Procyon Advisors LLC Increases Stake in Chevron Co. (NYSE:CVX)

Procyon Advisors LLC lifted its position in shares of Chevron Co. (NYSE:CVX) by 32.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 39,499 shares of the oil and gas company’s stock after purchasing an additional 9,602 shares during the quarter. Procyon Advisors LLC’s holdings in Chevron were worth $5,721,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in CVX. Rational Advisors LLC acquired a new stake in Chevron during the third quarter valued at $29,000. Legacy Investment Solutions LLC acquired a new stake in shares of Chevron during the 3rd quarter valued at about $29,000. Darwin Wealth Management LLC purchased a new position in shares of Chevron in the 3rd quarter valued at about $30,000. RPg Family Wealth Advisory LLC acquired a new position in Chevron in the 3rd quarter worth about $31,000. Finally, Cyrus J. Lawrence LLC boosted its position 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 purchasing an additional 100 shares in the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Trading Up 1.4 %

Shares of Chevron stock opened at $161.54 on Friday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80. The stock’s 50 day simple moving average is $153.84 and its 200-day simple moving average is $151.06. The stock has a market cap of $290.30 billion, a P/E ratio of 17.75, a P/E/G ratio of 2.62 and a beta of 1.12. Chevron Co. has a 1-year low of $135.37 and a 1-year high of $167.11.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, November 1st. The oil and gas company reported $2.51 earnings per share 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 company had revenue of $50.67 billion for the quarter, compared to analyst estimates of $48.86 billion. During the same quarter in the previous year, the company posted $3.05 earnings per share. The firm’s revenue for the quarter was down 6.3% compared to the same quarter last year. Analysts predict that Chevron Co. will post 10.39 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Monday, November 18th were given a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 4.04%. The ex-dividend date of this dividend was Monday, November 18th. Chevron’s payout ratio is currently 71.65%.

Analysts Set New Price Targets

CVX has been the subject of a number of recent analyst reports. Royal Bank of Canada boosted their price objective on Chevron from $170.00 to $175.00 and gave the company an “outperform” rating in a research report on Monday, November 4th. UBS Group boosted their price target on shares of Chevron from $194.00 to $195.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Bank of America initiated coverage on shares of Chevron in a report on Thursday, October 17th. They set a “buy” rating and a $168.00 price objective on the stock. Citigroup raised shares of Chevron from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $145.00 to $185.00 in a research note on Tuesday, November 26th. Finally, Barclays raised their price target on shares of Chevron from $168.00 to $174.00 and gave the company an “overweight” rating in a research note on Monday, November 4th. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, Chevron presently has a consensus rating of “Moderate Buy” and an average price target of $175.27.

Insiders Place Their Bets

In other Chevron news, CEO Michael K. Wirth sold 164,600 shares of Chevron stock in a transaction on 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 sale, the chief executive officer now owns 4,280 shares in the company, valued at $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 Securities & Exchange Commission, which is available through the SEC website. 0.20% of the stock is owned by insiders.

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.