Carlson Capital Management Has $485,000 Stake in Chevron Co. (NYSE:CVX)

Carlson Capital Management raised its stake in shares of Chevron Co. (NYSE:CVX) by 6.6% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 3,350 shares of the oil and gas company’s stock after purchasing an additional 206 shares during the period. Carlson Capital Management’s holdings in Chevron were worth $485,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Pettinga Financial Advisors LLC lifted its position in shares of 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 worth $438,000 after buying an additional 272 shares in the last quarter. United Bank lifted its position in shares of Chevron by 8.4% during the 3rd quarter. United Bank now owns 8,095 shares of the oil and gas company’s stock worth $1,192,000 after buying an additional 629 shares in the last quarter. ING Groep NV bought a new position in shares of Chevron during the 3rd quarter worth approximately $732,000. Glass Wealth Management Co LLC lifted its position in shares of Chevron by 5.8% during the 3rd quarter. Glass Wealth Management Co LLC now owns 24,929 shares of the oil and gas company’s stock worth $3,671,000 after buying an additional 1,372 shares in the last quarter. Finally, TrinityPoint Wealth LLC lifted its position in shares of Chevron by 2.8% during the 3rd quarter. TrinityPoint Wealth LLC now owns 13,612 shares of the oil and gas company’s stock worth $2,005,000 after buying an additional 371 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Chevron Stock Up 1.1 %

CVX opened at $158.69 on Tuesday. The company has a fifty day moving average price of $155.26 and a 200-day moving average price of $152.14. The firm has a market capitalization of $279.38 billion, a P/E ratio of 16.33, 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 current ratio of 1.07 and a quick ratio of 0.80. Chevron Co. has a one year low of $135.37 and a one year high of $167.11.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, January 31st. The oil and gas company reported $2.06 EPS for the quarter, missing analysts’ consensus estimates of $2.42 by ($0.36). Chevron had a net margin of 8.71% and a return on equity of 11.44%. During the same quarter in the previous year, the business earned $3.45 EPS. Equities research analysts expect that Chevron Co. will post 10.79 earnings per share for the current fiscal year.

Chevron Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Friday, February 14th were given a $1.71 dividend. The ex-dividend date was Friday, February 14th. This is a positive change from Chevron’s previous quarterly dividend of $1.63. This represents a $6.84 annualized dividend and a yield of 4.31%. Chevron’s payout ratio is 70.37%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Raymond James lowered their price target on shares of Chevron from $180.00 to $175.00 and set an “outperform” rating on the stock in a report on Monday, February 3rd. Wells Fargo & Company lowered their price target on shares of Chevron from $188.00 to $184.00 and set an “overweight” rating on the stock in a report on Monday, February 3rd. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $175.00 price target on shares of Chevron in a report on Monday, February 3rd. Barclays lowered their price target on shares of Chevron from $174.00 to $171.00 and set an “overweight” rating on the stock in a report on Wednesday, February 5th. Finally, Piper Sandler lowered their price target on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, Chevron has an average rating of “Moderate Buy” and an average price target of $174.13.

Insider Buying and Selling

In related news, VP Jeff B. Gustavson sold 9,325 shares of the company’s stock in a transaction on Friday, February 7th. The shares were sold at an average price of $152.50, for a total value of $1,422,062.50. Following the completion of the transaction, the vice president now directly owns 1,057 shares in the company, valued at approximately $161,192.50. The trade was a 89.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.20% of the stock is owned by company insiders.

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.