Gables Capital Management Inc. Cuts Position in Chevron Co. (NYSE:CVX)

Gables Capital Management Inc. reduced its stake in Chevron Co. (NYSE:CVX) by 1.5% during the 4th quarter, HoldingsChannel.com reports. The firm owned 20,384 shares of the oil and gas company’s stock after selling 320 shares during the period. Chevron makes up 1.4% of Gables Capital Management Inc.’s investment portfolio, making the stock its 19th largest position. Gables Capital Management Inc.’s holdings in Chevron were worth $2,952,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in CVX. Pettinga Financial Advisors LLC increased its stake in Chevron by 10.1% in the third quarter. Pettinga Financial Advisors LLC now owns 2,972 shares of the oil and gas company’s stock valued at $438,000 after purchasing an additional 272 shares during the last quarter. United Bank increased its stake in Chevron by 8.4% in the third quarter. United Bank now owns 8,095 shares of the oil and gas company’s stock valued at $1,192,000 after purchasing an additional 629 shares during the last quarter. Sheets Smith Wealth Management increased its stake in Chevron by 5.2% in the third quarter. Sheets Smith Wealth Management now owns 4,641 shares of the oil and gas company’s stock valued at $683,000 after purchasing an additional 229 shares during the last quarter. Tyler Stone Wealth Management increased its stake in Chevron by 135.1% in the third quarter. Tyler Stone Wealth Management now owns 4,171 shares of the oil and gas company’s stock valued at $614,000 after purchasing an additional 2,397 shares during the last quarter. Finally, Ashton Thomas Securities LLC increased its stake in Chevron by 33.2% in the third quarter. Ashton Thomas Securities LLC now owns 3,001 shares of the oil and gas company’s stock valued at $442,000 after purchasing an additional 748 shares during the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CVX has been the subject of several research analyst reports. Piper Sandler decreased their price objective on Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. UBS Group decreased their price target on Chevron from $195.00 to $194.00 and set a “buy” rating for the company in a report on Monday, February 3rd. Citigroup raised 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. Wells Fargo & Company decreased their price target on Chevron from $188.00 to $184.00 and set an “overweight” rating for the company in a report on Monday, February 3rd. Finally, Raymond James decreased their price target on Chevron from $180.00 to $175.00 and set an “outperform” rating for the company in a report on Monday, February 3rd. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $174.13.

Insider Buying and Selling

In related news, VP Jeff B. Gustavson sold 9,325 shares of Chevron stock in a transaction dated Friday, February 7th. The stock was 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 approximately $161,192.50. This trade represents a 89.82 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.20% of the stock is currently owned by company insiders.

Chevron Trading Up 0.8 %

Shares of CVX stock opened at $157.67 on Tuesday. Chevron Co. has a fifty-two week low of $135.37 and a fifty-two week high of $167.11. The stock has a market cap of $277.59 billion, a P/E ratio of 16.22, a P/E/G ratio of 1.46 and a beta of 1.08. The business has a fifty day simple moving average of $154.37 and a 200-day simple moving average of $151.86. 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 (NYSE:CVX) last announced its quarterly earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share 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 firm posted $3.45 earnings per share. On average, analysts forecast that Chevron Co. will post 10.79 earnings per share for the current fiscal year.

Chevron Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Friday, February 14th were given a $1.71 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.34%. This is a boost from Chevron’s previous quarterly dividend of $1.63. Chevron’s dividend payout ratio (DPR) is currently 70.37%.

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.