Chevron Co. (NYSE:CVX) Shares Sold by Beach Investment Counsel Inc. PA

Beach Investment Counsel Inc. PA lowered its position in Chevron Co. (NYSE:CVX) by 46.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,687 shares of the oil and gas company’s stock after selling 3,252 shares during the quarter. Beach Investment Counsel Inc. PA’s holdings in Chevron were worth $534,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CVX. Czech National Bank grew its holdings in shares of Chevron by 6.1% during the 3rd quarter. Czech National Bank now owns 346,490 shares of the oil and gas company’s stock worth $51,028,000 after purchasing an additional 19,878 shares during the period. Miracle Mile Advisors LLC raised its stake in shares of Chevron by 1.4% in the 3rd quarter. Miracle Mile Advisors LLC now owns 26,703 shares of the oil and gas company’s stock valued at $3,933,000 after acquiring an additional 372 shares during the period. Heartwood Wealth Advisors LLC boosted its position in shares of Chevron by 4.4% during the 3rd quarter. Heartwood Wealth Advisors LLC now owns 6,187 shares of the oil and gas company’s stock worth $911,000 after purchasing an additional 263 shares during the period. Chapin Davis Inc. increased its holdings in Chevron by 4.9% in the 3rd quarter. Chapin Davis Inc. now owns 31,752 shares of the oil and gas company’s stock valued at $4,676,000 after purchasing an additional 1,491 shares during the last quarter. Finally, Exeter Financial LLC raised its position in Chevron by 0.6% in the third quarter. Exeter Financial LLC now owns 25,943 shares of the oil and gas company’s stock valued at $3,821,000 after purchasing an additional 167 shares during the period. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Citigroup raised Chevron from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $145.00 to $185.00 in a research note on Tuesday, November 26th. Truist Financial cut their target price on shares of Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a research note on Tuesday. DZ Bank upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $170.00 price target for the company in a research note on Tuesday, November 5th. Raymond James reduced their price objective on Chevron from $180.00 to $175.00 and set an “outperform” rating on the stock in a research note on Monday. Finally, Scotiabank lowered their target price on Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $174.33.

Chevron Stock Up 2.5 %

CVX stock opened at $153.14 on Wednesday. The stock has a market cap of $275.20 billion, a P/E ratio of 15.75, a PEG ratio of 1.29 and a beta of 1.11. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. Chevron Co. has a twelve month low of $135.37 and a twelve month high of $167.11. The company’s 50 day moving average is $152.97 and its two-hundred day moving average is $150.93.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, January 31st. The oil and gas company reported $2.06 EPS for the quarter, missing the consensus estimate of $2.42 by ($0.36). Chevron had a return on equity of 11.44% and a net margin of 8.71%. During the same quarter last year, the business earned $3.45 EPS. Research analysts expect that Chevron Co. will post 11.45 earnings per share for the current fiscal year.

Chevron Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 10th. Investors of record on Friday, February 14th will be paid a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 4.47%. The ex-dividend date is Friday, February 14th. This is an increase from Chevron’s previous quarterly dividend of $1.63. Chevron’s dividend payout ratio (DPR) is currently 67.08%.

Insiders Place Their Bets

In other news, CEO Michael K. Wirth sold 164,600 shares of the firm’s stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the transaction, the chief executive officer now directly owns 4,280 shares in the company, valued at approximately $685,356.40. This trade represents a 97.47 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.20% of the stock is currently owned by corporate insiders.

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.