Potomac Fund Management Inc. ADV Acquires Shares of 8,914 Chevron Co. (NYSE:CVX)

Potomac Fund Management Inc. ADV bought a new position in Chevron Co. (NYSE:CVX) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 8,914 shares of the oil and gas company’s stock, valued at approximately $1,291,000. Chevron comprises about 1.2% of Potomac Fund Management Inc. ADV’s investment portfolio, making the stock its 21st biggest holding.

A number of other hedge funds have also made changes to their positions in the company. Trexquant Investment LP acquired a new stake in Chevron during the 4th quarter valued at $21,737,000. Centric Wealth Management grew its holdings in shares of Chevron by 133.8% during the fourth quarter. Centric Wealth Management now owns 16,242 shares of the oil and gas company’s stock worth $2,353,000 after purchasing an additional 9,296 shares during the last quarter. Headlands Technologies LLC acquired a new stake in shares of Chevron in the fourth quarter valued at $8,224,000. Boston Family Office LLC raised its holdings in shares of Chevron by 1.6% in the fourth quarter. Boston Family Office LLC now owns 112,259 shares of the oil and gas company’s stock valued at $16,260,000 after buying an additional 1,793 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in Chevron by 1.1% during the 4th quarter. Geode Capital Management LLC now owns 36,269,270 shares of the oil and gas company’s stock worth $5,247,142,000 after buying an additional 392,916 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Insiders Place Their Bets

In other Chevron news, VP Jeff B. Gustavson sold 9,325 shares of the stock in a transaction dated Friday, February 7th. The stock was 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 $161,192.50. This represents a 89.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.20% of the company’s stock.

Chevron Price Performance

Chevron stock opened at $168.43 on Wednesday. The firm has a market capitalization of $296.53 billion, a P/E ratio of 17.33, a PEG ratio of 1.46 and a beta of 1.08. The business has a 50-day moving average of $157.43 and a 200-day moving average of $154.00. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. Chevron Co. has a 1 year low of $135.37 and a 1 year high of $168.96.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, January 31st. The oil and gas company reported $2.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 quarter last year, the firm posted $3.45 EPS. On average, equities analysts anticipate that Chevron Co. will post 10.79 EPS for the current year.

Chevron Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Friday, February 14th were paid a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 4.06%. The ex-dividend date was Friday, February 14th. This is an increase from Chevron’s previous quarterly dividend of $1.63. Chevron’s dividend payout ratio (DPR) is presently 70.37%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on CVX. Royal Bank of Canada restated an “outperform” rating and issued a $175.00 price objective on shares of Chevron in a research report 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 for the company in a report on Monday, February 3rd. Raymond James reduced their price objective on Chevron from $180.00 to $175.00 and set an “outperform” rating on the stock in a report on Monday, February 3rd. Piper Sandler lowered their target price on Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. Finally, Barclays cut their price target on Chevron from $174.00 to $171.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 5th. Four research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $174.13.

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.