Wright Investors Service Inc. Cuts Stock Holdings in Chevron Co. (NYSE:CVX)

Wright Investors Service Inc. trimmed its position in shares of Chevron Co. (NYSE:CVX) by 12.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 22,578 shares of the oil and gas company’s stock after selling 3,177 shares during the quarter. Wright Investors Service Inc.’s holdings in Chevron were worth $3,368,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of CVX. Moneta Group Investment Advisors LLC boosted its holdings in shares of Chevron by 104,997.3% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 24,490,824 shares of the oil and gas company’s stock worth $4,395,858,000 after buying an additional 24,467,521 shares during the last quarter. Norges Bank purchased a new position in shares of Chevron in the 4th quarter worth about $3,058,235,000. Imprint Wealth LLC boosted its holdings in shares of Chevron by 15,457.0% in the 2nd quarter. Imprint Wealth LLC now owns 5,378,354 shares of the oil and gas company’s stock worth $537,835,000 after buying an additional 5,343,782 shares during the last quarter. Morgan Stanley boosted its holdings in shares of Chevron by 12.7% in the 4th quarter. Morgan Stanley now owns 32,906,060 shares of the oil and gas company’s stock worth $5,906,309,000 after buying an additional 3,711,923 shares during the last quarter. Finally, International Assets Investment Management LLC boosted its holdings in shares of Chevron by 15,548.2% in the 4th quarter. International Assets Investment Management LLC now owns 3,202,411 shares of the oil and gas company’s stock worth $4,776,720,000 after buying an additional 3,181,946 shares during the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Trading Up 0.9 %

Shares of Chevron stock traded up $1.41 on Thursday, hitting $157.81. The stock had a trading volume of 1,337,851 shares, compared to its average volume of 8,478,950. The company has a quick ratio of 1.01, a current ratio of 1.27 and a debt-to-equity ratio of 0.13. Chevron Co. has a one year low of $139.62 and a one year high of $172.38. The stock has a market cap of $293.10 billion, a price-to-earnings ratio of 13.89, a PEG ratio of 2.30 and a beta of 1.12. The stock’s 50-day simple moving average is $155.19 and its two-hundred day simple moving average is $151.86.

Chevron (NYSE:CVX) last issued its earnings results on Friday, February 2nd. The oil and gas company reported $3.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.19 by $0.26. Chevron had a net margin of 10.63% and a return on equity of 15.24%. The firm had revenue of $47.18 billion for the quarter, compared to analysts’ expectations of $50.93 billion. During the same quarter last year, the business earned $4.09 earnings per share. The business’s revenue was down 16.5% on a year-over-year basis. As a group, sell-side analysts predict that Chevron Co. will post 13.56 EPS for the current year.

Chevron Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 11th. Investors of record on Friday, February 16th were issued a $1.63 dividend. The ex-dividend date was Thursday, February 15th. This represents a $6.52 annualized dividend and a yield of 4.13%. This is a boost from Chevron’s previous quarterly dividend of $1.51. Chevron’s payout ratio is 57.39%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on CVX shares. Piper Sandler boosted their price target on shares of Chevron from $180.00 to $204.00 and gave the stock an “overweight” rating in a report on Thursday. UBS Group boosted their price objective on Chevron from $185.00 to $197.00 and gave the stock a “buy” rating in a report on Tuesday, April 9th. Jefferies Financial Group raised Chevron from a “hold” rating to a “buy” rating and set a $184.00 price objective for the company in a report on Monday, January 8th. Mizuho boosted their price objective on Chevron from $195.00 to $200.00 and gave the stock a “buy” rating in a report on Wednesday, March 20th. Finally, DZ Bank lowered Chevron from a “buy” rating to a “hold” rating and set a $160.00 price objective for the company. in a report on Tuesday, February 6th. Six analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, Chevron presently has a consensus rating of “Moderate Buy” and a consensus target price of $184.75.

Insider Activity at Chevron

In related news, VP Alana K. Knowles sold 2,800 shares of Chevron stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $160.09, for a total value of $448,252.00. Following the sale, the vice president now owns 276 shares in the company, valued at $44,184.84. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.18% of the stock is currently owned by company 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.