Kingswood Wealth Advisors LLC Reduces Position in Chevron Co. (NYSE:CVX)

Kingswood Wealth Advisors LLC reduced its stake in shares of Chevron Co. (NYSE:CVX) by 36.8% in the 4th quarter, Holdings Channel.com reports. The fund owned 24,739 shares of the oil and gas company’s stock after selling 14,398 shares during the quarter. Kingswood Wealth Advisors LLC’s holdings in Chevron were worth $3,583,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Sunbelt Securities Inc. lifted its holdings in Chevron by 16.0% in the second quarter. Sunbelt Securities Inc. now owns 39,799 shares of the oil and gas company’s stock worth $6,225,000 after acquiring an additional 5,481 shares during the last quarter. William B. Walkup & Associates Inc. acquired a new stake in shares of Chevron in the second quarter valued at approximately $819,000. Wallace Advisory Group LLC increased its position in Chevron by 1.9% in the 2nd quarter. Wallace Advisory Group LLC now owns 44,323 shares of the oil and gas company’s stock valued at $6,933,000 after acquiring an additional 808 shares during the period. Quarry LP raised its stake in shares of Chevron by 172.2% during the second quarter. Quarry LP now owns 411 shares of the oil and gas company’s stock valued at $64,000 after purchasing an additional 260 shares in the last quarter. Finally, Regal Investment Advisors LLC boosted its holdings in shares of Chevron by 3.7% in the second quarter. Regal Investment Advisors LLC now owns 55,951 shares of the oil and gas company’s stock valued at $8,752,000 after acquiring an additional 1,988 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Wells Fargo & Company lifted their price target on shares of Chevron from $171.00 to $188.00 and gave the stock an “overweight” rating in a research report on Monday, December 9th. Citigroup upgraded shares of Chevron from a “neutral” rating to a “buy” rating and increased their target price for the stock from $145.00 to $185.00 in a research report on Tuesday, November 26th. Barclays raised their price target on shares of Chevron from $168.00 to $174.00 and gave the company an “overweight” rating in a report on Monday, November 4th. Bank of America initiated coverage on shares of Chevron in a research report on Thursday, October 17th. They set a “buy” rating and a $168.00 target price on the stock. Finally, Scotiabank reduced their price target on Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Chevron has an average rating of “Moderate Buy” and an average price target of $175.27.

Chevron Price Performance

Shares of Chevron stock opened at $157.20 on Tuesday. The stock has a market capitalization of $282.50 billion, a price-to-earnings ratio of 17.27, a P/E/G ratio of 1.37 and a beta of 1.12. The firm’s 50-day moving average price is $153.81 and its two-hundred day moving average price is $151.11. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. Chevron Co. has a 1-year low of $135.37 and a 1-year high of $167.11.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, November 1st. The oil and gas company reported $2.51 earnings per share for the quarter, topping the consensus estimate of $2.47 by $0.04. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The firm had revenue of $50.67 billion during the quarter, compared to analysts’ expectations of $48.86 billion. During the same period in the previous year, the business posted $3.05 EPS. The company’s quarterly revenue was down 6.3% compared to the same quarter last year. On average, equities analysts predict that Chevron Co. will post 10.18 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th were paid a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 4.15%. The ex-dividend date was Monday, November 18th. Chevron’s payout ratio is currently 71.65%.

Insider Activity

In related news, 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 sale, the chief executive officer now 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate 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.