RNC Capital Management LLC Has $57.39 Million Holdings in Chevron Co. (NYSE:CVX)

RNC Capital Management LLC boosted its holdings in Chevron Co. (NYSE:CVX) by 12.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 396,193 shares of the oil and gas company’s stock after acquiring an additional 43,390 shares during the quarter. Chevron comprises about 3.1% of RNC Capital Management LLC’s investment portfolio, making the stock its 9th biggest holding. RNC Capital Management LLC’s holdings in Chevron were worth $57,385,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the business. Legacy Investment Solutions LLC acquired a new stake in Chevron during the third quarter valued at approximately $29,000. Rational Advisors LLC acquired a new stake in shares of Chevron during the 3rd quarter valued at $29,000. Darwin Wealth Management LLC bought a new stake in shares of Chevron during the 3rd quarter worth $30,000. RPg Family Wealth Advisory LLC acquired a new position in shares of Chevron in the 3rd quarter worth $31,000. Finally, New Wave Wealth Advisors LLC acquired a new stake in shares of Chevron during the fourth quarter worth $39,000. Institutional investors own 72.42% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Michael K. Wirth sold 164,600 shares of the firm’s stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $160.13, for a total value of $26,357,398.00. Following the transaction, the chief executive officer now directly owns 4,280 shares of the company’s stock, valued at approximately $685,356.40. This trade represents a 97.47 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. Barclays decreased their price target on Chevron from $174.00 to $171.00 and set an “overweight” rating for the company in a research report on Wednesday. Piper Sandler decreased their target price on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Bank of America started coverage on shares of Chevron in a report on Thursday, October 17th. They set a “buy” rating and a $168.00 price target on the stock. Scotiabank decreased their price objective on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. Finally, UBS Group cut their target price on shares of Chevron from $195.00 to $194.00 and set a “buy” rating on the stock in a research note on Monday. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $174.13.

Chevron Stock Down 0.7 %

CVX opened at $151.86 on Friday. The company has a market capitalization of $272.90 billion, a PE ratio of 15.62, a price-to-earnings-growth ratio of 1.29 and a beta of 1.11. The business has a 50-day moving average of $152.60 and a 200-day moving average of $150.90. Chevron Co. has a fifty-two week low of $135.37 and a fifty-two week high of $167.11. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80.

Chevron (NYSE:CVX) last posted its earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.42 by ($0.36). Chevron had a net margin of 8.71% and a return on equity of 11.44%. During the same quarter last year, the firm earned $3.45 earnings per share. Equities research analysts forecast that Chevron Co. will post 11.45 EPS for the current fiscal year.

Chevron Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 10th. Shareholders of record on Friday, February 14th will be given a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 4.50%. This is an increase from Chevron’s previous quarterly dividend of $1.63. The ex-dividend date of this dividend is Friday, February 14th. Chevron’s dividend payout ratio is presently 67.08%.

Chevron 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.