Private Management Group Inc. Trims Position in Chevron Co. (NYSE:CVX)

Private Management Group Inc. cut its holdings in shares of Chevron Co. (NYSE:CVX) by 2.7% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 5,764 shares of the oil and gas company’s stock after selling 160 shares during the period. Private Management Group Inc.’s holdings in Chevron were worth $835,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Legacy Investment Solutions LLC purchased a new position in shares of Chevron during the third quarter valued at approximately $29,000. Rational Advisors LLC purchased a new position in shares of Chevron during the third quarter valued at approximately $29,000. Darwin Wealth Management LLC purchased a new position in shares of Chevron during the third quarter valued at approximately $30,000. RPg Family Wealth Advisory LLC purchased a new position in shares of Chevron during the third quarter valued at approximately $31,000. Finally, New Wave Wealth Advisors LLC bought a new stake in shares of Chevron during the fourth quarter valued at approximately $39,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. UBS Group dropped 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. DZ Bank upgraded Chevron from a “hold” rating to a “buy” rating and set a $170.00 price target on the stock in a research report on Tuesday, November 5th. Bank of America assumed coverage on Chevron in a research report on Thursday, October 17th. They set a “buy” rating and a $168.00 price target on the stock. Raymond James dropped their price target on Chevron from $180.00 to $175.00 and set an “outperform” rating on the stock in a research report on Monday. Finally, Truist Financial dropped their price target on Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a research report on Tuesday. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $174.13.

Chevron Stock Down 0.7 %

CVX stock opened at $151.86 on Friday. Chevron Co. has a 1-year low of $135.37 and a 1-year high of $167.11. The business has a fifty day moving average price of $152.60 and a 200-day moving average price of $150.90. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80. The stock has a market capitalization of $272.90 billion, a P/E ratio of 15.62, a P/E/G ratio of 1.29 and a beta of 1.11.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share for the quarter, missing the consensus estimate 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 in the previous year, the firm posted $3.45 earnings per share. Equities analysts forecast that Chevron Co. will post 11.45 earnings per share for the current fiscal year.

Chevron Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 10th. Stockholders of record on Friday, February 14th will be paid a $1.71 dividend. The ex-dividend date of this dividend is Friday, February 14th. This represents a $6.84 annualized dividend and a dividend yield of 4.50%. This is a boost from Chevron’s previous quarterly dividend of $1.63. Chevron’s payout ratio is currently 67.08%.

Insider Transactions at Chevron

In related news, CEO Michael K. Wirth sold 164,600 shares of the company’s stock in a transaction 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 sale, the chief executive officer now owns 4,280 shares in the company, valued at approximately $685,356.40. This represents a 97.47 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.20% of the company’s stock.

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.