Hanson & Doremus Investment Management Raises Position in Chevron Co. (NYSE:CVX)

Hanson & Doremus Investment Management grew its holdings in shares of Chevron Co. (NYSE:CVX) by 27.4% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 5,586 shares of the oil and gas company’s stock after purchasing an additional 1,200 shares during the quarter. Hanson & Doremus Investment Management’s holdings in Chevron were worth $809,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the business. Rational Advisors LLC purchased a new position in shares of Chevron in the 3rd quarter worth $29,000. Legacy Investment Solutions LLC purchased a new position in shares of Chevron in the 3rd quarter worth $29,000. Darwin Wealth Management LLC purchased a new position in shares of Chevron in the 3rd quarter worth $30,000. RPg Family Wealth Advisory LLC purchased a new position in shares of Chevron in the 3rd quarter worth $31,000. Finally, Krane Funds Advisors LLC purchased a new position in shares of Chevron in the 3rd quarter worth $47,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Insider Activity

In other news, CEO Michael K. Wirth sold 164,600 shares of Chevron stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $160.13, for a total value of $26,357,398.00. Following the completion of the transaction, the chief executive officer now directly owns 4,280 shares of the company’s stock, valued at approximately $685,356.40. The trade was a 97.47 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.20% of the company’s stock.

Chevron Stock Performance

Shares of CVX opened at $156.19 on Friday. The stock has a market capitalization of $280.68 billion, a PE ratio of 17.16, a price-to-earnings-growth ratio of 1.37 and a beta of 1.12. Chevron Co. has a 12-month low of $135.37 and a 12-month high of $167.11. The business’s fifty day moving average price is $153.56 and its 200 day moving average price is $151.16. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 EPS for the quarter, beating 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 business had revenue of $50.67 billion during the quarter, compared to analyst estimates of $48.86 billion. During the same period in the previous year, the business posted $3.05 EPS. The company’s quarterly revenue was down 6.3% on a year-over-year basis. Equities research analysts forecast that Chevron Co. will post 10.18 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on CVX. Piper Sandler cut their target price on Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. DZ Bank raised Chevron from a “hold” rating to a “buy” rating and set a $170.00 price objective on the stock in a research report on Tuesday, November 5th. Bank of America initiated coverage on Chevron in a research report on Thursday, October 17th. They issued a “buy” rating and a $168.00 price objective on the stock. Truist Financial raised their price objective on Chevron from $160.00 to $164.00 and gave the company a “hold” rating in a research report on Monday, January 13th. Finally, Raymond James raised their price objective on Chevron from $175.00 to $180.00 and gave the company an “outperform” rating in a research report on Friday, January 17th. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $175.27.

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.