Pinnacle Wealth Planning Services Inc. Cuts Holdings in Chevron Co. (NYSE:CVX)

Pinnacle Wealth Planning Services Inc. reduced its position in Chevron Co. (NYSE:CVX) by 26.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 5,760 shares of the oil and gas company’s stock after selling 2,117 shares during the quarter. Pinnacle Wealth Planning Services Inc.’s holdings in Chevron were worth $834,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in CVX. Pettinga Financial Advisors LLC increased its holdings in Chevron by 10.1% in the 3rd quarter. Pettinga Financial Advisors LLC now owns 2,972 shares of the oil and gas company’s stock valued at $438,000 after purchasing an additional 272 shares in the last quarter. Cary Street Partners Asset Management LLC increased its holdings in Chevron by 2.6% in the 3rd quarter. Cary Street Partners Asset Management LLC now owns 3,421 shares of the oil and gas company’s stock valued at $504,000 after purchasing an additional 87 shares in the last quarter. HF Advisory Group LLC increased its holdings in Chevron by 9.6% in the 3rd quarter. HF Advisory Group LLC now owns 4,342 shares of the oil and gas company’s stock valued at $639,000 after purchasing an additional 380 shares in the last quarter. Balentine LLC increased its holdings in Chevron by 61.2% in the 3rd quarter. Balentine LLC now owns 8,801 shares of the oil and gas company’s stock valued at $1,296,000 after purchasing an additional 3,340 shares in the last quarter. Finally, Long Run Wealth Advisors LLC increased its holdings in Chevron by 16.4% in the 3rd quarter. Long Run Wealth Advisors LLC now owns 3,303 shares of the oil and gas company’s stock valued at $486,000 after purchasing an additional 465 shares in the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CVX has been the subject of several recent research reports. Wells Fargo & Company lowered their price target on Chevron from $188.00 to $184.00 and set an “overweight” rating for the company in a report on Monday, February 3rd. Truist Financial lowered their target price on Chevron from $164.00 to $160.00 and set a “hold” rating for the company in a research note on Tuesday, February 4th. Piper Sandler lowered their target price on Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. Citigroup upgraded 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. Finally, Raymond James lowered their target price on Chevron from $180.00 to $175.00 and set an “outperform” rating for the company in a research note on Monday, February 3rd. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $174.13.

Chevron Stock Performance

Shares of CVX stock opened at $150.93 on Thursday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. Chevron Co. has a one year low of $135.37 and a one year high of $167.11. The company’s 50-day simple moving average is $153.65 and its 200-day simple moving average is $151.61. The stock has a market capitalization of $265.73 billion, a price-to-earnings ratio of 15.53, a PEG ratio of 1.46 and a beta of 1.08.

Chevron (NYSE:CVX) last issued its earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share (EPS) 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 in the prior year, the firm posted $3.45 earnings per share. Equities analysts anticipate that Chevron Co. will post 10.79 earnings per share for the current fiscal year.

Chevron Increases Dividend

The firm 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. The ex-dividend date is Friday, February 14th. This represents a $6.84 dividend on an annualized basis and a yield of 4.53%. This is a boost from Chevron’s previous quarterly dividend of $1.63. Chevron’s dividend payout ratio (DPR) is currently 70.37%.

Insiders Place Their Bets

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 value of $1,422,062.50. Following the transaction, the vice president now owns 1,057 shares of the company’s stock, valued at $161,192.50. This trade represents a 89.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.20% of the stock is currently owned by corporate insiders.

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.