Principle Wealth Partners LLC Lowers Position in Chevron Co. (NYSE:CVX)

Principle Wealth Partners LLC trimmed its holdings in shares of Chevron Co. (NYSE:CVX) by 1.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 35,687 shares of the oil and gas company’s stock after selling 702 shares during the quarter. Principle Wealth Partners LLC’s holdings in Chevron were worth $5,323,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Vanguard Group Inc. increased its position in shares of Chevron by 0.3% during the third quarter. Vanguard Group Inc. now owns 161,924,375 shares of the oil and gas company’s stock valued at $27,303,688,000 after acquiring an additional 458,080 shares during the last quarter. Morgan Stanley increased its position in shares of Chevron by 7.0% during the third quarter. Morgan Stanley now owns 34,166,899 shares of the oil and gas company’s stock valued at $5,761,223,000 after acquiring an additional 2,244,995 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Chevron by 1.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 24,236,141 shares of the oil and gas company’s stock valued at $4,059,834,000 after purchasing an additional 368,898 shares during the period. Northern Trust Corp increased its position in Chevron by 2.6% in the third quarter. Northern Trust Corp now owns 22,705,118 shares of the oil and gas company’s stock worth $3,828,537,000 after buying an additional 569,850 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its position in Chevron by 0.4% in the third quarter. Ameriprise Financial Inc. now owns 14,814,522 shares of the oil and gas company’s stock worth $2,499,684,000 after buying an additional 62,254 shares during the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Chevron

In related news, VP Alana K. Knowles sold 2,800 shares of the business’s stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $160.09, for a total transaction of $448,252.00. Following the transaction, the vice president now owns 276 shares in the company, valued at approximately $44,184.84. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.18% of the stock is owned by company insiders.

Chevron Price Performance

CVX stock traded up $0.61 during mid-day trading on Friday, hitting $165.89. 9,736,350 shares of the stock were exchanged, compared to its average volume of 7,082,480. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.27 and a quick ratio of 1.01. The business has a fifty day moving average price of $156.58 and a 200 day moving average price of $151.73. Chevron Co. has a 12 month low of $139.62 and a 12 month high of $171.70. The stock has a market capitalization of $308.10 billion, a price-to-earnings ratio of 15.26, a PEG ratio of 2.44 and a beta of 1.12.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, April 26th. The oil and gas company reported $2.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.84 by $0.09. Chevron had a return on equity of 15.24% and a net margin of 10.63%. The company had revenue of $48.72 billion for the quarter, compared to the consensus estimate of $48.42 billion. During the same quarter in the previous year, the business earned $3.55 EPS. Chevron’s revenue was down 4.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Chevron Co. will post 13.58 EPS for the current year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 10th. Investors of record on Friday, May 17th will be issued a dividend of $1.63 per share. The ex-dividend date is Thursday, May 16th. This represents a $6.52 dividend on an annualized basis and a yield of 3.93%. Chevron’s dividend payout ratio is presently 59.98%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on CVX. Piper Sandler raised their target price on Chevron from $180.00 to $204.00 and gave the stock an “overweight” rating in a research report on Thursday, April 18th. Wells Fargo & Company raised their target price on Chevron from $185.00 to $198.00 and gave the stock an “overweight” rating in a research report on Thursday, April 4th. The Goldman Sachs Group reissued a “buy” rating on shares of Chevron in a research report on Monday, April 1st. Royal Bank of Canada raised their target price on Chevron from $185.00 to $190.00 and gave the stock an “outperform” rating in a research report on Monday, February 5th. Finally, Jefferies Financial Group raised Chevron from a “hold” rating to a “buy” rating and set a $184.00 target price for the company in a research report on Monday, January 8th. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $184.75.

About Chevron

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.