Meyer Handelman Co. Lowers Stock Holdings in Chevron Co. (NYSE:CVX)

Meyer Handelman Co. trimmed its stake in shares of Chevron Co. (NYSE:CVX) by 1.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 220,911 shares of the oil and gas company’s stock after selling 3,350 shares during the quarter. Meyer Handelman Co.’s holdings in Chevron were worth $31,997,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Edgestream Partners L.P. acquired a new stake in shares of Chevron in the 2nd quarter worth $2,398,000. Financial & Tax Architects LLC boosted its holdings in Chevron by 4.2% in the 2nd quarter. Financial & Tax Architects LLC now owns 37,738 shares of the oil and gas company’s stock valued at $5,903,000 after purchasing an additional 1,524 shares in the last quarter. Wealth Alliance increased its position in Chevron by 24.3% during the 2nd quarter. Wealth Alliance now owns 21,809 shares of the oil and gas company’s stock worth $3,411,000 after purchasing an additional 4,259 shares during the period. E Fund Management Co. Ltd. raised its stake in shares of Chevron by 10.9% during the 2nd quarter. E Fund Management Co. Ltd. now owns 10,858 shares of the oil and gas company’s stock worth $1,698,000 after buying an additional 1,068 shares in the last quarter. Finally, Meridian Wealth Partners LLC lifted its holdings in shares of Chevron by 8.7% in the 2nd quarter. Meridian Wealth Partners LLC now owns 2,450 shares of the oil and gas company’s stock valued at $383,000 after buying an additional 197 shares during the period. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Stock Performance

Shares of NYSE CVX opened at $158.25 on Thursday. 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 company has a market cap of $284.39 billion, a PE ratio of 17.39, a price-to-earnings-growth ratio of 2.62 and a beta of 1.12. The company has a 50-day simple moving average of $153.78 and a 200-day simple moving average of $150.95. Chevron Co. has a 12 month low of $135.37 and a 12 month high of $167.11.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share for the quarter, beating 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 in the previous year, the firm posted $3.05 EPS. Chevron’s revenue was down 6.3% on a year-over-year basis. On average, equities analysts anticipate that Chevron Co. will post 10.39 earnings per share for the current year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th were paid a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 4.12%. The ex-dividend date was Monday, November 18th. Chevron’s payout ratio is 71.65%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CVX. Royal Bank of Canada increased their price objective on Chevron from $170.00 to $175.00 and gave the stock an “outperform” rating in a research report on Monday, November 4th. Bank of America began coverage on shares of Chevron in a research note on Thursday, October 17th. They issued a “buy” rating and a $168.00 price objective for the company. Piper Sandler dropped their target price 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. Scotiabank lowered their price target on Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Finally, UBS Group raised their price objective on Chevron from $194.00 to $195.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $174.87.

Insider Buying and Selling at Chevron

In related news, CEO Michael K. Wirth sold 164,600 shares of the firm’s stock in a transaction that occurred on 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 directly owns 4,280 shares of the company’s stock, valued at approximately $685,356.40. This trade represents a 97.47 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.20% of the stock is owned by company insiders.

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.