Chevron Co. (NYSE:CVX) Shares Sold by Norway Savings Bank

Norway Savings Bank cut its holdings in Chevron Co. (NYSE:CVX) by 0.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 22,965 shares of the oil and gas company’s stock after selling 200 shares during the quarter. Chevron accounts for 1.8% of Norway Savings Bank’s investment portfolio, making the stock its 17th largest position. Norway Savings Bank’s holdings in Chevron were worth $3,326,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Rational Advisors LLC purchased a new position in Chevron in the 3rd quarter valued at about $29,000. Legacy Investment Solutions LLC purchased a new position in shares of Chevron in the third quarter valued at approximately $29,000. Darwin Wealth Management LLC acquired a new stake in shares of Chevron in the third quarter worth approximately $30,000. RPg Family Wealth Advisory LLC purchased a new stake in shares of Chevron during the third quarter worth approximately $31,000. Finally, Cyrus J. Lawrence LLC raised its stake in Chevron by 66.7% in the 2nd quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company’s stock valued at $39,000 after purchasing an additional 100 shares during the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Trading Up 1.5 %

NYSE:CVX traded up $2.27 on Tuesday, reaching $149.53. 4,877,479 shares of the company’s stock were exchanged, compared to its average volume of 5,899,240. The firm has a market capitalization of $268.72 billion, a price-to-earnings ratio of 16.43, a price-to-earnings-growth ratio of 2.93 and a beta of 1.12. Chevron Co. has a 52-week low of $135.37 and a 52-week high of $167.11. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. The business has a fifty day moving average of $153.60 and a 200-day moving average of $151.14.

Chevron (NYSE:CVX) last announced its earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share for the quarter, topping the consensus estimate of $2.47 by $0.04. The firm had revenue of $50.67 billion for the quarter, compared to the consensus estimate of $48.86 billion. Chevron had a net margin of 8.44% and a return on equity of 13.15%. The firm’s revenue for the quarter was down 6.3% on a year-over-year basis. During the same period in the prior year, the firm earned $3.05 EPS. As a group, analysts expect that Chevron Co. will post 10.5 earnings per share for the current year.

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th were paid a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 4.36%. The ex-dividend date was Monday, November 18th. Chevron’s payout ratio is currently 71.65%.

Insider Activity at Chevron

In other Chevron news, CEO Michael K. Wirth sold 164,600 shares of the stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $160.13, for a total value of $26,357,398.00. Following the sale, the chief executive officer now directly owns 4,280 shares of the company’s stock, valued at approximately $685,356.40. This represents a 97.47 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. 0.20% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on CVX. Barclays upped their target price on shares of Chevron from $168.00 to $174.00 and gave the stock an “overweight” rating in a report on Monday, November 4th. UBS Group increased their price objective on shares of Chevron from $194.00 to $195.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Truist Financial boosted their target price on Chevron from $155.00 to $160.00 and gave the stock a “hold” rating in a report on Friday, December 6th. Piper Sandler cut their price target on Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Finally, Mizuho dropped their target price on Chevron from $205.00 to $189.00 and set an “outperform” rating for the company in a report on Monday, September 16th. Four analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, Chevron currently has a consensus rating of “Moderate Buy” and a consensus price target of $175.19.

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.