Chevron Co. (NYSE:CVX) Shares Sold by Harvey Investment Co. LLC

Harvey Investment Co. LLC reduced its holdings in Chevron Co. (NYSE:CVX) by 1.3% during the 4th quarter, Holdings Channel reports. The firm owned 11,152 shares of the oil and gas company’s stock after selling 150 shares during the quarter. Harvey Investment Co. LLC’s holdings in Chevron were worth $1,615,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in CVX. State Street Corp increased its stake in Chevron by 0.6% during the 3rd quarter. State Street Corp now owns 159,105,244 shares of the oil and gas company’s stock worth $23,431,429,000 after buying an additional 874,962 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Chevron by 11.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 31,108,760 shares of the oil and gas company’s stock worth $4,581,137,000 after acquiring an additional 3,203,899 shares during the last quarter. Fisher Asset Management LLC increased its position in shares of Chevron by 3.6% during the third quarter. Fisher Asset Management LLC now owns 19,482,388 shares of the oil and gas company’s stock worth $2,869,171,000 after purchasing an additional 672,244 shares in the last quarter. Franklin Resources Inc. raised its stake in Chevron by 3.4% in the 3rd quarter. Franklin Resources Inc. now owns 17,200,188 shares of the oil and gas company’s stock valued at $2,610,645,000 after purchasing an additional 573,218 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Chevron by 1.8% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,790,856 shares of the oil and gas company’s stock valued at $1,147,359,000 after purchasing an additional 138,496 shares in the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Stock Up 0.4 %

Shares of CVX opened at $152.54 on Friday. The company’s 50-day moving average price is $152.40 and its 200 day moving average price is $150.91. Chevron Co. has a 12-month low of $135.37 and a 12-month high of $167.11. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. The firm has a market cap of $274.13 billion, a P/E ratio of 15.69, a price-to-earnings-growth ratio of 1.39 and a beta of 1.11.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share (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 quarter in the previous year, the company earned $3.45 earnings per share. On average, sell-side analysts forecast that Chevron Co. will post 10.84 earnings per share for the current year.

Chevron Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 10th. Stockholders of record on Friday, February 14th will be given a dividend of $1.71 per share. This is a positive change from Chevron’s previous quarterly dividend of $1.63. This represents a $6.84 annualized dividend and a dividend yield of 4.48%. The ex-dividend date of this dividend is Friday, February 14th. Chevron’s dividend payout ratio (DPR) is currently 67.08%.

Insider Activity

In related news, CEO Michael K. Wirth sold 164,600 shares of the firm’s stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the completion of the transaction, the chief executive officer now directly owns 4,280 shares in the company, valued at $685,356.40. This trade represents a 97.47 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.20% of the company’s stock.

Wall Street Analyst Weigh In

CVX has been the subject of a number of research reports. Barclays dropped their target price on shares of Chevron from $174.00 to $171.00 and set an “overweight” rating for the company in a report on Wednesday. Bank of America initiated coverage on shares of Chevron in a report on Thursday, October 17th. They issued a “buy” rating and a $168.00 price objective for the company. Truist Financial lowered their target price on Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a report on Tuesday. Piper Sandler cut their price target on Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Finally, Citigroup raised Chevron from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $145.00 to $185.00 in a research note on Tuesday, November 26th. Four investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus 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.