Sterneck Capital Management LLC Decreases Stake in Chevron Co. (NYSE:CVX)

Sterneck Capital Management LLC cut its stake in shares of Chevron Co. (NYSE:CVX) by 8.0% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 5,989 shares of the oil and gas company’s stock after selling 519 shares during the quarter. Sterneck Capital Management LLC’s holdings in Chevron were worth $867,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Rational Advisors LLC acquired a new position in Chevron during the third quarter worth about $29,000. Legacy Investment Solutions LLC purchased a new position in Chevron in the 3rd quarter valued at approximately $29,000. Darwin Wealth Management LLC acquired a new position in Chevron during the third quarter worth $30,000. RPg Family Wealth Advisory LLC purchased a new stake in Chevron during the third quarter worth $31,000. Finally, Cyrus J. Lawrence LLC boosted its position in Chevron by 66.7% during the second quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company’s stock worth $39,000 after purchasing an additional 100 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Scotiabank decreased their price objective on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. Mizuho reduced their price target on shares of Chevron from $205.00 to $189.00 and set an “outperform” rating on the stock in a report on Monday, September 16th. Truist Financial lifted their price objective on Chevron from $155.00 to $160.00 and gave the stock a “hold” rating in a research report on Friday, December 6th. UBS Group increased their target price on Chevron from $194.00 to $195.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Finally, Citigroup raised Chevron from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $145.00 to $185.00 in a report on Tuesday, November 26th. Four research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $175.19.

Insider Transactions at Chevron

In related news, CEO Michael K. Wirth sold 164,600 shares of the company’s stock in a transaction 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 completion of the sale, the chief executive officer now directly owns 4,280 shares of the company’s stock, valued at approximately $685,356.40. This represents a 97.47 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.20% of the company’s stock.

Chevron Price Performance

Chevron stock opened at $149.58 on Wednesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. The company has a market cap of $268.81 billion, a price-to-earnings ratio of 16.44, a PEG ratio of 2.93 and a beta of 1.12. Chevron Co. has a 1 year low of $135.37 and a 1 year high of $167.11. The firm has a 50 day moving average price of $153.63 and a 200 day moving average price of $151.10.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, November 1st. The oil and gas company reported $2.51 EPS for the quarter, topping analysts’ consensus estimates of $2.47 by $0.04. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The business had revenue of $50.67 billion during the quarter, compared to the consensus estimate of $48.86 billion. During the same period in the prior year, the firm posted $3.05 EPS. The business’s revenue for the quarter was down 6.3% on a year-over-year basis. Sell-side analysts predict that Chevron Co. will post 10.5 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th were paid a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 4.36%. The ex-dividend date of this dividend was Monday, November 18th. Chevron’s dividend payout ratio is currently 71.65%.

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.