Arvest Investments Inc. Sells 824 Shares of Chevron Co. (NYSE:CVX)

Arvest Investments Inc. cut its stake in Chevron Co. (NYSE:CVX) by 6.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 12,747 shares of the oil and gas company’s stock after selling 824 shares during the period. Arvest Investments Inc.’s holdings in Chevron were worth $1,846,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. State Street Corp grew its holdings in shares of Chevron by 0.6% in the third quarter. State Street Corp now owns 159,105,244 shares of the oil and gas company’s stock worth $23,431,429,000 after purchasing an additional 874,962 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Chevron by 2.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 31,855,566 shares of the oil and gas company’s stock worth $4,613,960,000 after acquiring an additional 746,806 shares during the period. Fisher Asset Management LLC lifted its stake in Chevron by 2.1% in the fourth quarter. Fisher Asset Management LLC now owns 19,892,848 shares of the oil and gas company’s stock worth $2,881,280,000 after acquiring an additional 410,460 shares during the period. Franklin Resources Inc. lifted its stake in Chevron by 3.4% in the third quarter. Franklin Resources Inc. now owns 17,200,188 shares of the oil and gas company’s stock worth $2,610,645,000 after acquiring an additional 573,218 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in Chevron by 17.3% in the fourth quarter. Bank of New York Mellon Corp now owns 16,496,687 shares of the oil and gas company’s stock worth $2,389,380,000 after acquiring an additional 2,432,756 shares during the period. 72.42% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, VP Jeff B. Gustavson sold 9,325 shares of the stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $152.50, for a total value of $1,422,062.50. Following the transaction, the vice president now owns 1,057 shares in the company, valued at approximately $161,192.50. This represents a 89.82 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.20% of the stock is owned by corporate insiders.

Chevron Stock Performance

CVX opened at $164.00 on Thursday. Chevron Co. has a 52-week low of $135.37 and a 52-week high of $167.11. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. The company has a market cap of $288.73 billion, a P/E ratio of 16.87, a price-to-earnings-growth ratio of 1.46 and a beta of 1.08. The firm’s 50-day moving average price is $155.77 and its 200-day moving average price is $152.31.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, January 31st. The oil and gas company reported $2.06 earnings per share (EPS) for the quarter, missing the consensus estimate 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 last year, the company posted $3.45 EPS. As a group, equities analysts anticipate that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Friday, February 14th were issued a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 4.17%. The ex-dividend date of this dividend was Friday, February 14th. This is an increase from Chevron’s previous quarterly dividend of $1.63. Chevron’s dividend payout ratio is 70.37%.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Raymond James lowered their price objective on shares of Chevron from $180.00 to $175.00 and set an “outperform” rating for the company in a research note on Monday, February 3rd. 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, February 3rd. Truist Financial lowered their price objective on shares of Chevron from $164.00 to $160.00 and set a “hold” rating for the company in a research note on Tuesday, February 4th. UBS Group decreased their price target on shares of Chevron from $195.00 to $194.00 and set a “buy” rating for the company in a research report on Monday, February 3rd. Finally, Citigroup raised shares of Chevron from a “neutral” rating to a “buy” rating and increased their price target for the company from $145.00 to $185.00 in a research report on Tuesday, November 26th. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, Chevron presently has a consensus rating of “Moderate Buy” and an average price target 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.