Chevron Co. (NYSE:CVX) Shares Bought by Hedges Asset Management LLC

Hedges Asset Management LLC lifted its stake in shares of Chevron Co. (NYSE:CVX) by 2.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,600 shares of the oil and gas company’s stock after buying an additional 388 shares during the quarter. Chevron makes up about 1.3% of Hedges Asset Management LLC’s investment portfolio, making the stock its 24th largest holding. Hedges Asset Management LLC’s holdings in Chevron were worth $1,970,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Spinnaker Investment Group LLC boosted its stake in Chevron by 8.7% during the 4th quarter. Spinnaker Investment Group LLC now owns 2,420 shares of the oil and gas company’s stock valued at $351,000 after acquiring an additional 193 shares during the last quarter. Apeiron RIA LLC lifted its position in shares of Chevron by 5.4% during the fourth quarter. Apeiron RIA LLC now owns 8,420 shares of the oil and gas company’s stock worth $1,220,000 after purchasing an additional 433 shares during the last quarter. Veracity Capital LLC grew its stake in Chevron by 5.8% in the fourth quarter. Veracity Capital LLC now owns 4,829 shares of the oil and gas company’s stock worth $699,000 after purchasing an additional 265 shares in the last quarter. Secure Asset Management LLC increased its holdings in Chevron by 18.6% in the fourth quarter. Secure Asset Management LLC now owns 16,940 shares of the oil and gas company’s stock valued at $2,454,000 after buying an additional 2,662 shares during the last quarter. Finally, IVC Wealth Advisors LLC raised its stake in Chevron by 14.5% during the fourth quarter. IVC Wealth Advisors LLC now owns 2,317 shares of the oil and gas company’s stock valued at $336,000 after buying an additional 293 shares in the last quarter. Institutional investors own 72.42% of the company’s stock.

Analysts Set New Price Targets

CVX has been the topic of several research analyst reports. Scotiabank reduced their price objective on Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. Truist Financial lifted their price target on shares of Chevron from $160.00 to $164.00 and gave the company a “hold” rating in a report on Monday, January 13th. Piper Sandler dropped their price objective on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. Raymond James lifted their target price on Chevron from $175.00 to $180.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. Finally, Barclays raised their price target on Chevron from $168.00 to $174.00 and gave the stock an “overweight” rating in a report on Monday, November 4th. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $175.27.

Insider Buying and Selling

In other news, CEO Michael K. Wirth sold 164,600 shares of the firm’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 approximately $685,356.40. This trade represents a 97.47 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.20% of the stock is owned by corporate insiders.

Chevron Stock Down 0.3 %

Chevron stock opened at $155.62 on Friday. The company’s 50-day moving average price is $153.93 and its two-hundred day moving average price is $151.14. The stock has a market cap of $279.66 billion, a price-to-earnings ratio of 17.10, a PEG ratio of 1.37 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 current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last released its earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share for the quarter, topping analysts’ consensus estimates of $2.47 by $0.04. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The firm had revenue of $50.67 billion during the quarter, compared to the consensus estimate of $48.86 billion. During the same period in the prior year, the firm posted $3.05 earnings per share. The firm’s revenue for the quarter was down 6.3% compared to the same quarter last year. On average, analysts expect that Chevron Co. will post 10.18 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Monday, November 18th were paid a dividend of $1.63 per share. The ex-dividend date was Monday, November 18th. This represents a $6.52 annualized dividend and a yield of 4.19%. Chevron’s dividend payout ratio is currently 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.