Davis Capital Management Purchases 599 Shares of Chevron Co. (NYSE:CVX)

Davis Capital Management boosted its position in shares of Chevron Co. (NYSE:CVX) by 96.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,217 shares of the oil and gas company’s stock after purchasing an additional 599 shares during the period. Davis Capital Management’s holdings in Chevron were worth $176,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in CVX. Mill Creek Capital Advisors LLC increased its holdings in Chevron by 3.2% during the 2nd quarter. Mill Creek Capital Advisors LLC now owns 4,214 shares of the oil and gas company’s stock worth $659,000 after purchasing an additional 131 shares in the last quarter. Wescott Financial Advisory Group LLC grew its holdings in shares of Chevron by 14.3% in the 2nd quarter. Wescott Financial Advisory Group LLC now owns 3,277 shares of the oil and gas company’s stock valued at $513,000 after acquiring an additional 411 shares in the last quarter. Zurich Insurance Group Ltd FI bought a new position in shares of Chevron in the 2nd quarter valued at about $57,992,000. Fred Alger Management LLC grew its holdings in shares of Chevron by 7.4% in the 2nd quarter. Fred Alger Management LLC now owns 64,073 shares of the oil and gas company’s stock valued at $10,022,000 after acquiring an additional 4,435 shares in the last quarter. Finally, Merewether Investment Management LP bought a new position in shares of Chevron in the 2nd quarter valued at about $45,941,000. Institutional investors own 72.42% of the company’s stock.

Chevron Trading Down 1.2 %

Shares of NYSE:CVX opened at $156.39 on Thursday. Chevron Co. has a 12-month low of $135.37 and a 12-month high of $167.11. The stock has a market cap of $281.05 billion, a PE ratio of 17.19, a P/E/G ratio of 1.39 and a beta of 1.12. The business has a 50 day moving average of $154.09 and a 200-day moving average of $151.07. 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 issued its quarterly earnings data on Friday, November 1st. The oil and gas company reported $2.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.47 by $0.04. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The company had revenue of $50.67 billion during the quarter, compared to analysts’ expectations of $48.86 billion. During the same quarter in the previous year, the company posted $3.05 earnings per share. The business’s revenue was down 6.3% on a year-over-year basis. As a group, equities research analysts forecast that Chevron Co. will post 10.18 earnings per share for the current year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Monday, November 18th were paid a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 4.17%. The ex-dividend date of this dividend was Monday, November 18th. Chevron’s dividend payout ratio (DPR) is currently 71.65%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on CVX shares. Piper Sandler decreased their price objective on Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Truist Financial raised their price objective on Chevron from $160.00 to $164.00 and gave the company a “hold” rating in a report on Monday, January 13th. Royal Bank of Canada raised their price objective on Chevron from $170.00 to $175.00 and gave the company an “outperform” rating in a report on Monday, November 4th. DZ Bank upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $170.00 target price for the company in a research note on Tuesday, November 5th. Finally, Raymond James raised their target price on shares of Chevron from $175.00 to $180.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, Chevron currently has an average rating of “Moderate Buy” and an average target price of $175.27.

Insider Activity at Chevron

In related news, CEO Michael K. Wirth sold 164,600 shares of the business’s stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $160.13, for a total value of $26,357,398.00. Following the completion of the sale, the chief executive officer now directly owns 4,280 shares in the company, valued at approximately $685,356.40. The trade was a 97.47 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.20% of the stock is currently owned by corporate insiders.

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.