Columbia Asset Management Sells 2,031 Shares of Chevron Co. (NYSE:CVX)

Columbia Asset Management decreased its holdings in shares of Chevron Co. (NYSE:CVX) by 5.6% during the 4th quarter, Holdings Channel reports. The firm owned 33,965 shares of the oil and gas company’s stock after selling 2,031 shares during the quarter. Columbia Asset Management’s holdings in Chevron were worth $4,919,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in CVX. Norges Bank bought a new position in Chevron in the fourth quarter worth approximately $3,017,750,000. Raymond James Financial Inc. bought a new position in Chevron during the 4th quarter valued at $1,036,302,000. Bank of New York Mellon Corp boosted its holdings in Chevron by 17.3% during 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 purchasing an additional 2,432,756 shares during the last quarter. Amundi boosted its stake in shares of Chevron by 27.7% in the 4th quarter. Amundi now owns 8,806,050 shares of the oil and gas company’s stock worth $1,323,549,000 after buying an additional 1,910,262 shares during the last quarter. Finally, State Street Corp boosted its position in 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. Institutional investors and hedge funds own 72.42% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CVX. Wells Fargo & Company dropped their target price on shares of Chevron from $188.00 to $184.00 and set an “overweight” rating on the stock in a research note on Monday, February 3rd. Raymond James cut their target price on Chevron from $180.00 to $175.00 and set an “outperform” rating for the company in a research note on Monday, February 3rd. Royal Bank of Canada restated an “outperform” rating and set a $175.00 price target on shares of Chevron in a research report on Monday, February 3rd. Barclays cut their price objective on Chevron from $174.00 to $171.00 and set an “overweight” rating for the company in a report on Wednesday, February 5th. Finally, Truist Financial reduced their target price on Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a research note on Tuesday, February 4th. Four equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $174.13.

Insider Buying and Selling

In other news, VP Jeff B. Gustavson sold 9,325 shares of the stock in a transaction on Friday, February 7th. The stock was sold at an average price of $152.50, for a total value of $1,422,062.50. Following the sale, the vice president now directly owns 1,057 shares of the company’s stock, valued at approximately $161,192.50. This represents a 89.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.20% of the stock is currently owned by insiders.

Chevron Price Performance

CVX stock opened at $168.43 on Wednesday. The firm’s 50-day moving average price is $157.43 and its two-hundred day moving average price is $154.00. The stock has a market capitalization of $296.53 billion, a price-to-earnings ratio of 17.33, a PEG ratio of 1.46 and a beta of 1.08. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. Chevron Co. has a 12-month low of $135.37 and a 12-month high of $168.96.

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

Chevron Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Friday, February 14th were issued a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.06%. The ex-dividend date of this dividend was Friday, February 14th. This is a boost from Chevron’s previous quarterly dividend of $1.63. Chevron’s payout ratio is 70.37%.

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.