Sage Investment Counsel LLC Makes New Investment in Chevron Co. (NYSE:CVX)

Sage Investment Counsel LLC acquired a new position in shares of Chevron Co. (NYSE:CVX) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 1,503 shares of the oil and gas company’s stock, valued at approximately $218,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. SVB Wealth LLC bought a new position in Chevron during the fourth quarter worth $17,050,000. Waterway Wealth Management LLC boosted its position in Chevron by 8.5% during the fourth quarter. Waterway Wealth Management LLC now owns 7,680 shares of the oil and gas company’s stock worth $1,112,000 after purchasing an additional 603 shares during the period. Pettyjohn Wood & White Inc. boosted its position in Chevron by 0.8% during the fourth quarter. Pettyjohn Wood & White Inc. now owns 50,205 shares of the oil and gas company’s stock worth $7,272,000 after purchasing an additional 393 shares during the period. Hosking Partners LLP boosted its position in Chevron by 34.5% during the fourth quarter. Hosking Partners LLP now owns 39,206 shares of the oil and gas company’s stock worth $5,679,000 after purchasing an additional 10,054 shares during the period. Finally, Fielder Capital Group LLC boosted its position in Chevron by 0.6% during the fourth quarter. Fielder Capital Group LLC now owns 17,266 shares of the oil and gas company’s stock worth $2,501,000 after purchasing an additional 95 shares during the period. 72.42% of the stock is owned by institutional investors.

Chevron Stock Up 1.2 %

CVX stock opened at $158.59 on Friday. The company has a market cap of $285.00 billion, a PE ratio of 16.32, a price-to-earnings-growth ratio of 1.46 and a beta of 1.11. The business has a 50-day simple moving average of $153.14 and a 200 day simple moving average of $151.44. Chevron Co. has a 52 week low of $135.37 and a 52 week high of $167.11. 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 (NYSE:CVX) last posted its quarterly earnings results on Friday, January 31st. The oil and gas company reported $2.06 EPS for the quarter, missing analysts’ consensus estimates of $2.42 by ($0.36). Chevron had a net margin of 8.71% and a return on equity of 11.44%. During the same period last year, the company posted $3.45 earnings per share. Sell-side analysts anticipate that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 10th. Shareholders of record on Friday, February 14th will be paid a dividend of $1.71 per share. This is an increase from Chevron’s previous quarterly dividend of $1.63. The ex-dividend date is Friday, February 14th. This represents a $6.84 annualized dividend and a yield of 4.31%. Chevron’s payout ratio is presently 70.37%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on CVX. UBS Group reduced their price objective on shares of Chevron from $195.00 to $194.00 and set a “buy” rating for the company in a research report on Monday, February 3rd. Royal Bank of Canada reissued an “outperform” rating and issued a $175.00 target price on shares of Chevron in a research report on Monday, February 3rd. Citigroup raised shares of Chevron from a “neutral” rating to a “buy” rating and boosted their target price for the company from $145.00 to $185.00 in a research report on Tuesday, November 26th. Truist Financial reduced their target price 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. Finally, Piper Sandler reduced their target price on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a research report on Thursday, December 19th. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, Chevron currently has a consensus rating of “Moderate Buy” and a consensus price target of $174.13.

Insiders Place Their Bets

In other Chevron news, VP Jeff B. Gustavson sold 9,325 shares of the business’s stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $152.50, for a total transaction of $1,422,062.50. Following the completion of the transaction, the vice president now owns 1,057 shares of the company’s stock, valued at approximately $161,192.50. The trade was a 89.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.20% of the company’s stock.

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.