Partners Wealth Management LLC Takes $316,000 Position in Chevron Co. (NYSE:CVX)

Partners Wealth Management LLC purchased a new position in shares of Chevron Co. (NYSE:CVX) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 2,180 shares of the oil and gas company’s stock, valued at approximately $316,000.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Black Diamond Financial LLC increased its position in Chevron by 127.3% during the 4th quarter. Black Diamond Financial LLC now owns 4,378 shares of the oil and gas company’s stock worth $634,000 after purchasing an additional 2,452 shares in the last quarter. BCGM Wealth Management LLC raised its stake in shares of Chevron by 33.8% during the fourth quarter. BCGM Wealth Management LLC now owns 2,191 shares of the oil and gas company’s stock valued at $317,000 after acquiring an additional 553 shares during the last quarter. World Equity Group Inc. raised its position in Chevron by 6.8% during the 4th quarter. World Equity Group Inc. now owns 8,309 shares of the oil and gas company’s stock worth $1,203,000 after purchasing an additional 529 shares during the last quarter. Delta Financial Group Inc. acquired a new position in shares of Chevron in the fourth quarter worth approximately $1,768,000. Finally, Atlantic Family Wealth LLC acquired a new position in shares of Chevron in the 4th quarter worth approximately $286,000. Institutional investors own 72.42% of the company’s stock.

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 transaction of $1,422,062.50. Following the completion of the sale, the vice president now owns 1,057 shares in the company, valued at $161,192.50. This trade represents a 89.82 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.20% of the company’s stock.

Chevron Price Performance

CVX stock opened at $156.92 on Monday. The company has a market capitalization of $282.00 billion, a P/E ratio of 16.14, a price-to-earnings-growth ratio of 1.46 and a beta of 1.11. Chevron Co. has a 52-week low of $135.37 and a 52-week high of $167.11. The business has a 50-day simple moving average of $151.97 and a two-hundred day simple moving average of $151.11. 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 released its quarterly 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 net margin of 8.71% and a return on equity of 11.44%. During the same period in the previous year, the business earned $3.45 earnings per share. Research analysts expect that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 10th. Stockholders of record on Friday, February 14th will be issued a $1.71 dividend. The ex-dividend date of this dividend is Friday, February 14th. This represents a $6.84 annualized dividend and a dividend yield of 4.36%. This is an increase from Chevron’s previous quarterly dividend of $1.63. Chevron’s dividend payout ratio is currently 70.37%.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Truist Financial cut their target price on Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a research report on Tuesday, February 4th. Citigroup upgraded 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. Piper Sandler reduced their price objective on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a research report on Thursday, December 19th. DZ Bank upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $170.00 target price on the stock in a research report on Tuesday, November 5th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $175.00 price target on shares of Chevron in a report on Monday, February 3rd. Four equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $174.13.

Chevron 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.