HBK Sorce Advisory LLC Increases Stock Position in Chevron Co. (NYSE:CVX)

HBK Sorce Advisory LLC boosted its position in shares of Chevron Co. (NYSE:CVX) by 1.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 38,996 shares of the oil and gas company’s stock after acquiring an additional 598 shares during the period. HBK Sorce Advisory LLC’s holdings in Chevron were worth $5,648,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Raymond James Financial Inc. acquired a new position in Chevron during the 4th quarter valued at approximately $1,036,302,000. Pacer Advisors Inc. increased its stake in shares of Chevron by 949.6% in the third quarter. Pacer Advisors Inc. now owns 3,819,963 shares of the oil and gas company’s stock worth $562,566,000 after acquiring an additional 3,456,008 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Chevron by 11.5% in the third 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 acquiring an additional 3,203,899 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Chevron by 17.3% in the fourth quarter. Bank of New York Mellon Corp now owns 16,496,687 shares of the oil and gas company’s stock worth $2,389,380,000 after acquiring an additional 2,432,756 shares during the period. Finally, Amundi increased its stake in shares of Chevron by 27.7% in the fourth quarter. Amundi now owns 8,806,050 shares of the oil and gas company’s stock worth $1,323,549,000 after acquiring an additional 1,910,262 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Insider Activity

In related news, VP Jeff B. Gustavson sold 9,325 shares of Chevron stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $152.50, for a total transaction of $1,422,062.50. Following the transaction, the vice president now directly owns 1,057 shares of the company’s stock, valued at $161,192.50. The trade was a 89.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on CVX. Royal Bank of Canada reiterated an “outperform” rating and issued a $175.00 price objective on shares of Chevron in a research note on Monday, February 3rd. Citigroup upgraded shares of Chevron from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $145.00 to $185.00 in a research note on Tuesday, November 26th. Raymond James cut their price objective on shares of Chevron from $180.00 to $175.00 and set an “outperform” rating on the stock in a research note on Monday, February 3rd. Wells Fargo & Company lowered their price target on shares of Chevron from $188.00 to $184.00 and set an “overweight” rating on the stock in a report on Monday, February 3rd. Finally, UBS Group lowered their price target on shares of Chevron from $195.00 to $194.00 and set a “buy” rating on the stock in a report on Monday, February 3rd. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Chevron currently has an average rating of “Moderate Buy” and an average price target of $174.13.

Chevron Trading Down 0.9 %

Shares of CVX stock opened at $152.63 on Thursday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80. Chevron Co. has a 1-year low of $135.37 and a 1-year high of $167.11. The firm’s 50-day simple moving average is $154.71 and its 200-day simple moving average is $151.91. The firm has a market cap of $268.72 billion, a P/E ratio of 15.70, a PEG ratio of 1.46 and a beta of 1.08.

Chevron (NYSE:CVX) last released its earnings results on Friday, January 31st. The oil and gas company reported $2.06 EPS for the quarter, missing the consensus estimate of $2.42 by ($0.36). Chevron had a net margin of 8.71% and a return on equity of 11.44%. During the same period in the previous year, the firm earned $3.45 EPS. As a group, equities analysts forecast that Chevron Co. will post 10.79 EPS for the current year.

Chevron Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Friday, February 14th were issued a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.48%. This is a positive change from Chevron’s previous quarterly dividend of $1.63. The ex-dividend date of this dividend was Friday, February 14th. Chevron’s dividend payout ratio (DPR) is 70.37%.

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.