Empirical Financial Services LLC d.b.a. Empirical Wealth Management Reduces Holdings in Chevron Co. (NYSE:CVX)

Empirical Financial Services LLC d.b.a. Empirical Wealth Management decreased its holdings in Chevron Co. (NYSE:CVX) by 2.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 51,789 shares of the oil and gas company’s stock after selling 1,057 shares during the quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management’s holdings in Chevron were worth $7,501,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Stablepoint Partners LLC raised its stake in Chevron by 1.6% during the 4th quarter. Stablepoint Partners LLC now owns 39,838 shares of the oil and gas company’s stock worth $5,770,000 after acquiring an additional 631 shares during the period. Regatta Capital Group LLC raised its stake in Chevron by 3.9% during the 4th quarter. Regatta Capital Group LLC now owns 5,713 shares of the oil and gas company’s stock worth $827,000 after acquiring an additional 216 shares during the period. Clarendon Private LLC bought a new stake in Chevron during the 4th quarter worth approximately $222,000. Marshall Financial Group LLC raised its stake in Chevron by 37.0% during the 4th quarter. Marshall Financial Group LLC now owns 1,879 shares of the oil and gas company’s stock worth $272,000 after acquiring an additional 507 shares during the period. Finally, RTD Financial Advisors Inc. raised its stake in Chevron by 14.9% during the 4th quarter. RTD Financial Advisors Inc. now owns 2,811 shares of the oil and gas company’s stock worth $407,000 after acquiring an additional 364 shares during the period. Institutional investors own 72.42% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on CVX. DZ Bank upgraded shares of 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. Truist Financial lifted their price objective on shares of Chevron from $160.00 to $164.00 and gave the company a “hold” rating in a research report on Monday, January 13th. Barclays lifted their price objective on shares of Chevron from $168.00 to $174.00 and gave the company an “overweight” rating in a research report on Monday, November 4th. Piper Sandler reduced their price objective on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. Finally, Royal Bank of Canada lifted their price objective on shares of Chevron from $170.00 to $175.00 and gave the company an “outperform” rating in a research report on Monday, November 4th. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, Chevron presently has an average rating of “Moderate Buy” and an average price target of $175.27.

Insider Activity

In other news, CEO Michael K. Wirth sold 164,600 shares of the business’s stock in a transaction on Thursday, November 14th. The shares were 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 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.20% of the company’s stock.

Chevron Stock Up 1.0 %

NYSE CVX opened at $157.20 on Tuesday. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. The company has a fifty day moving average of $153.81 and a two-hundred day moving average of $151.11. The firm has a market capitalization of $282.50 billion, a price-to-earnings ratio of 17.27, a PEG ratio of 1.37 and a beta of 1.12. Chevron Co. has a 52 week low of $135.37 and a 52 week high of $167.11.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, November 1st. The oil and gas company reported $2.51 EPS for the quarter, topping the consensus estimate of $2.47 by $0.04. The company had revenue of $50.67 billion during the quarter, compared to analyst estimates of $48.86 billion. Chevron had a net margin of 8.44% and a return on equity of 13.15%. Chevron’s quarterly revenue was down 6.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.05 earnings per share. On average, analysts predict that Chevron Co. will post 10.18 earnings per share for the current year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th were paid a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.15%. The ex-dividend date was Monday, November 18th. Chevron’s dividend payout ratio is currently 71.65%.

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.