Mechanics Financial Corp Sells 75 Shares of Chevron Co. (NYSE:CVX)

Mechanics Financial Corp trimmed its stake in Chevron Co. (NYSE:CVX) by 0.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,344 shares of the oil and gas company’s stock after selling 75 shares during the period. Chevron makes up about 0.8% of Mechanics Financial Corp’s portfolio, making the stock its 25th biggest position. Mechanics Financial Corp’s holdings in Chevron were worth $1,788,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of CVX. Transamerica Financial Advisors Inc. raised its holdings in Chevron by 140.2% during the 4th quarter. Transamerica Financial Advisors Inc. now owns 10,848 shares of the oil and gas company’s stock valued at $1,572,000 after buying an additional 6,331 shares during the period. Michael A. Dubis Financial Planning LLC bought a new position in Chevron during the fourth quarter valued at $206,000. Intrust Bank NA raised its stake in shares of Chevron by 6.6% in the fourth quarter. Intrust Bank NA now owns 36,042 shares of the oil and gas company’s stock valued at $5,220,000 after acquiring an additional 2,237 shares during the period. Biondo Investment Advisors LLC lifted its holdings in shares of Chevron by 0.4% in the 4th quarter. Biondo Investment Advisors LLC now owns 68,005 shares of the oil and gas company’s stock worth $9,850,000 after acquiring an additional 280 shares during the last quarter. Finally, Allstate Corp boosted its stake in shares of Chevron by 3,103.1% during the 4th quarter. Allstate Corp now owns 51,794 shares of the oil and gas company’s stock worth $7,502,000 after purchasing an additional 50,177 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Insider Transactions at Chevron

In other Chevron 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 value of $1,422,062.50. Following the completion of the sale, the vice president now directly owns 1,057 shares in the company, valued at $161,192.50. This trade represents a 89.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.20% of the company’s stock.

Chevron Trading Down 0.4 %

NYSE:CVX opened at $166.06 on Friday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. The firm has a 50-day simple moving average of $157.10 and a 200-day simple moving average of $153.38. Chevron Co. has a one year low of $135.37 and a one year high of $168.96. The firm has a market cap of $292.37 billion, a P/E ratio of 17.08, a P/E/G ratio of 1.46 and a beta of 1.08.

Chevron (NYSE:CVX) last issued its quarterly earnings data 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 in the prior year, the company posted $3.45 earnings per share. Equities analysts anticipate that Chevron Co. will post 10.79 EPS 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 issued 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 4.12%. The ex-dividend date of this dividend was Friday, February 14th. Chevron’s dividend payout ratio (DPR) is currently 70.37%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Truist Financial reduced their price objective on shares of Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a research report on Tuesday, February 4th. UBS Group decreased their price target on Chevron from $195.00 to $194.00 and set a “buy” rating for the company in a research note on Monday, February 3rd. Piper Sandler dropped 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. Raymond James reduced their target price on Chevron from $180.00 to $175.00 and set an “outperform” rating on the stock in a research note on Monday, February 3rd. Finally, Wells Fargo & Company lowered their target price 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. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the company 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.