DMC Group LLC Decreases Stake in Chevron Co. (NYSE:CVX)

DMC Group LLC lowered its position in Chevron Co. (NYSE:CVX) by 5.8% during the fourth quarter, HoldingsChannel reports. The firm owned 6,705 shares of the oil and gas company’s stock after selling 411 shares during the period. DMC Group LLC’s holdings in Chevron were worth $971,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Quarry LP increased its stake in shares of Chevron by 172.2% in the 2nd quarter. Quarry LP now owns 411 shares of the oil and gas company’s stock worth $64,000 after acquiring an additional 260 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its stake in shares of Chevron by 75.8% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 138,885 shares of the oil and gas company’s stock worth $21,724,000 after acquiring an additional 59,885 shares during the last quarter. Anchor Investment Management LLC increased its stake in shares of Chevron by 12.1% in the 2nd quarter. Anchor Investment Management LLC now owns 41,459 shares of the oil and gas company’s stock worth $6,485,000 after acquiring an additional 4,478 shares during the last quarter. Centaurus Financial Inc. increased its stake in shares of Chevron by 209.1% in the 2nd quarter. Centaurus Financial Inc. now owns 32,190 shares of the oil and gas company’s stock worth $5,035,000 after acquiring an additional 21,777 shares during the last quarter. Finally, Mattson Financial Services LLC acquired a new stake in shares of Chevron in the 2nd quarter worth $3,976,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on CVX shares. Bank of America started coverage on Chevron in a research note on Thursday, October 17th. They issued a “buy” rating and a $168.00 target price for the company. Raymond James raised their target price on Chevron from $175.00 to $180.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. Scotiabank cut their price objective on 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 raised their price objective on Chevron from $160.00 to $164.00 and gave the stock a “hold” rating in a research report on Monday, January 13th. Finally, UBS Group raised their price objective on Chevron from $194.00 to $195.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $175.27.

Insider Activity

In related news, CEO Michael K. Wirth sold 164,600 shares of the business’s stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the completion of the sale, the chief executive officer now owns 4,280 shares in the company, valued at $685,356.40. The trade was a 97.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.20% of the company’s stock.

Chevron Stock Performance

Shares of CVX opened at $156.19 on Friday. The stock has a 50-day simple moving average of $153.56 and a 200-day simple moving average of $151.16. 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 stock has a market capitalization of $280.68 billion, a PE ratio of 17.16, a PEG ratio of 1.35 and a beta of 1.12. Chevron Co. has a 1 year low of $135.37 and a 1 year high of $167.11.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, November 1st. The oil and gas company reported $2.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.47 by $0.04. The business had revenue of $50.67 billion during the quarter, compared to analysts’ expectations of $48.86 billion. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The business’s quarterly revenue was down 6.3% compared to the same quarter last year. During the same quarter last year, the business posted $3.05 EPS. On average, analysts predict that Chevron Co. will post 10.18 earnings per share for the current fiscal year.

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.