Pinnacle Financial Partners Inc Sells 1,970 Shares of Chevron Co. (NYSE:CVX)

Pinnacle Financial Partners Inc reduced its position in Chevron Co. (NYSE:CVX) by 1.0% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 203,361 shares of the oil and gas company’s stock after selling 1,970 shares during the period. Pinnacle Financial Partners Inc’s holdings in Chevron were worth $29,490,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Life Planning Partners Inc acquired a new stake in Chevron in the 4th quarter worth approximately $25,000. Rational Advisors LLC acquired a new stake in Chevron during the 3rd quarter valued at approximately $29,000. Legacy Investment Solutions LLC acquired a new stake in Chevron during the 3rd quarter valued at approximately $29,000. Darwin Wealth Management LLC acquired a new stake in Chevron during the 3rd quarter valued at approximately $30,000. Finally, RPg Family Wealth Advisory LLC acquired a new stake in Chevron during the 3rd quarter valued at approximately $31,000. 72.42% of the stock is currently owned by institutional investors.

Chevron Stock Down 1.2 %

Shares of NYSE:CVX opened at $156.92 on Friday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80. The firm has a market capitalization of $282.00 billion, a PE ratio of 16.14, a price-to-earnings-growth ratio of 1.46 and a beta of 1.11. The firm’s 50-day moving average is $151.97 and its two-hundred day moving average is $150.99. Chevron Co. has a 1 year low of $135.37 and a 1 year high of $167.11.

Chevron (NYSE:CVX) last issued its quarterly earnings results 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 return on equity of 11.44% and a net margin of 8.71%. During the same quarter in the previous year, the business earned $3.45 EPS. Analysts predict that Chevron Co. will post 10.79 EPS for the current year.

Chevron Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 10th. Shareholders of record on Friday, February 14th will be paid a $1.71 dividend. This is a positive change from Chevron’s previous quarterly dividend of $1.63. This represents a $6.84 annualized dividend and a yield of 4.36%. The ex-dividend date is Friday, February 14th. Chevron’s dividend payout ratio is currently 70.37%.

Insider Buying and Selling at Chevron

In other news, VP Jeff B. Gustavson sold 9,325 shares of the stock in a transaction that occurred 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 sale, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.20% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. DZ Bank raised shares of Chevron from a “hold” rating to a “buy” rating and set a $170.00 target price for the company in a report on Tuesday, November 5th. Raymond James cut their target price on shares of Chevron from $180.00 to $175.00 and set an “outperform” rating for the company in a report on Monday, February 3rd. Truist Financial cut their target price on shares of Chevron from $164.00 to $160.00 and set a “hold” rating for the company in a report on Tuesday, February 4th. Piper Sandler cut 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 Thursday, December 19th. Finally, Wells Fargo & Company cut their target price 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. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $174.13.

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.