Chickasaw Capital Management LLC decreased its holdings in Chevron Co. (NYSE:CVX – Get Rating) by 1.1% during the 4th quarter, Holdings Channel.com reports. The fund owned 6,062 shares of the oil and gas company’s stock after selling 70 shares during the quarter. Chickasaw Capital Management LLC’s holdings in Chevron were worth $1,088,000 as of its most recent SEC filing.
Several other large investors have also added to or reduced their stakes in CVX. Worth Asset Management LLC purchased a new stake in Chevron in the 1st quarter valued at about $36,000. Hillsdale Investment Management Inc. increased its stake in Chevron by 127.3% in the 3rd quarter. Hillsdale Investment Management Inc. now owns 375 shares of the oil and gas company’s stock valued at $54,000 after buying an additional 210 shares during the last quarter. CarsonAllaria Wealth Management Ltd. increased its stake in Chevron by 65.9% in the 3rd quarter. CarsonAllaria Wealth Management Ltd. now owns 423 shares of the oil and gas company’s stock valued at $61,000 after buying an additional 168 shares during the last quarter. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. increased its stake in Chevron by 275.0% in the 3rd quarter. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. now owns 600 shares of the oil and gas company’s stock valued at $86,000 after buying an additional 440 shares during the last quarter. Finally, Moisand Fitzgerald Tamayo LLC increased its stake in Chevron by 15.5% in the 3rd quarter. Moisand Fitzgerald Tamayo LLC now owns 610 shares of the oil and gas company’s stock valued at $88,000 after buying an additional 82 shares during the last quarter. Institutional investors own 69.37% of the company’s stock.
Insider Buying and Selling at Chevron
In other Chevron news, VP Rhonda J. Morris sold 19,666 shares of the firm’s stock in a transaction on Tuesday, February 7th. The shares were sold at an average price of $170.00, for a total value of $3,343,220.00. Following the completion of the transaction, the vice president now directly owns 3,967 shares of the company’s stock, valued at approximately $674,390. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.32% of the company’s stock.
Chevron Stock Down 1.3 %
Chevron (NYSE:CVX – Get Rating) last announced its quarterly earnings results on Friday, January 27th. The oil and gas company reported $4.09 EPS for the quarter, missing the consensus estimate of $4.16 by ($0.07). Chevron had a net margin of 14.40% and a return on equity of 23.52%. The firm had revenue of $56.47 billion during the quarter, compared to the consensus estimate of $53.97 billion. During the same period in the previous year, the business earned $2.56 earnings per share. The firm’s revenue for the quarter was up 17.1% on a year-over-year basis. Analysts anticipate that Chevron Co. will post 14.73 EPS for the current fiscal year.
Chevron announced that its board has initiated a share repurchase program on Wednesday, January 25th that authorizes the company to buyback $75.00 billion in shares. This buyback authorization authorizes the oil and gas company to purchase up to 21.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.
Chevron Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, March 10th. Shareholders of record on Thursday, February 16th were issued a $1.51 dividend. This represents a $6.04 annualized dividend and a yield of 3.96%. This is an increase from Chevron’s previous quarterly dividend of $1.42. The ex-dividend date was Wednesday, February 15th. Chevron’s dividend payout ratio (DPR) is presently 33.04%.
Analyst Upgrades and Downgrades
Several equities research analysts have commented on CVX shares. Mizuho reiterated a “neutral” rating and issued a $206.00 price objective on shares of Chevron in a research note on Friday. Piper Sandler decreased their price target on shares of Chevron from $206.00 to $199.00 and set an “overweight” rating for the company in a research note on Monday, December 19th. StockNews.com initiated coverage on shares of Chevron in a research note on Thursday. They set a “hold” rating for the company. Wells Fargo & Company decreased their price target on shares of Chevron from $204.00 to $199.00 and set an “overweight” rating for the company in a research note on Thursday, March 2nd. Finally, Citigroup raised their price target on shares of Chevron from $155.00 to $180.00 in a research note on Tuesday, November 22nd. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $189.50.
Chevron Corp. engages in the provision of administrative, financial management, and technology support for energy and chemical operations. It operates through the Upstream and Downstream segments. The Upstream segment consists of the exploration, development, and production of crude oil and natural gas, the liquefaction, transportation, and regasification associated with liquefied natural gas, the transporting of crude oil by major international oil export pipelines, the processing, transporting, storage, and marketing of natural gas, and a gas-to-liquids plant.
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