Stonebridge Capital Management Inc. Trims Stock Position in Chevron Co. (NYSE:CVX)

Stonebridge Capital Management Inc. reduced its stake in Chevron Co. (NYSE:CVX) by 1.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 36,347 shares of the oil and gas company’s stock after selling 400 shares during the quarter. Chevron accounts for 2.2% of Stonebridge Capital Management Inc.’s investment portfolio, making the stock its 16th biggest holding. Stonebridge Capital Management Inc.’s holdings in Chevron were worth $5,264,000 as of its most recent filing with the Securities and Exchange Commission.

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

Analyst Upgrades and Downgrades

Several research firms have issued reports on CVX. UBS Group increased their price objective on Chevron from $194.00 to $195.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Barclays increased their price target on shares of Chevron from $168.00 to $174.00 and gave the company an “overweight” rating in a report on Monday, November 4th. Piper Sandler decreased their price objective on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. Truist Financial increased their target price on shares of Chevron from $160.00 to $164.00 and gave the company a “hold” rating in a report on Monday. Finally, DZ Bank raised Chevron from a “hold” rating to a “buy” rating and set a $170.00 price target on the stock in a research note on Tuesday, November 5th. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $174.87.

Chevron Stock Performance

Shares of CVX stock opened at $159.33 on Friday. 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 firm has a market capitalization of $286.32 billion, a price-to-earnings ratio of 17.51, a price-to-earnings-growth ratio of 2.62 and a beta of 1.12. The company has a 50 day moving average price of $153.79 and a 200 day moving average price of $151.00. Chevron Co. has a one year low of $135.37 and a one year high of $167.11.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, November 1st. The oil and gas company reported $2.51 earnings per share (EPS) for the quarter, topping 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 company had revenue of $50.67 billion during the quarter, compared to the consensus estimate of $48.86 billion. During the same period in the previous year, the firm earned $3.05 earnings per share. Chevron’s revenue for the quarter was down 6.3% on a year-over-year basis. Sell-side analysts anticipate that Chevron Co. will post 10.39 EPS for the current year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th were given a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 4.09%. The ex-dividend date was Monday, November 18th. Chevron’s payout ratio is 71.65%.

Insider Buying and Selling at Chevron

In other news, CEO Michael K. Wirth sold 164,600 shares of the stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the completion of the transaction, the chief executive officer now directly owns 4,280 shares in the company, valued at approximately $685,356.40. This represents a 97.47 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.20% of the stock is owned by corporate insiders.

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.