Reaves W H & Co. Inc. Grows Holdings in Chevron Co. (NYSE:CVX)

Reaves W H & Co. Inc. increased its position in Chevron Co. (NYSE:CVX) by 38.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,630 shares of the oil and gas company’s stock after acquiring an additional 2,930 shares during the quarter. Reaves W H & Co. Inc.’s holdings in Chevron were worth $1,540,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CVX. Pettinga Financial Advisors LLC grew its holdings in Chevron by 10.1% during the 3rd quarter. Pettinga Financial Advisors LLC now owns 2,972 shares of the oil and gas company’s stock valued at $438,000 after buying an additional 272 shares in the last quarter. Van ECK Associates Corp grew its holdings in Chevron by 45.8% during the 3rd quarter. Van ECK Associates Corp now owns 640,246 shares of the oil and gas company’s stock valued at $96,344,000 after buying an additional 201,189 shares in the last quarter. IAG Wealth Partners LLC grew its holdings in Chevron by 4.3% during the 3rd quarter. IAG Wealth Partners LLC now owns 2,374 shares of the oil and gas company’s stock valued at $350,000 after buying an additional 98 shares in the last quarter. Harbour Investment Management LLC grew its holdings in Chevron by 17.7% during the 3rd quarter. Harbour Investment Management LLC now owns 18,239 shares of the oil and gas company’s stock valued at $2,686,000 after buying an additional 2,749 shares in the last quarter. Finally, Forum Financial Management LP grew its holdings in Chevron by 2.8% during the 3rd quarter. Forum Financial Management LP now owns 32,401 shares of the oil and gas company’s stock valued at $4,772,000 after buying an additional 877 shares in the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have issued reports on CVX. Wells Fargo & Company cut their price objective on shares of Chevron from $188.00 to $184.00 and set an “overweight” rating for the company in a report on Monday, February 3rd. Citigroup raised shares of Chevron from a “neutral” rating to a “buy” rating and increased their price objective for the company from $145.00 to $185.00 in a report on Tuesday, November 26th. UBS Group lowered their target price on Chevron from $195.00 to $194.00 and set a “buy” rating for the company in a research report on Monday, February 3rd. DZ Bank upgraded Chevron from a “hold” rating to a “buy” rating and set a $170.00 target price for the company in a research report on Tuesday, November 5th. Finally, Piper Sandler lowered their target price on Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a research report on Thursday, December 19th. 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, Chevron presently has a consensus rating of “Moderate Buy” and an average price target of $174.13.

Chevron Stock Down 3.5 %

Shares of CVX opened at $153.05 on Tuesday. The company has a market cap of $269.46 billion, a PE ratio of 15.75, a P/E/G ratio of 1.46 and a beta of 1.11. The business has a fifty day moving average of $153.35 and a 200 day moving average of $151.58. Chevron Co. has a 52-week low of $135.37 and a 52-week high of $167.11. 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 (NYSE:CVX) last released its earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share for the quarter, missing the consensus estimate 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 period in the prior year, the company earned $3.45 EPS. On average, sell-side analysts expect that Chevron Co. will post 10.79 EPS for the current year.

Chevron Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 10th. Stockholders of record on Friday, February 14th will be given a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 4.47%. This is an increase from Chevron’s previous quarterly dividend of $1.63. The ex-dividend date of this dividend is Friday, February 14th. Chevron’s dividend payout ratio (DPR) is 70.37%.

Insider Transactions at Chevron

In other news, VP Jeff B. Gustavson sold 9,325 shares of Chevron stock in a transaction on Friday, February 7th. The stock was sold at an average price of $152.50, for a total transaction of $1,422,062.50. Following the completion of the sale, the vice president now directly owns 1,057 shares in the company, valued at approximately $161,192.50. This trade represents a 89.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.20% of the company’s stock.

About Chevron

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.