Empirical Asset Management LLC Grows Holdings in Chevron Co. (NYSE:CVX)

Empirical Asset Management LLC increased its stake in shares of Chevron Co. (NYSE:CVX) by 374.1% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 126,940 shares of the oil and gas company’s stock after purchasing an additional 100,164 shares during the period. Empirical Asset Management LLC’s holdings in Chevron were worth $18,386,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in CVX. Tacita Capital Inc boosted its position in shares of Chevron by 16.7% during the third quarter. Tacita Capital Inc now owns 454 shares of the oil and gas company’s stock worth $67,000 after buying an additional 65 shares during the period. Wallace Capital Management Inc. lifted its stake in Chevron by 0.8% during the 3rd quarter. Wallace Capital Management Inc. now owns 8,229 shares of the oil and gas company’s stock worth $1,212,000 after acquiring an additional 65 shares in the last quarter. Cyndeo Wealth Partners LLC boosted its holdings in Chevron by 0.3% during the 3rd quarter. Cyndeo Wealth Partners LLC now owns 19,769 shares of the oil and gas company’s stock valued at $2,911,000 after acquiring an additional 67 shares during the period. S.A. Mason LLC grew its position in Chevron by 0.7% in the 3rd quarter. S.A. Mason LLC now owns 9,033 shares of the oil and gas company’s stock valued at $1,330,000 after acquiring an additional 67 shares in the last quarter. Finally, Jag Capital Management LLC increased its stake in Chevron by 5.2% during the third quarter. Jag Capital Management LLC now owns 1,366 shares of the oil and gas company’s stock worth $201,000 after purchasing an additional 67 shares during the period. Institutional investors and hedge funds own 72.42% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Bank of America assumed coverage on shares of Chevron in a report on Thursday, October 17th. They issued a “buy” rating and a $168.00 price objective for the company. Piper Sandler cut their price objective on Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. DZ Bank upgraded Chevron from a “hold” rating to a “buy” rating and set a $170.00 target price for the company in a report on Tuesday, November 5th. Raymond James upped their price target on Chevron from $175.00 to $180.00 and gave the stock an “outperform” rating in a report on Friday. Finally, Wells Fargo & Company lifted their price objective on Chevron from $171.00 to $188.00 and gave the company an “overweight” rating in a research note on Monday, December 9th. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $175.27.

Chevron Trading Up 1.4 %

Shares of Chevron stock opened at $161.54 on Friday. The company has a fifty day simple moving average of $153.84 and a 200-day simple moving average of $151.06. Chevron Co. has a 12-month low of $135.37 and a 12-month high of $167.11. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. The stock has a market cap of $290.30 billion, a price-to-earnings ratio of 17.75, a PEG ratio of 2.62 and a beta of 1.12.

Chevron (NYSE:CVX) last issued its quarterly earnings data 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 company had revenue of $50.67 billion for the quarter, compared to analyst estimates of $48.86 billion. During the same quarter last year, the company posted $3.05 earnings per share. The business’s quarterly revenue was down 6.3% compared to the same quarter last year. On average, equities analysts forecast that Chevron Co. will post 10.39 EPS for the current fiscal year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th were issued a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 4.04%. The ex-dividend date of this dividend was Monday, November 18th. Chevron’s payout ratio is currently 71.65%.

Insider Transactions 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 value of $26,357,398.00. Following the completion of the sale, 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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.