Palisade Asset Management LLC Buys 2,504 Shares of Chevron Co. (NYSE:CVX)

Palisade Asset Management LLC grew its position in shares of Chevron Co. (NYSE:CVX) by 2.7% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 95,388 shares of the oil and gas company’s stock after buying an additional 2,504 shares during the quarter. Chevron accounts for approximately 1.4% of Palisade Asset Management LLC’s investment portfolio, making the stock its 22nd biggest holding. Palisade Asset Management LLC’s holdings in Chevron were worth $14,048,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Rational Advisors LLC purchased a new position in Chevron in the third quarter valued at approximately $29,000. Darwin Wealth Management LLC purchased a new stake in shares of Chevron during the third quarter worth $30,000. Anfield Capital Management LLC grew its position in shares of Chevron by 118.0% in the second quarter. Anfield Capital Management LLC now owns 218 shares of the oil and gas company’s stock valued at $34,000 after purchasing an additional 118 shares in the last quarter. Cyrus J. Lawrence LLC raised its stake in shares of Chevron by 66.7% during 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 period. Finally, Livelsberger Financial Advisory purchased a new stake in Chevron during the 3rd quarter worth about $47,000. 72.42% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. DZ Bank upgraded Chevron from a “hold” rating to a “buy” rating and set a $170.00 price target on the stock in a research report on Tuesday, November 5th. Scotiabank reduced their price target on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. Truist Financial upped their target price on Chevron from $150.00 to $155.00 and gave the stock a “hold” rating in a research note on Monday, November 4th. UBS Group boosted their price objective on Chevron from $192.00 to $194.00 and gave the stock a “buy” rating in a report on Monday, November 4th. Finally, Barclays raised their target price on shares of Chevron from $168.00 to $174.00 and gave the company an “overweight” rating in a research note on Monday, November 4th. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $174.93.

Chevron Stock Performance

NYSE CVX opened at $162.36 on Friday. The firm has a market cap of $291.78 billion, a price-to-earnings ratio of 17.84, a PEG ratio of 3.56 and a beta of 1.09. The company has a 50-day simple moving average of $151.58 and a two-hundred day simple moving average of $152.69. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. Chevron Co. has a 12-month low of $135.37 and a 12-month high of $167.11.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.47 by $0.04. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The business had revenue of $50.67 billion for the quarter, compared to analyst estimates of $48.86 billion. During the same period last year, the company earned $3.05 EPS. Chevron’s revenue for the quarter was down 6.3% compared to the same quarter last year. On average, equities analysts forecast that Chevron Co. will post 10.55 EPS for the current year.

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Monday, November 18th will be issued a dividend of $1.63 per share. The ex-dividend date is Monday, November 18th. This represents a $6.52 dividend on an annualized basis and a yield of 4.02%. Chevron’s dividend payout ratio is currently 71.65%.

Insider Buying and Selling at Chevron

In other news, CEO Michael K. Wirth sold 164,600 shares of the company’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the completion of the transaction, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.20% of the stock is currently owned by corporate insiders.

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.