Spinnaker Trust Buys 3,028 Shares of Chevron Co. (NYSE:CVX)

Spinnaker Trust raised its stake in shares of Chevron Co. (NYSE:CVX) by 6.1% in the 4th quarter, HoldingsChannel reports. The firm owned 52,762 shares of the oil and gas company’s stock after purchasing an additional 3,028 shares during the period. Spinnaker Trust’s holdings in Chevron were worth $7,870,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Picton Mahoney Asset Management bought a new stake in shares of Chevron during the 3rd quarter worth $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 purchasing an additional 80 shares in the last quarter. Valued Wealth Advisors LLC bought a new stake in Chevron during the fourth quarter worth about $33,000. Legacy Financial Group LLC purchased a new position in shares of Chevron in the 3rd quarter worth about $43,000. Finally, Roble Belko & Company Inc boosted its holdings in shares of Chevron by 77.3% in the 4th quarter. Roble Belko & Company Inc now owns 344 shares of the oil and gas company’s stock worth $51,000 after purchasing an additional 150 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Insider Activity

In other news, VP Alana K. Knowles sold 2,800 shares of the business’s stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $160.09, for a total transaction of $448,252.00. Following the sale, 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 is accessible through this link. 0.18% of the stock is currently owned by company insiders.

Analyst Ratings Changes

CVX has been the topic of a number of research reports. The Goldman Sachs Group reissued a “buy” rating on shares of Chevron in a report on Monday, April 1st. Royal Bank of Canada lifted their price target on shares of Chevron from $185.00 to $190.00 and gave the stock an “outperform” rating in a research note on Monday, February 5th. TD Cowen cut shares of Chevron from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $170.00 to $150.00 in a research note on Tuesday, January 23rd. Piper Sandler lifted their target price on shares of Chevron from $180.00 to $204.00 and gave the stock an “overweight” rating in a research report on Thursday, April 18th. Finally, Barclays began coverage on shares of Chevron in a research report on Wednesday, April 10th. They set an “overweight” rating and a $203.00 price target for the company. Six analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, Chevron currently has an average rating of “Moderate Buy” and a consensus price target of $184.75.

Chevron Trading Up 0.3 %

NYSE:CVX traded up $0.55 during trading hours on Friday, hitting $165.83. The company had a trading volume of 9,733,427 shares, compared to its average volume of 8,480,016. 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 stock has a 50-day moving average price of $156.58 and a 200 day moving average price of $151.83. The company has a market capitalization of $307.99 billion, a PE ratio of 14.60, a price-to-earnings-growth ratio of 2.41 and a beta of 1.12. Chevron Co. has a 52 week low of $139.62 and a 52 week high of $171.70.

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, missing the consensus estimate of $3.06 by ($0.13). Chevron had a net margin of 10.63% and a return on equity of 15.24%. The company had revenue of $48.72 billion for the quarter, compared to analysts’ expectations of $48.42 billion. During the same quarter in the prior year, the firm earned $3.55 EPS. Chevron’s quarterly revenue was down 4.1% compared to the same quarter last year. On average, equities research analysts predict that Chevron Co. will post 13.58 EPS for the current fiscal year.

Chevron Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 11th. Stockholders of record on Friday, February 16th were given a $1.63 dividend. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $6.52 annualized dividend and a dividend yield of 3.93%. This is a positive change from Chevron’s previous quarterly dividend of $1.51. Chevron’s dividend payout ratio is currently 57.39%.

Chevron Company 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.