L. Roy Papp & Associates LLP Increases Stock Position in Chevron Co. (NYSE:CVX)

L. Roy Papp & Associates LLP raised its stake in Chevron Co. (NYSE:CVX) by 1.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 36,535 shares of the oil and gas company’s stock after acquiring an additional 500 shares during the period. L. Roy Papp & Associates LLP’s holdings in Chevron were worth $5,292,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in the company. ORG Wealth Partners LLC purchased a new position in shares of Chevron during the third quarter worth approximately $182,000. Wedge Capital Management L L P NC boosted its stake in Chevron by 4.3% during the 3rd quarter. Wedge Capital Management L L P NC now owns 2,887 shares of the oil and gas company’s stock worth $425,000 after purchasing an additional 120 shares during the period. CX Institutional grew its position in Chevron by 97.0% during the 3rd quarter. CX Institutional now owns 46,181 shares of the oil and gas company’s stock worth $6,801,000 after purchasing an additional 22,735 shares during the last quarter. Wesbanco Bank Inc. increased its stake in Chevron by 1.8% in the third quarter. Wesbanco Bank Inc. now owns 228,634 shares of the oil and gas company’s stock valued at $33,671,000 after purchasing an additional 4,004 shares during the period. Finally, Iams Wealth Management LLC raised its holdings in shares of Chevron by 10.5% in the third quarter. Iams Wealth Management LLC now owns 13,294 shares of the oil and gas company’s stock valued at $1,958,000 after buying an additional 1,258 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Trading Up 1.1 %

Shares of CVX opened at $157.43 on Wednesday. The firm’s 50-day moving average is $152.08 and its two-hundred day moving average is $150.81. Chevron Co. has a twelve month low of $135.37 and a twelve month 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. The firm has a market capitalization of $282.91 billion, a P/E ratio of 16.20, a PEG ratio of 1.39 and a beta of 1.11.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share for the quarter, missing analysts’ consensus estimates of $2.42 by ($0.36). Chevron had a return on equity of 11.44% and a net margin of 8.71%. During the same period last year, the firm posted $3.45 earnings per share. On average, research analysts predict that Chevron Co. will post 10.84 earnings per share for the current fiscal year.

Chevron Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 10th. Stockholders of record on Friday, February 14th will be paid a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 4.34%. The ex-dividend date of this dividend is Friday, February 14th. This is an increase from Chevron’s previous quarterly dividend of $1.63. Chevron’s payout ratio is 67.08%.

Wall Street Analysts Forecast Growth

CVX has been the topic of several recent research reports. Citigroup upgraded Chevron from a “neutral” rating to a “buy” rating and boosted their price target for the company from $145.00 to $185.00 in a research report on Tuesday, November 26th. Truist Financial lowered their target price on Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a research note on Tuesday, February 4th. Piper Sandler cut their price target on Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. Wells Fargo & Company lowered their price objective on shares of Chevron from $188.00 to $184.00 and set an “overweight” rating on the stock in a research report on Monday, February 3rd. Finally, Royal Bank of Canada restated an “outperform” rating and set a $175.00 price objective on shares of Chevron in a research report on Monday, February 3rd. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $174.13.

Insider Buying and Selling

In other news, VP Jeff B. Gustavson sold 9,325 shares of the firm’s stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $152.50, for a total transaction of $1,422,062.50. Following the completion of the transaction, the vice president now directly owns 1,057 shares of the company’s stock, valued at $161,192.50. This trade represents a 89.82 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Michael K. Wirth sold 164,600 shares of Chevron 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 owns 4,280 shares of the company’s stock, valued at $685,356.40. This represents a 97.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.20% 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.