Empowered Funds LLC Boosts Stock Holdings in Chevron Co. (NYSE:CVX)

Empowered Funds LLC boosted its position in Chevron Co. (NYSE:CVX) by 1.3% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 663,463 shares of the oil and gas company’s stock after purchasing an additional 8,762 shares during the quarter. Chevron comprises 1.4% of Empowered Funds LLC’s holdings, making the stock its 5th biggest position. Empowered Funds LLC’s holdings in Chevron were worth $96,096,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Rational Advisors LLC bought a new stake in Chevron in the 3rd quarter valued at about $29,000. Legacy Investment Solutions LLC bought a new stake in Chevron in the 3rd quarter valued at about $29,000. Darwin Wealth Management LLC bought a new stake in Chevron in the 3rd quarter valued at about $30,000. RPg Family Wealth Advisory LLC acquired a new position in Chevron during the 3rd quarter valued at about $31,000. Finally, New Wave Wealth Advisors LLC acquired a new position in Chevron during the 4th quarter valued at about $39,000. 72.42% of the stock is currently owned by institutional investors.

Chevron Stock Performance

Shares of CVX opened at $152.54 on Friday. Chevron Co. has a one year low of $135.37 and a one year high of $167.11. The company has a 50-day moving average of $152.21 and a two-hundred day moving average of $150.88. The stock has a market cap of $274.13 billion, a price-to-earnings ratio of 15.69, a PEG ratio of 1.39 and a beta of 1.11. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80.

Chevron (NYSE:CVX) last announced its earnings results on Friday, January 31st. The oil and gas company reported $2.06 EPS 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 last year, the firm earned $3.45 earnings per share. On average, equities research analysts expect that Chevron Co. will post 10.84 earnings per share for the current year.

Chevron Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 10th. Shareholders of record on Friday, February 14th will be issued a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 4.48%. This is a boost from Chevron’s previous quarterly dividend of $1.63. The ex-dividend date is Friday, February 14th. Chevron’s dividend payout ratio (DPR) is presently 67.08%.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Citigroup raised shares of Chevron from a “neutral” rating to a “buy” rating and raised their target price for the company from $145.00 to $185.00 in a research note on Tuesday, November 26th. UBS Group lowered their target price on shares of Chevron from $195.00 to $194.00 and set a “buy” rating on the stock in a research note on Monday, February 3rd. Bank of America assumed coverage on shares of Chevron in a research note on Thursday, October 17th. They set a “buy” rating and a $168.00 target price on the stock. Piper Sandler lowered their target price 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 lowered their target price 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 equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $174.13.

Insiders Place Their Bets

In related news, CEO Michael K. Wirth sold 164,600 shares of the firm’s stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the completion of the sale, the chief executive officer now directly owns 4,280 shares in the company, valued at approximately $685,356.40. This trade represents a 97.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.20% of the company’s stock.

Chevron 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.