GeoWealth Management LLC Cuts Stock Position in Chevron Co. (NYSE:CVX)

GeoWealth Management LLC decreased its stake in shares of Chevron Co. (NYSE:CVX) by 10.6% in the fourth quarter, Holdings Channel reports. The institutional investor owned 13,107 shares of the oil and gas company’s stock after selling 1,555 shares during the quarter. GeoWealth Management LLC’s holdings in Chevron were worth $1,898,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in CVX. Norges Bank purchased a new stake in shares of Chevron during the 4th quarter valued at about $3,017,750,000. Raymond James Financial Inc. purchased a new stake in Chevron in the fourth quarter worth approximately $1,036,302,000. Bank of New York Mellon Corp grew its position in Chevron by 17.3% in the 4th quarter. Bank of New York Mellon Corp now owns 16,496,687 shares of the oil and gas company’s stock worth $2,389,380,000 after purchasing an additional 2,432,756 shares during the period. Amundi raised its stake in Chevron by 27.7% during the 4th quarter. Amundi now owns 8,806,050 shares of the oil and gas company’s stock valued at $1,323,549,000 after buying an additional 1,910,262 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of Chevron by 6.9% during the 4th quarter. Invesco Ltd. now owns 15,027,474 shares of the oil and gas company’s stock valued at $2,176,579,000 after buying an additional 964,426 shares during the period. 72.42% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on CVX shares. Royal Bank of Canada restated an “outperform” rating and set a $175.00 price target on shares of Chevron in a research note on Monday, February 3rd. Wells Fargo & Company reduced their target price on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a report on Tuesday. Truist Financial cut their price objective on shares of Chevron from $164.00 to $160.00 and set a “hold” rating for the company in a research report on Tuesday, February 4th. Scotiabank downgraded Chevron from a “sector outperform” rating to a “sector perform” rating and lowered their target price for the company from $160.00 to $143.00 in a research report on Friday, April 11th. Finally, BNP Paribas cut Chevron to a “cautious” rating in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, five have given a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, Chevron has a consensus rating of “Moderate Buy” and an average price target of $169.50.

Chevron Stock Up 1.7 %

Shares of CVX stock opened at $137.68 on Friday. The stock has a market cap of $242.39 billion, a P/E ratio of 14.16, a PEG ratio of 1.46 and a beta of 0.93. The company’s fifty day simple moving average is $153.54 and its two-hundred day simple moving average is $153.42. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. Chevron Co. has a 52 week low of $132.04 and a 52 week high of $168.96.

Chevron (NYSE:CVX) last announced its quarterly 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 quarter in the prior year, the firm posted $3.45 earnings per share. Analysts predict that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Friday, February 14th were issued a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 4.97%. The ex-dividend date was Friday, February 14th. This is a positive change from Chevron’s previous quarterly dividend of $1.63. Chevron’s dividend payout ratio (DPR) is 70.37%.

Insider Buying and Selling

In related news, VP Jeff B. Gustavson sold 9,325 shares of Chevron stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $152.50, for a total transaction of $1,422,062.50. Following the completion of the sale, the vice president now owns 1,057 shares in the company, valued at $161,192.50. This trade represents a 89.82 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.20% of the stock is owned by corporate insiders.

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.