HighPoint Advisor Group LLC Raises Stake in Chevron Co. (NYSE:CVX)

HighPoint Advisor Group LLC increased its stake in shares of Chevron Co. (NYSE:CVX) by 2.3% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 62,080 shares of the oil and gas company’s stock after buying an additional 1,386 shares during the period. HighPoint Advisor Group LLC’s holdings in Chevron were worth $9,597,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Franklin Resources Inc. raised its holdings in shares of Chevron by 0.5% in the 4th quarter. Franklin Resources Inc. now owns 17,280,105 shares of the oil and gas company’s stock worth $2,502,850,000 after purchasing an additional 79,917 shares during the period. Family Legacy Inc. raised its stake in shares of Chevron by 1.1% in the fourth quarter. Family Legacy Inc. now owns 7,887 shares of the oil and gas company’s stock valued at $1,185,000 after buying an additional 84 shares during the period. Rodgers Brothers Inc. lifted its position in shares of Chevron by 1.5% during the 4th quarter. Rodgers Brothers Inc. now owns 51,805 shares of the oil and gas company’s stock valued at $7,503,000 after buying an additional 768 shares during the last quarter. Seven Mile Advisory grew its stake in shares of Chevron by 19.7% during the 4th quarter. Seven Mile Advisory now owns 2,135 shares of the oil and gas company’s stock worth $309,000 after acquiring an additional 351 shares during the period. Finally, Colrain Capital LLC purchased a new stake in Chevron in the 4th quarter worth about $263,000. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Chevron

In related news, VP Jeff B. Gustavson sold 9,325 shares of the stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $152.50, for a total transaction of $1,422,062.50. Following the transaction, the vice president now owns 1,057 shares in the company, valued at $161,192.50. This represents a 89.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.20% of the stock is owned by insiders.

Chevron Stock Down 0.4 %

CVX stock opened at $166.06 on Monday. The company has a market capitalization 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. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. The business’s 50 day moving average price is $157.10 and its two-hundred day moving average price is $153.60. Chevron Co. has a fifty-two week low of $135.37 and a fifty-two week high of $168.96.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, January 31st. The oil and gas company reported $2.06 earnings per share 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 previous year, the firm posted $3.45 earnings per share. As a group, analysts forecast that Chevron Co. will post 10.79 earnings per share for the current fiscal year.

Chevron Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Friday, February 14th were paid a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 4.12%. The ex-dividend date of this dividend was Friday, February 14th. This is an increase from Chevron’s previous quarterly dividend of $1.63. Chevron’s dividend payout ratio is currently 70.37%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CVX. Piper Sandler cut their target price on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a research report on Thursday, December 19th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $175.00 price objective on shares of Chevron in a report on Monday, February 3rd. UBS Group reduced their price objective on shares of Chevron from $195.00 to $194.00 and set a “buy” rating for the company in a research note on Monday, February 3rd. Truist Financial dropped their target price on Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a research report on Tuesday, February 4th. Finally, Wells Fargo & Company reduced their price target on Chevron from $188.00 to $184.00 and set an “overweight” rating for the company in a research report on Monday, February 3rd. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $174.13.

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.