Ironwood Investment Counsel LLC Has $2.51 Million Stake in Chevron Co. (NYSE:CVX)

Ironwood Investment Counsel LLC increased its holdings in shares of Chevron Co. (NYSE:CVX) by 1.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,314 shares of the oil and gas company’s stock after purchasing an additional 262 shares during the period. Ironwood Investment Counsel LLC’s holdings in Chevron were worth $2,508,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of CVX. First National Trust Co lifted its position in shares of Chevron by 0.9% in the fourth quarter. First National Trust Co now owns 140,954 shares of the oil and gas company’s stock worth $20,416,000 after purchasing an additional 1,225 shares in the last quarter. Midwest Professional Planners LTD. increased its position in Chevron by 1.1% during the fourth quarter. Midwest Professional Planners LTD. now owns 7,383 shares of the oil and gas company’s stock worth $1,069,000 after buying an additional 79 shares during the last quarter. Intact Investment Management Inc. lifted its holdings in Chevron by 3.7% during the 4th quarter. Intact Investment Management Inc. now owns 72,000 shares of the oil and gas company’s stock valued at $10,428,000 after purchasing an additional 2,550 shares during the last quarter. Alpine Woods Capital Investors LLC boosted its holdings in shares of Chevron by 1.7% during the 4th quarter. Alpine Woods Capital Investors LLC now owns 14,736 shares of the oil and gas company’s stock worth $2,134,000 after buying an additional 245 shares during the period. Finally, King Wealth Management Group grew its position in shares of Chevron by 22.5% in the fourth quarter. King Wealth Management Group now owns 13,574 shares of the oil and gas company’s stock valued at $1,966,000 after purchasing an additional 2,494 shares during the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on CVX shares. Citigroup raised Chevron from a “neutral” rating to a “buy” rating and upped their price objective for the company from $145.00 to $185.00 in a report on Tuesday, November 26th. Piper Sandler decreased their target price on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. UBS Group cut their price target on shares of Chevron from $195.00 to $194.00 and set a “buy” rating for the company in a report on Monday, February 3rd. Raymond James decreased 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. Finally, Truist Financial reduced their target price on Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a report on Tuesday, February 4th. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $174.13.

Chevron Price Performance

Shares of CVX opened at $153.56 on Friday. Chevron Co. has a twelve month low of $135.37 and a twelve month high of $167.11. The firm has a 50 day moving average of $154.85 and a 200 day moving average of $151.92. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $270.35 billion, a P/E ratio of 15.80, a price-to-earnings-growth ratio of 1.46 and a beta of 1.08.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share for the quarter, missing the consensus estimate 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 previous year, the firm posted $3.45 EPS. As a group, equities research analysts anticipate that Chevron Co. will post 10.79 earnings per share for the current fiscal year.

Chevron Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Friday, February 14th were given a dividend of $1.71 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $6.84 annualized dividend and a dividend yield of 4.45%. This is an increase from Chevron’s previous quarterly dividend of $1.63. Chevron’s payout ratio is currently 70.37%.

Insider Activity

In other news, VP Jeff B. Gustavson sold 9,325 shares of the stock in a transaction on 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 completion of the sale, the vice president now owns 1,057 shares in the company, valued at approximately $161,192.50. This represents a 89.82 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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.