Cannell & Spears LLC Lowers Holdings in Chevron Co. (NYSE:CVX)

Cannell & Spears LLC trimmed its position in shares of Chevron Co. (NYSE:CVX) by 0.5% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 173,879 shares of the oil and gas company’s stock after selling 807 shares during the quarter. Cannell & Spears LLC’s holdings in Chevron were worth $25,185,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Life Planning Partners Inc purchased a new stake in shares of Chevron during the 4th quarter valued at about $25,000. IMG Wealth Management Inc. bought a new position in shares of Chevron during the 4th quarter valued at $25,000. Legacy Investment Solutions LLC purchased a new position in shares of Chevron in the 3rd quarter worth $29,000. Mizuho Securities Co. Ltd. purchased a new position in shares of Chevron in the 4th quarter worth $29,000. Finally, Fairway Wealth LLC grew its holdings in shares of Chevron by 75.9% in the fourth quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company’s stock worth $30,000 after acquiring an additional 88 shares during the period. 72.42% of the stock is currently owned by institutional investors.

Insider Activity at Chevron

In other news, VP Jeff B. Gustavson sold 9,325 shares of the stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $152.50, for a total transaction of $1,422,062.50. Following the completion of 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.20% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have issued reports on CVX shares. Barclays dropped their target price on Chevron from $174.00 to $171.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 5th. Piper Sandler dropped their price objective on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. Raymond James reduced their target price on shares of Chevron from $180.00 to $175.00 and set an “outperform” rating for the company in a report on Monday, February 3rd. UBS Group dropped their price target on shares of Chevron from $195.00 to $194.00 and set a “buy” rating on the stock in a research note on Monday, February 3rd. Finally, Wells Fargo & Company reduced their price objective on Chevron from $188.00 to $184.00 and set an “overweight” rating for the company in a research note on Monday, February 3rd. Four investment 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 stock currently has an average rating of “Moderate Buy” and an average target price of $174.13.

Chevron Trading Down 0.4 %

CVX stock opened at $166.06 on Monday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80. Chevron Co. has a 1-year low of $135.37 and a 1-year high of $168.96. The business has a 50 day simple moving average of $157.10 and a two-hundred day simple moving average of $153.60. The company has a market capitalization of $292.37 billion, a price-to-earnings ratio of 17.08, a PEG ratio of 1.46 and a beta of 1.08.

Chevron (NYSE:CVX) last issued its earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share for the quarter, missing analysts’ consensus estimates of $2.42 by ($0.36). Chevron had a return on equity of 11.44% and a net margin of 8.71%. During the same quarter in the prior year, the business posted $3.45 EPS. Research analysts anticipate that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Friday, February 14th were given a $1.71 dividend. This is an increase from Chevron’s previous quarterly dividend of $1.63. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.12%. The ex-dividend date was Friday, February 14th. Chevron’s payout ratio is currently 70.37%.

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.