Clearbridge Investments LLC Lowers Stock Holdings in Chevron Co. (NYSE:CVX)

Clearbridge Investments LLC lowered its position in shares of Chevron Co. (NYSE:CVX) by 5.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,647,356 shares of the oil and gas company’s stock after selling 98,432 shares during the period. Clearbridge Investments LLC owned 0.09% of Chevron worth $238,603,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. United Bank raised its holdings in shares of Chevron by 8.4% in the 3rd quarter. United Bank now owns 8,095 shares of the oil and gas company’s stock valued at $1,192,000 after acquiring an additional 629 shares in the last quarter. Arete Wealth Advisors LLC bought a new position in shares of Chevron in the third quarter worth approximately $2,370,000. Cobblestone Capital Advisors LLC NY raised its stake in Chevron by 3.2% in the third quarter. Cobblestone Capital Advisors LLC NY now owns 28,623 shares of the oil and gas company’s stock valued at $4,215,000 after purchasing an additional 883 shares in the last quarter. Semmax Financial Advisors Inc. lifted its position in Chevron by 2.6% during the third quarter. Semmax Financial Advisors Inc. now owns 5,343 shares of the oil and gas company’s stock valued at $830,000 after purchasing an additional 134 shares during the last quarter. Finally, Morton Community Bank grew its stake in Chevron by 1.8% in the 3rd quarter. Morton Community Bank now owns 25,957 shares of the oil and gas company’s stock worth $3,823,000 after buying an additional 458 shares in the last quarter. Institutional investors own 72.42% of the company’s stock.

Chevron Stock Performance

Shares of NYSE:CVX opened at $166.06 on Monday. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. The company has a 50-day moving average price of $157.10 and a 200-day moving average price of $153.60. The company has a market cap of $292.37 billion, a price-to-earnings ratio of 17.08, a price-to-earnings-growth ratio of 1.46 and a beta of 1.08. Chevron Co. has a 12 month low of $135.37 and a 12 month high of $168.96.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, January 31st. The oil and gas company reported $2.06 EPS for the quarter, missing analysts’ consensus estimates of $2.42 by ($0.36). Chevron had a net margin of 8.71% and a return on equity of 11.44%. During the same period in the prior year, the business posted $3.45 EPS. As a group, equities analysts anticipate that Chevron Co. will post 10.79 EPS for the current year.

Chevron Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Friday, February 14th were issued a $1.71 dividend. The ex-dividend date was Friday, February 14th. This represents a $6.84 annualized dividend and a yield of 4.12%. This is a boost from Chevron’s previous quarterly dividend of $1.63. Chevron’s payout ratio is 70.37%.

Insider Buying and Selling at Chevron

In other 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 completion of the sale, the vice president now directly owns 1,057 shares of the company’s stock, valued at approximately $161,192.50. This trade represents a 89.82 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.20% of the company’s stock.

Wall Street Analyst Weigh In

CVX has been the subject of a number of research analyst reports. UBS Group cut their target price on shares of Chevron from $195.00 to $194.00 and set a “buy” rating for the company in a research report on Monday, February 3rd. Wells Fargo & Company cut their price objective on Chevron from $188.00 to $184.00 and set an “overweight” rating for the company in a report on Monday, February 3rd. Barclays decreased their price objective on Chevron from $174.00 to $171.00 and set an “overweight” rating on the stock in a report on Wednesday, February 5th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $175.00 target price on shares of Chevron in a research note on Monday, February 3rd. Finally, Truist Financial decreased their price target on shares of Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a research note on Tuesday, February 4th. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $174.13.

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.