Chevron Co. (NYSE:CVX) Shares Sold by CCM Investment Advisers LLC

CCM Investment Advisers LLC trimmed its holdings in shares of Chevron Co. (NYSE:CVX) by 13.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 83,860 shares of the oil and gas company’s stock after selling 12,602 shares during the period. CCM Investment Advisers LLC’s holdings in Chevron were worth $12,146,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Rational Advisors LLC bought a new position in shares of Chevron in the third quarter valued at approximately $29,000. Legacy Investment Solutions LLC acquired a new position in shares of Chevron during the 3rd quarter valued at $29,000. Darwin Wealth Management LLC bought a new stake in shares of Chevron in the 3rd quarter worth $30,000. RPg Family Wealth Advisory LLC acquired a new stake in shares of Chevron in the third quarter valued at $31,000. Finally, Cyrus J. Lawrence LLC grew its holdings in Chevron by 66.7% during the second quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company’s stock worth $39,000 after acquiring an additional 100 shares during the period. 72.42% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Barclays raised 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. Royal Bank of Canada upped their price target on Chevron from $170.00 to $175.00 and gave the company an “outperform” rating in a report on Monday, November 4th. Citigroup raised Chevron from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $145.00 to $185.00 in a research note on Tuesday, November 26th. UBS Group boosted their target price on Chevron from $194.00 to $195.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Finally, Piper Sandler decreased their price target on Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a research report on Thursday, December 19th. 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 data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $174.60.

Insider Activity at Chevron

In other 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 transaction of $26,357,398.00. Following 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 transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.20% of the stock is owned by corporate insiders.

Chevron Stock Up 1.9 %

Shares of CVX traded up $2.83 during mid-day trading on Friday, hitting $153.13. 4,794,606 shares of the company’s stock were exchanged, compared to its average volume of 6,439,778. The stock has a market cap of $275.19 billion, a price-to-earnings ratio of 16.83, a P/E/G ratio of 2.93 and a beta of 1.12. The firm has a fifty day moving average of $153.68 and a two-hundred day moving average of $151.08. 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 Co. has a twelve month low of $135.37 and a twelve month high of $167.11.

Chevron (NYSE:CVX) last posted its earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $48.86 billion. During the same period last year, the company earned $3.05 earnings per share. The business’s revenue was down 6.3% compared to the same quarter last year. On average, sell-side analysts forecast that Chevron Co. will post 10.5 earnings per share for the current year.

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th were paid a $1.63 dividend. The ex-dividend date was Monday, November 18th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.26%. Chevron’s payout ratio is presently 71.65%.

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.