Red Cedar Investment Management LLC Cuts Holdings in Chevron Co. (NYSE:CVX)

Red Cedar Investment Management LLC lessened its stake in Chevron Co. (NYSE:CVX) by 47.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,342 shares of the oil and gas company’s stock after selling 10,156 shares during the period. Red Cedar Investment Management LLC’s holdings in Chevron were worth $1,643,000 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 CVX. Life Planning Partners Inc bought a new stake in shares of Chevron in the 4th quarter worth approximately $25,000. Rational Advisors LLC bought a new stake in shares of Chevron in the 3rd quarter worth approximately $29,000. Legacy Investment Solutions LLC bought a new stake in shares of Chevron in the 3rd quarter worth approximately $29,000. Darwin Wealth Management LLC bought a new stake in shares of Chevron in the 3rd quarter worth approximately $30,000. Finally, RPg Family Wealth Advisory LLC bought a new stake in shares of Chevron in the 3rd quarter worth approximately $31,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Analyst Upgrades and Downgrades

CVX has been the subject of a number of recent research reports. Barclays lowered their price objective on shares of Chevron from $174.00 to $171.00 and set an “overweight” rating for the company in a report on Wednesday, February 5th. DZ Bank upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $170.00 price objective for the company in a report on Tuesday, November 5th. Wells Fargo & Company lowered their price target on shares of Chevron from $188.00 to $184.00 and set an “overweight” rating for the company in a report on Monday, February 3rd. Piper Sandler lowered their price target on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Finally, Citigroup upgraded shares of Chevron from a “neutral” rating to a “buy” rating and upped their price target for the company from $145.00 to $185.00 in a report on Tuesday, November 26th. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, Chevron has a consensus rating of “Moderate Buy” and an average price target of $174.13.

Chevron Stock Down 0.4 %

Shares of Chevron stock opened at $155.32 on Friday. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. The company’s fifty day simple moving average is $151.86 and its two-hundred day simple moving average is $150.87. The company has a market cap of $279.12 billion, a P/E ratio of 15.98, a PEG ratio of 1.39 and a beta of 1.11. Chevron Co. has a 12-month low of $135.37 and a 12-month high of $167.11.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, January 31st. The oil and gas company reported $2.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.42 by ($0.36). Chevron had a net margin of 8.71% and a return on equity of 11.44%. During the same quarter in the previous year, the company earned $3.45 EPS. Research analysts anticipate that Chevron Co. will post 10.84 EPS for the current year.

Chevron Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 10th. Shareholders of record on Friday, February 14th will be given a dividend of $1.71 per share. This is an increase from Chevron’s previous quarterly dividend of $1.63. This represents a $6.84 dividend on an annualized basis and a yield of 4.40%. The ex-dividend date of this dividend is Friday, February 14th. Chevron’s payout ratio is presently 67.08%.

Insider Transactions at Chevron

In other news, VP Jeff B. Gustavson sold 9,325 shares of the company’s stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $152.50, for a total value of $1,422,062.50. Following the sale, the vice president now directly owns 1,057 shares of the company’s stock, valued at $161,192.50. This represents a 89.82 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.20% of the company’s stock.

Chevron 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.