SFE Investment Counsel Reduces Stock Position in Chevron Co. (NYSE:CVX)

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SFE Investment Counsel cut its stake in Chevron Co. (NYSE:CVX) by 36.9% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 5,912 shares of the oil and gas company’s stock after selling 3,454 shares during the quarter. SFE Investment Counsel’s holdings in Chevron were worth $499,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of CVX. MML Investors Services LLC increased its stake in shares of Chevron by 5.5% during the 3rd quarter. MML Investors Services LLC now owns 228,903 shares of the oil and gas company’s stock worth $16,481,000 after purchasing an additional 12,017 shares in the last quarter. Meridian Wealth Management LLC increased its stake in shares of Chevron by 23.6% during the 4th quarter. Meridian Wealth Management LLC now owns 26,941 shares of the oil and gas company’s stock worth $2,275,000 after purchasing an additional 5,147 shares in the last quarter. New Mexico Educational Retirement Board increased its stake in shares of Chevron by 15.5% during the 3rd quarter. New Mexico Educational Retirement Board now owns 146,956 shares of the oil and gas company’s stock worth $17,429,000 after purchasing an additional 19,700 shares in the last quarter. Surevest LLC increased its stake in shares of Chevron by 7.5% during the 4th quarter. Surevest LLC now owns 49,436 shares of the oil and gas company’s stock worth $4,175,000 after purchasing an additional 3,451 shares in the last quarter. Finally, Flputnam Investment Management Co. increased its stake in shares of Chevron by 159.1% during the 4th quarter. Flputnam Investment Management Co. now owns 52,577 shares of the oil and gas company’s stock worth $4,440,000 after purchasing an additional 32,285 shares in the last quarter. 62.27% of the stock is owned by institutional investors.

A number of research analysts have recently weighed in on CVX shares. Barclays raised their price objective on shares of Chevron from $108.00 to $110.00 and gave the stock an “overweight” rating in a research note on Thursday, January 14th. Truist raised their target price on shares of Chevron in a research report on Monday, January 4th. Piper Sandler upgraded shares of Chevron from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $108.00 to $113.00 in a research report on Friday, January 8th. Raymond James restated a “buy” rating on shares of Chevron in a research report on Friday, October 30th. Finally, Zacks Investment Research upgraded shares of Chevron from a “hold” rating to a “strong-buy” rating and set a $102.00 target price on the stock in a research report on Friday, January 29th. Nine investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $103.92.

In related news, VP Rhonda J. Morris sold 14,700 shares of Chevron stock in a transaction on Thursday, January 14th. The shares were sold at an average price of $94.81, for a total transaction of $1,393,707.00. Following the sale, the vice president now owns 8,014 shares of the company’s stock, valued at approximately $759,807.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael K. Wirth sold 132,000 shares of Chevron stock in a transaction on Tuesday, January 19th. The stock was sold at an average price of $94.73, for a total transaction of $12,504,360.00. Following the sale, the chief executive officer now directly owns 132,000 shares in the company, valued at approximately $12,504,360. The disclosure for this sale can be found here. Insiders have sold a total of 159,700 shares of company stock worth $15,133,067 in the last ninety days. 0.28% of the stock is currently owned by insiders.

NYSE:CVX opened at $92.55 on Friday. The company has a current ratio of 1.26, a quick ratio of 0.97 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $172.82 billion, a price-to-earnings ratio of -15.07, a PEG ratio of 5.74 and a beta of 1.33. The firm’s fifty day simple moving average is $89.27 and its 200 day simple moving average is $83.47. Chevron Co. has a twelve month low of $51.60 and a twelve month high of $112.33.

Chevron (NYSE:CVX) last posted its earnings results on Thursday, January 28th. The oil and gas company reported ($0.01) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.08 by ($0.09). Chevron had a negative net margin of 10.86% and a positive return on equity of 1.75%. The business had revenue of $25.25 billion for the quarter, compared to analyst estimates of $25.97 billion. During the same quarter in the previous year, the firm posted $1.49 EPS. The business’s revenue was down 30.5% compared to the same quarter last year. On average, analysts predict that Chevron Co. will post 0.03 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 10th. Investors of record on Wednesday, February 17th will be paid a dividend of $1.29 per share. This represents a $5.16 annualized dividend and a yield of 5.58%. The ex-dividend date of this dividend is Tuesday, February 16th. Chevron’s dividend payout ratio (DPR) is 82.30%.

About Chevron

Chevron Corporation, through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, and production of crude oil and natural gas; processing, liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.

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