Pettee Investors Inc. Has $2.44 Million Stock Position in Chevron Co. (NYSE:CVX)

Pettee Investors Inc. lowered its stake in Chevron Co. (NYSE:CVX) by 0.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,826 shares of the oil and gas company’s stock after selling 68 shares during the period. Chevron accounts for 1.2% of Pettee Investors Inc.’s holdings, making the stock its 26th largest holding. Pettee Investors Inc.’s holdings in Chevron were worth $2,437,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in CVX. Life Planning Partners Inc acquired a new stake in Chevron in the fourth quarter valued at approximately $25,000. Legacy Investment Solutions LLC acquired a new stake in Chevron in the third quarter valued at approximately $29,000. Darwin Wealth Management LLC acquired a new stake in Chevron in the third quarter valued at approximately $30,000. RPg Family Wealth Advisory LLC acquired a new stake in Chevron in the third quarter valued at approximately $31,000. Finally, New Wave Wealth Advisors LLC acquired a new stake in Chevron in the fourth quarter valued at approximately $39,000. Institutional investors and hedge funds own 72.42% of the company’s stock.

Chevron Price Performance

Shares of NYSE CVX opened at $156.48 on Friday. Chevron Co. has a twelve month low of $135.37 and a twelve month high of $167.11. The firm has a fifty day simple moving average of $154.08 and a 200 day simple moving average of $151.73. The company has a market capitalization of $275.51 billion, a PE ratio of 16.10, a P/E/G ratio of 1.46 and a beta of 1.08. 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 (NYSE:CVX) last announced its earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share for the quarter, missing analysts’ consensus estimates 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 quarter in the prior year, the company posted $3.45 EPS. On average, sell-side analysts forecast that Chevron Co. will post 10.79 EPS for the current year.

Chevron Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 10th. Shareholders of record on Friday, February 14th will be issued a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 4.37%. This is a boost from Chevron’s previous quarterly dividend of $1.63. The ex-dividend date of this dividend is Friday, February 14th. Chevron’s dividend payout ratio (DPR) is presently 70.37%.

Analyst Upgrades and Downgrades

CVX has been the topic of a number of research analyst reports. Wells Fargo & Company cut their target price on shares of Chevron from $188.00 to $184.00 and set an “overweight” rating on the stock in a research report on Monday, February 3rd. Raymond James dropped their price target on shares of Chevron from $180.00 to $175.00 and set an “outperform” rating for the company in a research note on Monday, February 3rd. Truist Financial dropped their price target on shares of Chevron from $164.00 to $160.00 and set a “hold” rating for the company in a research note on Tuesday, February 4th. UBS Group dropped their price target on shares of Chevron from $195.00 to $194.00 and set a “buy” rating for the company in a research note on Monday, February 3rd. Finally, Barclays dropped their price target on shares of Chevron from $174.00 to $171.00 and set an “overweight” rating for the company in a research note on Wednesday, February 5th. Four investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Chevron has an average rating of “Moderate Buy” and an average target price of $174.13.

Insiders Place Their Bets

In other Chevron news, VP Jeff B. Gustavson sold 9,325 shares of the firm’s stock in a transaction on Friday, February 7th. The shares were sold at an average price of $152.50, for a total value of $1,422,062.50. Following the completion of the sale, the vice president now directly owns 1,057 shares in the company, valued at approximately $161,192.50. This trade represents a 89.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate 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.