Red Door Wealth Management LLC Sells 8,649 Shares of Chevron Co. (NYSE:CVX)

Red Door Wealth Management LLC reduced its stake in shares of Chevron Co. (NYSE:CVX) by 13.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 54,258 shares of the oil and gas company’s stock after selling 8,649 shares during the quarter. Chevron accounts for approximately 1.2% of Red Door Wealth Management LLC’s portfolio, making the stock its 23rd largest holding. Red Door Wealth Management LLC’s holdings in Chevron were worth $7,859,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. AQR Capital Management LLC boosted its holdings in shares of Chevron by 41.3% during the second quarter. AQR Capital Management LLC now owns 858,155 shares of the oil and gas company’s stock worth $134,233,000 after purchasing an additional 250,902 shares during the period. Drucker Wealth 3.0 LLC purchased a new stake in shares of Chevron during the second quarter worth about $216,000. Deerfield Management Company L.P. Series C purchased a new stake in Chevron in the second quarter worth about $244,000. MBB Public Markets I LLC lifted its holdings in Chevron by 2,806.8% in the second quarter. MBB Public Markets I LLC now owns 124,820 shares of the oil and gas company’s stock worth $19,524,000 after buying an additional 120,526 shares during the period. Finally, Marathon Capital Management boosted its position in Chevron by 0.8% during the 2nd quarter. Marathon Capital Management now owns 63,513 shares of the oil and gas company’s stock valued at $9,935,000 after acquiring an additional 481 shares in the last quarter. 72.42% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. UBS Group upped their target price on Chevron from $194.00 to $195.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Citigroup raised Chevron from a “neutral” rating to a “buy” rating and raised their price objective for the company from $145.00 to $185.00 in a research report on Tuesday, November 26th. Scotiabank lowered their price objective on Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. Barclays raised their price objective on Chevron from $168.00 to $174.00 and gave the company an “overweight” rating in a research report on Monday, November 4th. Finally, Wells Fargo & Company raised their price objective on Chevron from $171.00 to $188.00 and gave the company an “overweight” rating in a research report on Monday, December 9th. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $175.27.

Insider Buying and Selling

In related news, CEO Michael K. Wirth sold 164,600 shares of Chevron stock in a transaction dated Thursday, November 14th. The stock was 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 in the company, valued at approximately $685,356.40. This trade represents a 97.47 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.20% of the stock is owned by corporate insiders.

Chevron Price Performance

CVX opened at $155.62 on Friday. The stock has a 50-day moving average price of $153.93 and a 200-day moving average price of $151.14. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80. The firm has a market cap of $279.66 billion, a PE ratio of 17.10, a P/E/G ratio of 1.37 and a beta of 1.12. Chevron Co. has a 1 year low of $135.37 and a 1 year high of $167.11.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, November 1st. The oil and gas company reported $2.51 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 during the quarter, compared to the consensus estimate of $48.86 billion. During the same period last year, the company earned $3.05 EPS. Chevron’s revenue for the quarter was down 6.3% on a year-over-year basis. Sell-side analysts predict that Chevron Co. will post 10.18 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Monday, November 18th were issued a $1.63 dividend. The ex-dividend date was Monday, November 18th. This represents a $6.52 annualized dividend and a yield of 4.19%. Chevron’s payout ratio is 71.65%.

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.