Avity Investment Management Inc. Cuts Position in Chevron Co. (NYSE:CVX)

Avity Investment Management Inc. cut its position in Chevron Co. (NYSE:CVX) by 1.6% during the fourth quarter, HoldingsChannel reports. The firm owned 189,663 shares of the oil and gas company’s stock after selling 3,117 shares during the quarter. Chevron accounts for 2.2% of Avity Investment Management Inc.’s holdings, making the stock its 24th biggest position. Avity Investment Management Inc.’s holdings in Chevron were worth $27,471,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the business. Laurel Wealth Advisors LLC boosted its stake in Chevron by 5.1% in the fourth quarter. Laurel Wealth Advisors LLC now owns 25,924 shares of the oil and gas company’s stock valued at $3,755,000 after acquiring an additional 1,259 shares in the last quarter. Meridian Financial Partners LLC raised its holdings in shares of Chevron by 0.5% in the fourth quarter. Meridian Financial Partners LLC now owns 13,416 shares of the oil and gas company’s stock valued at $1,943,000 after buying an additional 67 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. raised its stake in Chevron by 41.1% during the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 16,348 shares of the oil and gas company’s stock valued at $2,368,000 after acquiring an additional 4,764 shares during the last quarter. Park Avenue Securities LLC grew its stake in shares of Chevron by 20.2% in the 4th quarter. Park Avenue Securities LLC now owns 84,765 shares of the oil and gas company’s stock valued at $12,277,000 after purchasing an additional 14,245 shares during the last quarter. Finally, Kathmere Capital Management LLC grew its position in Chevron by 24.7% in the 4th quarter. Kathmere Capital Management LLC now owns 2,759 shares of the oil and gas company’s stock valued at $400,000 after buying an additional 547 shares during the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Trading Up 0.9 %

Chevron stock opened at $158.25 on Thursday. Chevron Co. has a 1 year low of $135.37 and a 1 year high of $167.11. The firm has a market cap of $284.39 billion, a price-to-earnings ratio of 17.39, a price-to-earnings-growth ratio of 2.62 and a beta of 1.12. 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 firm’s 50 day moving average price is $153.78 and its two-hundred day moving average price is $150.95.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, November 1st. The oil and gas company reported $2.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.47 by $0.04. The firm had revenue of $50.67 billion for the quarter, compared to the consensus estimate of $48.86 billion. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The business’s revenue for the quarter was down 6.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $3.05 EPS. On average, research analysts predict that Chevron Co. will post 10.39 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th were given a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 4.12%. The ex-dividend date of this dividend was Monday, November 18th. Chevron’s payout ratio is 71.65%.

Insider Activity

In related news, CEO Michael K. Wirth sold 164,600 shares of the company’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $160.13, for a total transaction 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. The trade was a 97.47 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. Citigroup raised shares of Chevron from a “neutral” rating to a “buy” rating and upped their price target for the stock from $145.00 to $185.00 in a research note on Tuesday, November 26th. Bank of America began coverage on Chevron in a research note on Thursday, October 17th. They set a “buy” rating and a $168.00 price objective on the stock. Scotiabank reduced their price objective on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. Royal Bank of Canada lifted their price objective on Chevron from $170.00 to $175.00 and gave the company an “outperform” rating in a research report on Monday, November 4th. Finally, DZ Bank upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $170.00 target price for the company in a report on Tuesday, November 5th. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $174.87.

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.