Quilter Plc Trims Stock Holdings in Chevron Co. (NYSE:CVX)

Quilter Plc reduced its stake in shares of Chevron Co. (NYSE:CVX) by 11.5% during the 4th quarter, Holdings Channel.com reports. The firm owned 431,265 shares of the oil and gas company’s stock after selling 56,003 shares during the quarter. Chevron comprises approximately 1.2% of Quilter Plc’s holdings, making the stock its 27th biggest position. Quilter Plc’s holdings in Chevron were worth $62,464,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. InTrack Investment Management Inc grew its position in shares of Chevron by 5.3% during the 3rd quarter. InTrack Investment Management Inc now owns 13,209 shares of the oil and gas company’s stock valued at $1,945,000 after acquiring an additional 663 shares during the period. City State Bank grew its position in shares of Chevron by 6.0% during the 3rd quarter. City State Bank now owns 6,217 shares of the oil and gas company’s stock valued at $916,000 after acquiring an additional 350 shares during the period. Compton Wealth Advisory Group LLC grew its position in shares of Chevron by 3.9% during the 3rd quarter. Compton Wealth Advisory Group LLC now owns 15,157 shares of the oil and gas company’s stock valued at $2,232,000 after acquiring an additional 572 shares during the period. Exchange Traded Concepts LLC grew its position in shares of Chevron by 22.9% during the 3rd quarter. Exchange Traded Concepts LLC now owns 139,783 shares of the oil and gas company’s stock valued at $20,586,000 after acquiring an additional 26,002 shares during the period. Finally, CHICAGO TRUST Co NA grew its position in shares of Chevron by 1.0% during the 3rd quarter. CHICAGO TRUST Co NA now owns 33,811 shares of the oil and gas company’s stock valued at $4,979,000 after acquiring an additional 327 shares during the period. 72.42% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Citigroup upgraded Chevron from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $145.00 to $185.00 in a report on Tuesday, November 26th. Wells Fargo & Company lowered their price objective on Chevron from $188.00 to $184.00 and set an “overweight” rating on the stock in a report on Monday, February 3rd. Piper Sandler lowered their price objective on Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. Royal Bank of Canada reiterated an “outperform” rating and issued a $175.00 price objective on shares of Chevron in a report on Monday, February 3rd. Finally, Truist Financial lowered their price objective on Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a report on Tuesday, February 4th. 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.com, the company has an average rating of “Moderate Buy” and a consensus price target of $174.13.

Insider Activity at Chevron

In other news, CEO Michael K. Wirth sold 164,600 shares of the company’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $160.13, for a total value of $26,357,398.00. Following the completion of the sale, the chief executive officer now directly owns 4,280 shares of the company’s stock, valued at approximately $685,356.40. This represents a 97.47 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.20% of the stock is owned by corporate insiders.

Chevron Stock Performance

NYSE:CVX opened at $152.54 on Monday. The company has a fifty day simple moving average of $152.21 and a two-hundred day simple moving average of $150.85. The company has a market cap of $274.13 billion, a price-to-earnings ratio of 15.69, a price-to-earnings-growth ratio of 1.39 and a beta of 1.11. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. Chevron Co. has a 52 week low of $135.37 and a 52 week high of $167.11.

Chevron (NYSE:CVX) last issued its 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 return on equity of 11.44% and a net margin of 8.71%. During the same quarter last year, the company posted $3.45 EPS. As a group, equities analysts anticipate that Chevron Co. will post 10.84 earnings per share for the current fiscal year.

Chevron Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 10th. Investors of record on Friday, February 14th will be given a $1.71 dividend. The ex-dividend date of this dividend is Friday, February 14th. 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 yield of 4.48%. Chevron’s payout ratio is 67.08%.

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.