Opes Wealth Management LLC Buys 351 Shares of Chevron Co. (NYSE:CVX)

Opes Wealth Management LLC grew its stake in Chevron Co. (NYSE:CVX) by 29.4% during the 4th quarter, HoldingsChannel reports. The fund owned 1,545 shares of the oil and gas company’s stock after purchasing an additional 351 shares during the quarter. Opes Wealth Management LLC’s holdings in Chevron were worth $230,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in CVX. Picton Mahoney Asset Management bought a new position in shares of Chevron during the third quarter valued at $26,000. Valley Forge Investment Consultants Inc. ADV lifted its holdings in shares of Chevron by 80.0% during the third quarter. Valley Forge Investment Consultants Inc. ADV now owns 180 shares of the oil and gas company’s stock valued at $30,000 after purchasing an additional 80 shares in the last quarter. Valued Wealth Advisors LLC bought a new position in shares of Chevron during the fourth quarter valued at $33,000. Worth Asset Management LLC bought a new position in shares of Chevron during the first quarter valued at $36,000. Finally, Legacy Financial Group LLC purchased a new stake in Chevron during the third quarter valued at $43,000. 72.42% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. UBS Group upped their price objective on Chevron from $185.00 to $197.00 and gave the company a “buy” rating in a research report on Tuesday, April 9th. Jefferies Financial Group upgraded Chevron from a “hold” rating to a “buy” rating and set a $184.00 price objective for the company in a research report on Monday, January 8th. Piper Sandler upped their price objective on Chevron from $180.00 to $204.00 and gave the company an “overweight” rating in a research report on Thursday. Royal Bank of Canada upped their price objective on Chevron from $185.00 to $190.00 and gave the company an “outperform” rating in a research report on Monday, February 5th. Finally, TD Cowen cut Chevron from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $170.00 to $150.00 in a research report on Tuesday, January 23rd. Six investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $184.75.

Insider Activity

In other news, VP Alana K. Knowles sold 2,800 shares of the firm’s stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $160.09, for a total value of $448,252.00. Following the completion of the sale, the vice president now directly owns 276 shares of the company’s stock, valued at approximately $44,184.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.18% of the company’s stock.

Chevron Price Performance

Chevron stock traded up $2.93 during midday trading on Friday, reaching $160.50. 2,088,170 shares of the stock traded hands, compared to its average volume of 8,442,681. The stock’s fifty day moving average is $155.26 and its 200-day moving average is $151.90. Chevron Co. has a 12 month low of $139.62 and a 12 month high of $172.38. The stock has a market cap of $298.09 billion, a P/E ratio of 14.12, a PEG ratio of 2.36 and a beta of 1.12. 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 (NYSE:CVX) last announced its quarterly earnings results on Friday, February 2nd. The oil and gas company reported $3.45 EPS for the quarter, beating analysts’ consensus estimates of $3.19 by $0.26. Chevron had a return on equity of 15.24% and a net margin of 10.63%. The company had revenue of $47.18 billion during the quarter, compared to analyst estimates of $50.93 billion. During the same period in the prior year, the company earned $4.09 earnings per share. The firm’s revenue was down 16.5% on a year-over-year basis. As a group, equities research analysts anticipate that Chevron Co. will post 13.27 EPS for the current year.

Chevron Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 11th. Stockholders of record on Friday, February 16th were paid a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 4.06%. This is a positive change from Chevron’s previous quarterly dividend of $1.51. The ex-dividend date was Thursday, February 15th. Chevron’s dividend payout ratio (DPR) is presently 57.39%.

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.