OLD Point Trust & Financial Services N A Grows Stock Position in Chevron Co. (NYSE:CVX)

OLD Point Trust & Financial Services N A lifted its holdings in shares of Chevron Co. (NYSE:CVX) by 1.0% during the fourth quarter, Holdings Channel.com reports. The fund owned 8,191 shares of the oil and gas company’s stock after acquiring an additional 80 shares during the period. OLD Point Trust & Financial Services N A’s holdings in Chevron were worth $1,186,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of CVX. Life Planning Partners Inc acquired a new position in Chevron during the 4th quarter valued at approximately $25,000. IMG Wealth Management Inc. acquired a new position in shares of Chevron in the 4th quarter valued at $25,000. Legacy Investment Solutions LLC purchased a new position in Chevron in the 3rd quarter worth $29,000. Darwin Wealth Management LLC purchased a new position in Chevron in the 3rd quarter worth $30,000. Finally, Fairway Wealth LLC lifted its position in Chevron by 75.9% during the 4th quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company’s stock worth $30,000 after acquiring an additional 88 shares during the period. Institutional investors and hedge funds own 72.42% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Citigroup upgraded Chevron from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $145.00 to $185.00 in a research note on Tuesday, November 26th. Piper Sandler reduced their price target on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a research report on Thursday, December 19th. Truist Financial decreased their price objective on shares of Chevron from $164.00 to $160.00 and set a “hold” rating for the company in a research note on Tuesday, February 4th. Royal Bank of Canada reiterated an “outperform” rating and issued a $175.00 price objective on shares of Chevron in a research note on Monday, February 3rd. Finally, Raymond James decreased their target price on shares of Chevron from $180.00 to $175.00 and set an “outperform” rating for the company in a research report on Monday, February 3rd. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, Chevron has a consensus rating of “Moderate Buy” and a consensus target price of $174.13.

Insider Buying and Selling

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

Chevron Stock Performance

NYSE CVX opened at $164.00 on Thursday. The stock has a market capitalization of $288.73 billion, a price-to-earnings ratio of 16.87, a PEG ratio of 1.46 and a beta of 1.08. The stock has a 50-day moving average of $155.77 and a 200 day moving average of $152.31. 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.

Chevron (NYSE:CVX) last announced its earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share 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 period last year, the company earned $3.45 EPS. Sell-side analysts anticipate that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Friday, February 14th were paid a dividend of $1.71 per share. The ex-dividend date was Friday, February 14th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.17%. This is a boost from Chevron’s previous quarterly dividend of $1.63. Chevron’s payout ratio is currently 70.37%.

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.