Parallel Advisors LLC Raises Holdings in Chevron Co. (NYSE:CVX)

Parallel Advisors LLC increased its position in Chevron Co. (NYSE:CVX) by 0.1% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 110,090 shares of the oil and gas company’s stock after acquiring an additional 148 shares during the quarter. Parallel Advisors LLC’s holdings in Chevron were worth $15,945,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Life Planning Partners Inc purchased a new position in shares of Chevron in the fourth quarter worth about $25,000. IMG Wealth Management Inc. bought a new position in Chevron in the 4th quarter worth approximately $25,000. Legacy Investment Solutions LLC purchased a new position in Chevron in the 3rd quarter valued at approximately $29,000. Darwin Wealth Management LLC bought a new stake in Chevron during the 3rd quarter valued at $30,000. Finally, Fairway Wealth LLC lifted its position in shares of Chevron by 75.9% during the fourth quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company’s stock worth $30,000 after acquiring an additional 88 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Barclays decreased their price objective on Chevron from $174.00 to $171.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 5th. Citigroup raised shares of Chevron from a “neutral” rating to a “buy” rating and increased their price target for the stock from $145.00 to $185.00 in a report on Tuesday, November 26th. UBS Group reduced their price objective 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. Truist Financial lowered their target price on shares of Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a research note on Tuesday, February 4th. Finally, Raymond James reduced their price target on shares of Chevron from $180.00 to $175.00 and set an “outperform” rating for the company in a research report on Monday, February 3rd. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $174.13.

Insiders Place Their Bets

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 value of $1,422,062.50. Following the transaction, the vice president now owns 1,057 shares in the company, valued at approximately $161,192.50. This trade represents a 89.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.20% of the company’s stock.

Chevron Trading Up 2.3 %

Shares of CVX opened at $157.10 on Monday. Chevron Co. has a fifty-two week low of $135.37 and a fifty-two week high of $167.11. The firm has a market cap of $276.59 billion, a price-to-earnings ratio of 16.16, a PEG ratio of 1.46 and a beta of 1.08. The firm has a 50 day moving average price of $155.03 and a 200-day moving average price of $152.06. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share for the quarter, missing the consensus estimate 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 quarter in the prior year, the company earned $3.45 earnings per share. As a group, equities research analysts forecast that Chevron Co. will post 10.79 earnings per share for the current year.

Chevron Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Friday, February 14th were given a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 4.35%. This is a positive change from Chevron’s previous quarterly dividend of $1.63. The ex-dividend date of this dividend was Friday, February 14th. Chevron’s dividend payout ratio (DPR) is presently 70.37%.

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.