Chevron Co. (NYSE:CVX) Shares Sold by Cedar Wealth Management LLC

Cedar Wealth Management LLC cut its holdings in shares of Chevron Co. (NYSE:CVX) by 55.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,945 shares of the oil and gas company’s stock after selling 2,462 shares during the period. Cedar Wealth Management LLC’s holdings in Chevron were worth $282,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Community Bank N.A. lifted its position in Chevron by 1.1% during the fourth quarter. Community Bank N.A. now owns 34,213 shares of the oil and gas company’s stock valued at $4,955,000 after purchasing an additional 365 shares during the period. Meridian Wealth Partners LLC increased its holdings in Chevron by 5.0% in the fourth quarter. Meridian Wealth Partners LLC now owns 2,154 shares of the oil and gas company’s stock valued at $312,000 after buying an additional 103 shares in the last quarter. Paces Ferry Wealth Advisors LLC increased its holdings in Chevron by 39.8% in the fourth quarter. Paces Ferry Wealth Advisors LLC now owns 2,399 shares of the oil and gas company’s stock valued at $347,000 after buying an additional 683 shares in the last quarter. Stevens Capital Management LP purchased a new position in Chevron in the fourth quarter valued at $1,600,000. Finally, LPL Financial LLC increased its holdings in Chevron by 6.0% in the fourth quarter. LPL Financial LLC now owns 3,338,108 shares of the oil and gas company’s stock valued at $483,491,000 after buying an additional 190,422 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Chevron Stock Performance

NYSE:CVX opened at $164.37 on Friday. 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 capitalization of $289.39 billion, a price-to-earnings ratio of 16.91, a PEG ratio of 1.46 and a beta of 1.08. The company’s 50-day moving average is $156.29 and its two-hundred day moving average is $152.57. Chevron Co. has a 1-year low of $135.37 and a 1-year high of $167.11.

Chevron (NYSE:CVX) last posted its earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share for the quarter, missing the consensus estimate 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 last year, the business earned $3.45 earnings per share. Analysts forecast that Chevron Co. will post 10.79 EPS for the current year.

Chevron Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 10th. Shareholders of record on Friday, February 14th were issued a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 4.16%. This is a positive change from Chevron’s previous quarterly dividend of $1.63. The ex-dividend date was Friday, February 14th. Chevron’s payout ratio is presently 70.37%.

Insider Transactions at Chevron

In other news, VP Jeff B. Gustavson sold 9,325 shares of the company’s stock in a transaction that occurred 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 transaction, the vice president now directly owns 1,057 shares in the company, valued at approximately $161,192.50. This represents a 89.82 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Piper Sandler cut their price objective on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Barclays cut their price objective on shares of Chevron from $174.00 to $171.00 and set an “overweight” rating for the company in a report on Wednesday, February 5th. Wells Fargo & Company cut their target price on shares of Chevron from $188.00 to $184.00 and set an “overweight” rating for the company in a research note on Monday, February 3rd. Citigroup raised shares of Chevron from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $145.00 to $185.00 in a research note on Tuesday, November 26th. Finally, Truist Financial cut their target price on shares of Chevron from $164.00 to $160.00 and set a “hold” rating for the company in a research note on Tuesday, February 4th. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $174.13.

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.