Fairfield Bush & CO. Decreases Stock Holdings in Chevron Co. (NYSE:CVX)

Fairfield Bush & CO. cut its stake in Chevron Co. (NYSE:CVX) by 4.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 22,462 shares of the oil and gas company’s stock after selling 991 shares during the period. Chevron makes up about 1.9% of Fairfield Bush & CO.’s holdings, making the stock its 13th largest holding. Fairfield Bush & CO.’s holdings in Chevron were worth $3,253,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. McIlrath & Eck LLC raised its position in shares of Chevron by 5.8% during the 3rd quarter. McIlrath & Eck LLC now owns 1,434 shares of the oil and gas company’s stock valued at $211,000 after buying an additional 78 shares during the period. Westside Investment Management Inc. increased its stake in Chevron by 9.0% during the third quarter. Westside Investment Management Inc. now owns 3,405 shares of the oil and gas company’s stock worth $503,000 after acquiring an additional 281 shares during the last quarter. Diamant Asset Management Inc. raised its position in Chevron by 6.2% in the third quarter. Diamant Asset Management Inc. now owns 5,510 shares of the oil and gas company’s stock valued at $811,000 after purchasing an additional 320 shares during the period. Wealthquest Corp lifted its position in Chevron by 2.3% in the third quarter. Wealthquest Corp now owns 5,222 shares of the oil and gas company’s stock valued at $782,000 after buying an additional 118 shares during the last quarter. Finally, Te Ahumairangi Investment Management Ltd increased its position in shares of Chevron by 4.5% during the third quarter. Te Ahumairangi Investment Management Ltd now owns 22,219 shares of the oil and gas company’s stock valued at $3,254,000 after acquiring an additional 950 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Analysts Set New Price Targets

CVX has been the topic of several recent analyst reports. UBS Group decreased their price objective on shares of Chevron from $194.00 to $185.00 and set a “buy” rating on the stock in a report on Monday, April 7th. Wells Fargo & Company decreased their price target on Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a research note on Tuesday. Piper Sandler dropped their price objective on Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. Raymond James decreased their target price on Chevron from $180.00 to $175.00 and set an “outperform” rating on the stock in a research note on Monday, February 3rd. Finally, Barclays dropped their target price on Chevron from $174.00 to $171.00 and set an “overweight” rating for the company in a research report on Wednesday, February 5th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $169.50.

Insiders Place Their Bets

In related news, VP Jeff B. Gustavson sold 9,325 shares of the company’s stock in a transaction dated Friday, February 7th. The stock was 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 $161,192.50. This represents a 89.82 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.20% of the company’s stock.

Chevron Price Performance

Chevron stock opened at $135.41 on Thursday. Chevron Co. has a 12-month low of $132.04 and a 12-month high of $168.96. 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 stock has a market cap of $238.40 billion, a P/E ratio of 13.93, a price-to-earnings-growth ratio of 1.46 and a beta of 0.93. The company has a fifty day simple moving average of $154.30 and a 200-day simple moving average of $153.56.

Chevron (NYSE:CVX) last released 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 last year, the firm posted $3.45 EPS. Equities analysts expect that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 10th. Shareholders of record on Friday, February 14th were paid a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 5.05%. The ex-dividend date 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%.

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.