Portside Wealth Group LLC Decreases Stock Holdings in Chevron Co. (NYSE:CVX)

Portside Wealth Group LLC reduced its position in Chevron Co. (NYSE:CVX) by 1.6% during the fourth quarter, Holdings Channel reports. The institutional investor owned 17,748 shares of the oil and gas company’s stock after selling 294 shares during the quarter. Portside Wealth Group LLC’s holdings in Chevron were worth $2,614,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Rational Advisors LLC acquired a new stake in Chevron in the third quarter worth about $29,000. Legacy Investment Solutions LLC purchased a new position in shares of Chevron in the 3rd quarter valued at approximately $29,000. Darwin Wealth Management LLC acquired a new stake in Chevron in the 3rd quarter worth approximately $30,000. RPg Family Wealth Advisory LLC purchased a new stake in Chevron during the 3rd quarter worth approximately $31,000. Finally, Cyrus J. Lawrence LLC increased its stake in Chevron by 66.7% during the 2nd quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company’s stock valued at $39,000 after purchasing an additional 100 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Stock Up 1.4 %

CVX opened at $161.54 on Monday. The company has a fifty day moving average of $153.93 and a two-hundred day moving average of $151.05. 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 Co. has a fifty-two week low of $135.37 and a fifty-two week high of $167.11. The stock has a market capitalization 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 released its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $48.86 billion. During the same quarter in the prior year, the firm posted $3.05 EPS. Chevron’s quarterly revenue was down 6.3% compared to the same quarter last year. On average, research analysts expect that Chevron Co. will post 10.39 earnings per share for the current year.

Chevron Dividend Announcement

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

Insider Buying and Selling

In other news, CEO Michael K. Wirth sold 164,600 shares of Chevron 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 sale, the chief executive officer now owns 4,280 shares in the company, valued at $685,356.40. This trade represents a 97.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.20% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CVX. Scotiabank lowered their price objective on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. Raymond James lifted their price target on Chevron from $175.00 to $180.00 and gave the stock an “outperform” rating in a research report on Friday. Wells Fargo & Company increased their price objective on Chevron from $171.00 to $188.00 and gave the company an “overweight” rating in a report on Monday, December 9th. DZ Bank raised 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. Finally, Citigroup upgraded shares of Chevron from a “neutral” rating to a “buy” rating and increased their price target for the stock from $145.00 to $185.00 in a report on Tuesday, November 26th. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $175.27.

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.