Carnegie Investment Counsel Decreases Position in Chevron Co. (NYSE:CVX)

Carnegie Investment Counsel trimmed its holdings in shares of Chevron Co. (NYSE:CVX) by 1.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 129,115 shares of the oil and gas company’s stock after selling 2,138 shares during the quarter. Carnegie Investment Counsel’s holdings in Chevron were worth $18,701,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in CVX. Edgestream Partners L.P. purchased a new position in shares of Chevron in the 2nd quarter valued at approximately $2,398,000. Waterloo Capital L.P. increased its stake in Chevron by 4.1% during the 2nd quarter. Waterloo Capital L.P. now owns 7,542 shares of the oil and gas company’s stock valued at $1,180,000 after purchasing an additional 300 shares in the last quarter. Seven Eight Capital LP purchased a new position in shares of Chevron in the second quarter worth $1,335,000. Carolinas Wealth Consulting LLC lifted its stake in shares of Chevron by 12.8% during the second quarter. Carolinas Wealth Consulting LLC now owns 4,038 shares of the oil and gas company’s stock worth $631,000 after buying an additional 459 shares during the period. Finally, Altrius Capital Management Inc grew its holdings in shares of Chevron by 5.3% during the second quarter. Altrius Capital Management Inc now owns 28,192 shares of the oil and gas company’s stock valued at $4,410,000 after buying an additional 1,421 shares during the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Bank of America began 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. Piper Sandler reduced 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. Citigroup upgraded Chevron from a “neutral” rating to a “buy” rating and upped their target price for the company from $145.00 to $185.00 in a research report on Tuesday, November 26th. Barclays raised their price target on shares of Chevron from $168.00 to $174.00 and gave the stock an “overweight” rating in a research report on Monday, November 4th. Finally, UBS Group upped their price objective on shares of Chevron from $194.00 to $195.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $174.87.

Chevron Stock Up 0.6 %

CVX opened at $159.33 on Friday. The company has a fifty day moving average of $153.79 and a two-hundred day moving average of $151.00. The stock has a market capitalization of $286.32 billion, a price-to-earnings ratio of 17.51, a PEG ratio of 2.62 and a beta of 1.12. Chevron Co. has a fifty-two week low of $135.37 and a fifty-two week high of $167.11. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share for the quarter, beating the consensus estimate of $2.47 by $0.04. The firm had revenue of $50.67 billion during the quarter, compared to analyst estimates of $48.86 billion. Chevron had a return on equity of 13.15% and a net margin of 8.44%. Chevron’s revenue for the quarter was down 6.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.05 EPS. On average, research analysts expect that Chevron Co. will post 10.39 earnings per share for the current year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th were paid a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 4.09%. The ex-dividend date was Monday, November 18th. Chevron’s payout ratio is 71.65%.

Insider Activity

In other Chevron news, CEO Michael K. Wirth sold 164,600 shares of the company’s stock in a transaction on 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 in the company, valued at approximately $685,356.40. This represents a 97.47 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.20% of the company’s stock.

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.