Meridian Investment Counsel Inc. Trims Stake in Chevron Co. (NYSE:CVX)

Meridian Investment Counsel Inc. decreased its holdings in shares of Chevron Co. (NYSE:CVX) by 0.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 55,315 shares of the oil and gas company’s stock after selling 100 shares during the period. Chevron comprises about 2.4% of Meridian Investment Counsel Inc.’s portfolio, making the stock its 5th largest holding. Meridian Investment Counsel Inc.’s holdings in Chevron were worth $8,012,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Life Planning Partners Inc bought a new position in Chevron in the 4th quarter worth approximately $25,000. IMG Wealth Management Inc. bought a new stake in shares of Chevron during the fourth quarter valued at about $25,000. Legacy Investment Solutions LLC acquired a new stake in Chevron in the third quarter worth about $29,000. Mizuho Securities Co. Ltd. bought a new position in Chevron in the 4th quarter valued at about $29,000. Finally, Fairway Wealth LLC increased its stake in Chevron by 75.9% during the 4th quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company’s stock valued at $30,000 after buying an additional 88 shares during the period. 72.42% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CVX has been the subject of several recent analyst reports. Royal Bank of Canada reiterated an “outperform” rating and issued a $175.00 price objective on shares of Chevron in a report on Monday, February 3rd. UBS Group lowered their price target on Chevron from $195.00 to $194.00 and set a “buy” rating on the stock in a research report on Monday, February 3rd. Raymond James lowered their target price on Chevron from $180.00 to $175.00 and set an “outperform” rating on the stock in a report on Monday, February 3rd. Piper Sandler cut their price target 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, Truist Financial lowered their price objective on shares of Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a research note on Tuesday, February 4th. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $174.13.

Chevron Stock Down 0.4 %

CVX opened at $166.06 on Monday. Chevron Co. has a 1-year low of $135.37 and a 1-year high of $168.96. The business has a 50 day moving average of $157.10 and a 200-day moving average of $153.60. The stock has a market capitalization of $292.37 billion, a price-to-earnings ratio of 17.08, a P/E/G ratio of 1.46 and a beta of 1.08. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last released its earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share 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 period last year, the company earned $3.45 EPS. As a group, sell-side analysts anticipate that Chevron Co. will post 10.79 earnings per share for the current year.

Chevron Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Friday, February 14th were paid a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.12%. This is a positive change from Chevron’s previous quarterly dividend of $1.63. The ex-dividend date was Friday, February 14th. Chevron’s dividend payout ratio is presently 70.37%.

Insider Buying and Selling

In other news, VP Jeff B. Gustavson sold 9,325 shares of the firm’s stock in a transaction dated Friday, February 7th. The shares were 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 directly owns 1,057 shares of the company’s stock, valued at approximately $161,192.50. This trade represents a 89.82 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.20% of the stock is owned by company insiders.

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.