thursday, October 17th. They set a “buy” rating and a $168.00 price target for the company. Citigroup raised Chevron from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $145.00 to $185.00 in a research note on Tuesday, November 26th. Finally, Scotiabank reduced their target price on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $175.27.

Chevron Trading Up 1.4 %

Shares of NYSE:CVX opened at $161.54 on Monday. The business has a 50-day moving average price of $153.93 and a 200-day moving average price of $151.05. The stock has a market cap of $290.30 billion, a price-to-earnings ratio of 17.75, a PEG ratio of 2.62 and a beta of 1.12. Chevron Co. has a 52-week low of $135.37 and a 52-week high of $167.11. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share for the quarter, topping the consensus estimate of $2.47 by $0.04. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The company had revenue of $50.67 billion for the quarter, compared to the consensus estimate of $48.86 billion. During the same period last year, the firm earned $3.05 EPS. The firm’s revenue for the quarter was down 6.3% compared to the same quarter last year. Equities analysts predict that Chevron Co. will post 10.39 EPS for the current year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Monday, November 18th were paid a $1.63 dividend. The ex-dividend date of this dividend was Monday, November 18th. This represents a $6.52 annualized dividend and a dividend yield of 4.04%. Chevron’s dividend payout ratio is presently 71.65%.

Chevron Company Profile

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.