Chevron Co. (NYSE:CVX) Shares Sold by SouthState Corp

SouthState Corp reduced its position in shares of Chevron Co. (NYSE:CVX) by 2.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 94,279 shares of the oil and gas company’s stock after selling 1,901 shares during the period. SouthState Corp’s holdings in Chevron were worth $13,655,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. Creative Financial Designs Inc. ADV lifted its position in shares of Chevron by 53.5% during the fourth quarter. Creative Financial Designs Inc. ADV now owns 21,721 shares of the oil and gas company’s stock worth $3,146,000 after purchasing an additional 7,567 shares in the last quarter. IMG Wealth Management Inc. acquired a new position in shares of Chevron during the fourth quarter worth $25,000. RS Crum Inc. lifted its position in shares of Chevron by 68.6% during the fourth quarter. RS Crum Inc. now owns 4,230 shares of the oil and gas company’s stock worth $613,000 after purchasing an additional 1,721 shares in the last quarter. Signature Wealth Management Group lifted its position in shares of Chevron by 7.1% during the fourth quarter. Signature Wealth Management Group now owns 26,643 shares of the oil and gas company’s stock worth $3,859,000 after purchasing an additional 1,759 shares in the last quarter. Finally, SlateStone Wealth LLC raised its holdings in Chevron by 2.5% in the fourth quarter. SlateStone Wealth LLC now owns 99,769 shares of the oil and gas company’s stock valued at $14,451,000 after acquiring an additional 2,451 shares in the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have commented on CVX shares. Raymond James reduced 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. Citigroup upgraded shares of Chevron from a “neutral” rating to a “buy” rating and increased their price objective for the company from $145.00 to $185.00 in a research note on Tuesday, November 26th. Royal Bank of Canada reiterated an “outperform” rating and set a $175.00 price objective on shares of Chevron in a research note on Monday, February 3rd. Piper Sandler reduced their price objective on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. Finally, Wells Fargo & Company reduced their price objective on shares of Chevron from $188.00 to $184.00 and set an “overweight” rating on the stock in a research note on Monday, February 3rd. Four investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, Chevron has an average rating of “Moderate Buy” and a consensus target price of $174.13.

Chevron Stock Up 2.3 %

CVX stock opened at $157.10 on Monday. 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 Co. has a fifty-two week low of $135.37 and a fifty-two week high of $167.11. The firm’s 50-day simple moving average is $155.03 and its 200 day simple moving average is $152.06. The stock has a market cap of $276.59 billion, a PE ratio of 16.16, a price-to-earnings-growth ratio of 1.46 and a beta of 1.08.

Chevron (NYSE:CVX) last released its quarterly earnings data 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 last year, the firm posted $3.45 earnings per share. As a group, sell-side analysts predict that Chevron Co. will post 10.79 EPS for the current year.

Chevron Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 10th. Shareholders of record on Friday, February 14th were paid a dividend of $1.71 per share. This is a boost from Chevron’s previous quarterly dividend of $1.63. The ex-dividend date of this dividend was Friday, February 14th. This represents a $6.84 annualized dividend and a yield of 4.35%. Chevron’s dividend payout ratio (DPR) is presently 70.37%.

Insider Buying and Selling at Chevron

In other Chevron news, VP Jeff B. Gustavson sold 9,325 shares of the firm’s stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $152.50, for a total transaction of $1,422,062.50. Following the transaction, the vice president now owns 1,057 shares of the company’s stock, valued at approximately $161,192.50. This trade represents a 89.82 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.20% of the stock is owned by corporate 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.