Princeton Global Asset Management LLC Cuts Stock Holdings in Chevron Co. (NYSE:CVX)

Princeton Global Asset Management LLC trimmed its holdings in shares of Chevron Co. (NYSE:CVX) by 58.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,115 shares of the oil and gas company’s stock after selling 1,550 shares during the period. Princeton Global Asset Management LLC’s holdings in Chevron were worth $161,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. State Street Corp boosted its position in Chevron by 0.6% during the third quarter. State Street Corp now owns 159,105,244 shares of the oil and gas company’s stock valued at $23,431,429,000 after buying an additional 874,962 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Chevron by 11.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 31,108,760 shares of the oil and gas company’s stock valued at $4,581,137,000 after buying an additional 3,203,899 shares during the period. Fisher Asset Management LLC boosted its position in Chevron by 3.6% during the third quarter. Fisher Asset Management LLC now owns 19,482,388 shares of the oil and gas company’s stock valued at $2,869,171,000 after buying an additional 672,244 shares during the period. Franklin Resources Inc. boosted its position in Chevron by 3.4% during the third quarter. Franklin Resources Inc. now owns 17,200,188 shares of the oil and gas company’s stock valued at $2,610,645,000 after buying an additional 573,218 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Chevron by 1.8% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,790,856 shares of the oil and gas company’s stock valued at $1,147,359,000 after buying an additional 138,496 shares during the period. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on CVX. Piper Sandler lowered their price objective 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. Truist Financial upped their price objective on shares of Chevron from $160.00 to $164.00 and gave the company a “hold” rating in a research note on Monday, January 13th. Barclays upped their price objective on shares of Chevron from $168.00 to $174.00 and gave the company an “overweight” rating in a research note on Monday, November 4th. DZ Bank raised shares of Chevron from a “hold” rating to a “buy” rating and set a $170.00 price objective for the company in a research note on Tuesday, November 5th. Finally, Wells Fargo & Company lowered their price objective on shares of Chevron from $188.00 to $184.00 and set an “overweight” rating for the company in a research note on Monday. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $174.60.

Chevron Stock Up 0.1 %

Shares of CVX stock opened at $149.39 on Tuesday. The company has a market capitalization of $268.46 billion, a price-to-earnings ratio of 15.37, a PEG ratio of 1.29 and a beta of 1.12. Chevron Co. has a one year low of $135.37 and a one year high of $167.11. The company’s fifty day moving average price is $153.19 and its 200-day moving average price is $151.02. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share (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 company earned $3.45 earnings per share. Sell-side analysts expect that Chevron Co. will post 11.45 EPS for the current fiscal year.

Chevron Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 10th. Shareholders of record on Friday, February 14th will be paid a $1.71 dividend. This is a boost from Chevron’s previous quarterly dividend of $1.63. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.58%. The ex-dividend date of this dividend is Friday, February 14th. Chevron’s dividend payout ratio (DPR) is presently 70.37%.

Insiders Place Their Bets

In related news, CEO Michael K. Wirth sold 164,600 shares of Chevron stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the completion of 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.20% of the company’s stock.

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.