Channel Wealth LLC Lowers Stock Position in Chevron Co. (NYSE:CVX)

Channel Wealth LLC decreased its holdings in Chevron Co. (NYSE:CVX) by 2.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,167 shares of the oil and gas company’s stock after selling 157 shares during the quarter. Channel Wealth LLC’s holdings in Chevron were worth $748,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of CVX. Seven Eight Capital LP purchased a new position in shares of Chevron in the 2nd quarter valued at approximately $1,335,000. Cowa LLC raised its stake in shares of Chevron by 8.5% during the second quarter. Cowa LLC now owns 3,811 shares of the oil and gas company’s stock worth $596,000 after purchasing an additional 300 shares during the last quarter. Brighton Jones LLC lifted its holdings in shares of Chevron by 6.8% during the second quarter. Brighton Jones LLC now owns 24,672 shares of the oil and gas company’s stock worth $3,859,000 after purchasing an additional 1,581 shares during the period. Ieq Capital LLC grew its position in Chevron by 9.0% in the 2nd quarter. Ieq Capital LLC now owns 102,975 shares of the oil and gas company’s stock valued at $16,107,000 after buying an additional 8,518 shares during the last quarter. Finally, GM Advisory Group LLC increased its stake in Chevron by 0.5% in the 2nd quarter. GM Advisory Group LLC now owns 20,961 shares of the oil and gas company’s stock valued at $3,279,000 after buying an additional 104 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Insider Transactions at Chevron

In other Chevron news, CEO Michael K. Wirth sold 164,600 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 4,280 shares of the company’s stock, valued at $685,356.40. This trade represents a 97.47 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.20% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on CVX. Raymond James raised their target price on shares of Chevron from $175.00 to $180.00 and gave the stock an “outperform” rating in a research note on Friday. Royal Bank of Canada raised their price objective on shares of Chevron from $170.00 to $175.00 and gave the company an “outperform” rating in a research report on Monday, November 4th. Barclays boosted their target price on Chevron from $168.00 to $174.00 and gave the stock an “overweight” rating in a research report on Monday, November 4th. UBS Group raised their price target on Chevron from $194.00 to $195.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Finally, Bank of America began coverage on Chevron in a report on Thursday, October 17th. They set a “buy” rating and a $168.00 price objective on the stock. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $175.27.

Chevron Price Performance

Chevron stock opened at $161.54 on Friday. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. The firm’s 50-day simple moving average is $153.84 and its 200 day simple moving average is $151.06. Chevron Co. has a 52 week low of $135.37 and a 52 week high of $167.11. The firm has a market capitalization of $290.30 billion, a PE ratio of 17.75, a P/E/G ratio of 2.62 and a beta of 1.12.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 EPS for the quarter, beating the consensus estimate of $2.47 by $0.04. Chevron had a net margin of 8.44% and a return on equity of 13.15%. The business had revenue of $50.67 billion for the quarter, compared to analyst estimates of $48.86 billion. During the same period in the prior year, the business earned $3.05 earnings per share. The company’s quarterly revenue was down 6.3% on a year-over-year basis. On average, equities research analysts predict that Chevron Co. will post 10.39 EPS for the current fiscal year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th were given a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 4.04%. The ex-dividend date was Monday, November 18th. Chevron’s payout ratio is 71.65%.

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.