Gradient Investments LLC lowered its holdings in shares of Chevron Co. (NYSE:CVX – Get Rating) by 0.2% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 182,409 shares of the oil and gas company’s stock after selling 378 shares during the quarter. Chevron makes up approximately 1.0% of Gradient Investments LLC’s holdings, making the stock its 21st biggest position. Gradient Investments LLC’s holdings in Chevron were worth $32,741,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently made changes to their positions in CVX. Cantor Fitzgerald Investment Advisor L.P increased its holdings in Chevron by 85.1% in the 1st quarter. Cantor Fitzgerald Investment Advisor L.P now owns 159,115 shares of the oil and gas company’s stock worth $25,908,000 after acquiring an additional 73,141 shares in the last quarter. Axiom Financial Strategies LLC increased its holdings in Chevron by 25.2% in the 1st quarter. Axiom Financial Strategies LLC now owns 7,335 shares of the oil and gas company’s stock worth $1,155,000 after acquiring an additional 1,476 shares in the last quarter. GQG Partners LLC increased its holdings in Chevron by 4.7% in the 1st quarter. GQG Partners LLC now owns 40,538 shares of the oil and gas company’s stock worth $6,598,000 after acquiring an additional 1,813 shares in the last quarter. Lumature Wealth Partners LLC increased its holdings in Chevron by 43.5% in the 1st quarter. Lumature Wealth Partners LLC now owns 5,837 shares of the oil and gas company’s stock worth $950,000 after acquiring an additional 1,770 shares in the last quarter. Finally, First Trust Advisors LP increased its holdings in Chevron by 13.8% in the 1st quarter. First Trust Advisors LP now owns 2,068,600 shares of the oil and gas company’s stock worth $336,830,000 after acquiring an additional 250,840 shares in the last quarter. Hedge funds and other 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 Chevron stock in a transaction dated Tuesday, February 7th. The stock was sold at an average price of $170.00, for a total value of $3,343,220.00. Following the transaction, the vice president now owns 3,967 shares in the company, valued at $674,390. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.32% of the stock is owned by insiders.
Chevron Stock Performance
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). The firm had revenue of $56.47 billion for the quarter, compared to analysts’ expectations of $53.97 billion. Chevron had a net margin of 14.40% and a return on equity of 23.52%. The business’s quarterly revenue was up 17.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.56 EPS. Analysts predict that Chevron Co. will post 14.87 earnings per share for the current year.
Chevron declared that its board has initiated a stock repurchase plan on Wednesday, January 25th that authorizes the company to repurchase $75.00 billion in outstanding shares. This repurchase authorization authorizes the oil and gas company to buy up to 21.7% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.
Chevron Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, March 10th. Shareholders of record on Thursday, February 16th were paid a $1.51 dividend. This represents a $6.04 annualized dividend and a yield of 3.96%. The ex-dividend date of this dividend was Wednesday, February 15th. This is a positive change from Chevron’s previous quarterly dividend of $1.42. Chevron’s payout ratio is 33.04%.
Wall Street Analysts Forecast Growth
Several research firms recently issued reports on CVX. Barclays increased their target price on shares of Chevron from $196.00 to $212.00 and gave the stock an “overweight” rating in a report on Tuesday, January 3rd. Wells Fargo & Company dropped their price target on Chevron from $204.00 to $199.00 and set an “overweight” rating for the company in a research note on Thursday, March 2nd. Morgan Stanley dropped their price target on Chevron from $197.00 to $195.00 and set an “equal weight” rating for the company in a research note on Monday, January 30th. Piper Sandler lowered their target price on Chevron from $206.00 to $199.00 and set an “overweight” rating for the company in a research report on Monday, December 19th. Finally, BNP Paribas downgraded Chevron from a “neutral” rating to an “underperform” rating and set a $190.00 target price for the company. in a research report on Wednesday, December 14th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the company 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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