Mengis Capital Management Inc. Boosts Stake in Chevron Co. (NYSE:CVX)

Mengis Capital Management Inc. increased its position in shares of Chevron Co. (NYSE:CVX) by 2.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 102,948 shares of the oil and gas company’s stock after acquiring an additional 2,506 shares during the period. Chevron makes up about 3.0% of Mengis Capital Management Inc.’s holdings, making the stock its 3rd biggest position. Mengis Capital Management Inc.’s holdings in Chevron were worth $14,911,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Life Planning Partners Inc bought a new stake in Chevron during the 4th quarter worth approximately $25,000. Rational Advisors LLC bought a new stake in Chevron during the 3rd quarter worth approximately $29,000. Legacy Investment Solutions LLC bought a new stake in Chevron during the 3rd quarter worth approximately $29,000. Darwin Wealth Management LLC bought a new stake in Chevron during the 3rd quarter worth approximately $30,000. Finally, RPg Family Wealth Advisory LLC bought a new stake in Chevron during the 3rd quarter worth approximately $31,000. Institutional investors own 72.42% of the company’s stock.

Chevron Price Performance

Shares of Chevron stock opened at $157.85 on Tuesday. The company has a fifty day moving average of $152.14 and a 200-day moving average of $151.20. Chevron Co. has a 52-week low of $135.37 and a 52-week high of $167.11. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. The stock has a market capitalization of $283.68 billion, a price-to-earnings ratio of 16.24, a price-to-earnings-growth ratio of 1.46 and a beta of 1.11.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, January 31st. The oil and gas company reported $2.06 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 in the prior year, the business earned $3.45 EPS. Equities research analysts expect that Chevron Co. will post 10.79 EPS for the current year.

Chevron Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 10th. Investors of record on Friday, February 14th will be issued a dividend of $1.71 per share. This is a positive change from Chevron’s previous quarterly dividend of $1.63. This represents a $6.84 dividend on an annualized basis and a yield of 4.33%. The ex-dividend date of this dividend is Friday, February 14th. Chevron’s dividend payout ratio is currently 70.37%.

Insider Activity at Chevron

In related news, VP Jeff B. Gustavson sold 9,325 shares of the company’s stock in a transaction 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 sale, the vice president now directly owns 1,057 shares in the company, valued at $161,192.50. This represents a 89.82 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.20% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms recently weighed in on CVX. DZ Bank raised shares of Chevron from a “hold” rating to a “buy” rating and set a $170.00 target price on the stock in a report on Tuesday, November 5th. Truist Financial cut their price target on shares of Chevron from $164.00 to $160.00 and set a “hold” rating for the company in a research note on Tuesday, February 4th. UBS Group cut their price target on shares of Chevron from $195.00 to $194.00 and set a “buy” rating for the company in a research note on Monday, February 3rd. Piper Sandler cut their price target on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. Finally, Barclays cut their price target on shares of Chevron from $174.00 to $171.00 and set an “overweight” rating for the company in a research note on Wednesday, February 5th. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $174.13.

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.