Allen Wealth Management LLC Acquires 582 Shares of Chevron Co. (NYSE:CVX)

Allen Wealth Management LLC increased its holdings in Chevron Co. (NYSE:CVX) by 2.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 27,649 shares of the oil and gas company’s stock after purchasing an additional 582 shares during the quarter. Chevron accounts for about 2.9% of Allen Wealth Management LLC’s holdings, making the stock its 6th largest holding. Allen Wealth Management LLC’s holdings in Chevron were worth $4,005,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. State Street Corp grew its position in shares of Chevron by 0.6% in the third quarter. State Street Corp now owns 159,105,244 shares of the oil and gas company’s stock valued at $23,431,429,000 after purchasing an additional 874,962 shares during the period. Geode Capital Management LLC boosted its holdings in Chevron by 1.1% in the 4th quarter. Geode Capital Management LLC now owns 36,269,270 shares of the oil and gas company’s stock worth $5,247,142,000 after buying an additional 392,916 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in Chevron by 2.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 31,855,566 shares of the oil and gas company’s stock worth $4,613,960,000 after buying an additional 746,806 shares in the last quarter. Norges Bank acquired a new position in shares of Chevron during the fourth quarter valued at approximately $3,017,750,000. Finally, Fisher Asset Management LLC lifted its position in shares of Chevron by 2.1% in the fourth quarter. Fisher Asset Management LLC now owns 19,892,848 shares of the oil and gas company’s stock valued at $2,881,280,000 after acquiring an additional 410,460 shares in the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, VP Jeff B. Gustavson sold 9,325 shares of the company’s stock in a transaction that occurred on 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 sale, the vice president now directly owns 1,057 shares of the company’s stock, valued at $161,192.50. This represents a 89.82 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.20% of the company’s stock.

Chevron Price Performance

Chevron stock opened at $166.62 on Thursday. 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 company has a market capitalization of $293.35 billion, a price-to-earnings ratio of 17.14, a price-to-earnings-growth ratio of 1.46 and a beta of 1.08. The company’s 50 day simple moving average is $157.63 and its 200-day simple moving average is $154.08. Chevron Co. has a 1 year low of $135.37 and a 1 year high of $168.96.

Chevron (NYSE:CVX) last released 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 return on equity of 11.44% and a net margin of 8.71%. During the same period last year, the firm earned $3.45 EPS. As a group, equities research analysts expect that Chevron Co. will post 10.79 earnings per share for the current year.

Chevron Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 10th. Shareholders of record on Friday, February 14th were paid a dividend of $1.71 per share. The ex-dividend date of this dividend was Friday, February 14th. This is a positive change from Chevron’s previous quarterly dividend of $1.63. This represents a $6.84 dividend on an annualized basis and a yield of 4.11%. Chevron’s dividend payout ratio is 70.37%.

Analysts Set New Price Targets

CVX has been the subject of several recent research reports. Royal Bank of Canada reissued an “outperform” rating and issued a $175.00 price objective on shares of Chevron in a research note on Monday, February 3rd. 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. Wells Fargo & Company lowered their price target on shares of Chevron from $188.00 to $184.00 and set an “overweight” rating on the stock in a research report on Monday, February 3rd. Piper Sandler cut their price objective 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, Barclays lowered their target price on Chevron from $174.00 to $171.00 and set an “overweight” rating on the stock in a report on Wednesday, February 5th. Four equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $174.13.

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.