Chevron Co. (NYSE:CVX) Shares Acquired by Hedges Asset Management LLC

Hedges Asset Management LLC grew its stake in shares of Chevron Co. (NYSE:CVX) by 2.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 13,600 shares of the oil and gas company’s stock after purchasing an additional 388 shares during the period. Chevron comprises about 1.3% of Hedges Asset Management LLC’s holdings, making the stock its 24th biggest holding. Hedges Asset Management LLC’s holdings in Chevron were worth $1,970,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of CVX. Marietta Wealth Management LLC lifted its stake in Chevron by 10.9% during the third quarter. Marietta Wealth Management LLC now owns 40,484 shares of the oil and gas company’s stock valued at $5,962,000 after buying an additional 3,965 shares in the last quarter. Leo Wealth LLC lifted its position in shares of Chevron by 19.6% in the 3rd quarter. Leo Wealth LLC now owns 8,246 shares of the oil and gas company’s stock valued at $1,214,000 after acquiring an additional 1,354 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Chevron by 11.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 31,108,760 shares of the oil and gas company’s stock worth $4,581,137,000 after purchasing an additional 3,203,899 shares during the period. RPG Investment Advisory LLC grew its position in Chevron by 3.4% during the 3rd quarter. RPG Investment Advisory LLC now owns 121,167 shares of the oil and gas company’s stock worth $17,844,000 after purchasing an additional 3,933 shares in the last quarter. Finally, State Street Corp raised its stake in Chevron by 0.6% during the 3rd quarter. State Street Corp now owns 159,105,244 shares of the oil and gas company’s stock valued at $23,431,429,000 after purchasing an additional 874,962 shares during the period. Institutional investors and hedge funds own 72.42% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CVX. Bank of America started coverage on Chevron in a research report on Thursday, October 17th. They issued a “buy” rating and a $168.00 target price for the company. Piper Sandler lowered their target price on Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. Barclays increased their price target on shares of Chevron from $168.00 to $174.00 and gave the stock an “overweight” rating in a research report on Monday, November 4th. Truist Financial upped their price objective on shares of Chevron from $160.00 to $164.00 and gave the company a “hold” rating in a research note on Monday, January 13th. Finally, UBS Group lifted their target price on shares of Chevron from $194.00 to $195.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, Chevron presently has a consensus rating of “Moderate Buy” and an average price target of $175.27.

Chevron Stock Performance

CVX opened at $155.62 on Friday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. The company has a market cap of $279.66 billion, a PE ratio of 17.10, a price-to-earnings-growth ratio of 1.37 and a beta of 1.12. The stock has a 50-day moving average of $153.93 and a 200-day moving average of $151.14. Chevron Co. has a 52-week low of $135.37 and a 52-week high of $167.11.

Chevron (NYSE:CVX) last announced its earnings results 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 firm had revenue of $50.67 billion during the quarter, compared to analysts’ expectations of $48.86 billion. During the same quarter in the prior year, the business earned $3.05 earnings per share. The company’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 fiscal year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Monday, November 18th were issued a $1.63 dividend. The ex-dividend date was Monday, November 18th. This represents a $6.52 annualized dividend and a yield of 4.19%. Chevron’s dividend payout ratio (DPR) is presently 71.65%.

Insider Buying and Selling

In other news, CEO Michael K. Wirth sold 164,600 shares of Chevron stock in a transaction dated 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 transaction, 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 this hyperlink. Insiders own 0.20% of the company’s stock.

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.