Chevron Co. (NYSE:CVX) Position Reduced by Heirloom Wealth Management

Heirloom Wealth Management cut its position in shares of Chevron Co. (NYSE:CVX) by 7.3% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,395 shares of the oil and gas company’s stock after selling 266 shares during the quarter. Heirloom Wealth Management’s holdings in Chevron were worth $506,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Picton Mahoney Asset Management bought a new position in Chevron during the third quarter valued at approximately $26,000. Valley Forge Investment Consultants Inc. ADV raised its position in Chevron by 80.0% during the third quarter. Valley Forge Investment Consultants Inc. ADV now owns 180 shares of the oil and gas company’s stock valued at $30,000 after acquiring an additional 80 shares in the last quarter. Valued Wealth Advisors LLC bought a new position in Chevron during the fourth quarter valued at approximately $33,000. Worth Asset Management LLC bought a new position in Chevron during the first quarter valued at approximately $36,000. Finally, Legacy Financial Group LLC bought a new position in Chevron during the third quarter valued at approximately $43,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Price Performance

Shares of NYSE CVX traded up $2.43 during midday trading on Friday, reaching $160.00. 7,592,840 shares of the company traded hands, compared to its average volume of 8,519,150. The stock’s 50-day simple moving average is $155.44 and its 200-day simple moving average is $151.86. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.01 and a current ratio of 1.27. Chevron Co. has a 12 month low of $139.62 and a 12 month high of $172.38. The firm has a market cap of $297.16 billion, a PE ratio of 14.08, a PEG ratio of 2.36 and a beta of 1.12.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, February 2nd. The oil and gas company reported $3.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.19 by $0.26. Chevron had a return on equity of 15.24% and a net margin of 10.63%. The business had revenue of $47.18 billion during the quarter, compared to analysts’ expectations of $50.93 billion. During the same period in the previous year, the business posted $4.09 earnings per share. The firm’s revenue for the quarter was down 16.5% compared to the same quarter last year. As a group, equities analysts anticipate that Chevron Co. will post 13.27 earnings per share for the current fiscal year.

Chevron Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 11th. Investors of record on Friday, February 16th were issued a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.08%. This is a boost from Chevron’s previous quarterly dividend of $1.51. The ex-dividend date was Thursday, February 15th. Chevron’s payout ratio is currently 57.39%.

Analysts Set New Price Targets

Several equities analysts have commented on CVX shares. Royal Bank of Canada increased their price target on Chevron from $185.00 to $190.00 and gave the company an “outperform” rating in a report on Monday, February 5th. Scotiabank upgraded Chevron from a “sector perform” rating to a “sector outperform” rating and increased their price target for the company from $170.00 to $195.00 in a report on Thursday, April 11th. Truist Financial lowered their price target on Chevron from $168.00 to $156.00 and set a “hold” rating on the stock in a report on Friday, April 5th. Raymond James increased their price target on Chevron from $170.00 to $174.00 and gave the company an “outperform” rating in a report on Monday. Finally, DZ Bank downgraded shares of Chevron from a “buy” rating to a “hold” rating and set a $160.00 price objective on the stock. in a research note on Tuesday, February 6th. Six equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $184.75.

Insider Activity at Chevron

In related news, VP Alana K. Knowles sold 2,800 shares of Chevron stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $160.09, for a total value of $448,252.00. Following the completion of the sale, the vice president now directly owns 276 shares in the company, valued at $44,184.84. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.18% of the stock is currently owned by company insiders.

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.