TrueMark Investments LLC Buys 2,098 Shares of Chevron Co. (NYSE:CVX)

TrueMark Investments LLC grew its stake in shares of Chevron Co. (NYSE:CVX) by 9.3% during the fourth quarter, HoldingsChannel reports. The firm owned 24,728 shares of the oil and gas company’s stock after purchasing an additional 2,098 shares during the quarter. TrueMark Investments LLC’s holdings in Chevron were worth $3,582,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of CVX. IMG Wealth Management Inc. purchased a new position in shares of Chevron during the 4th quarter worth approximately $25,000. Legacy Investment Solutions LLC bought a new stake in shares of Chevron during the third quarter valued at approximately $29,000. Fairway Wealth LLC grew its stake in 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 purchasing an additional 88 shares during the period. RPg Family Wealth Advisory LLC bought a new position in Chevron in the third quarter worth $31,000. Finally, New Wave Wealth Advisors LLC purchased a new position in Chevron during the fourth quarter valued at $39,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Analyst Upgrades and Downgrades

CVX has been the topic of a number of recent research reports. Raymond James cut their price objective on shares of Chevron from $180.00 to $175.00 and set an “outperform” rating on the stock in a report on Monday, February 3rd. Truist Financial cut their price target on Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a research note on Tuesday, February 4th. Piper Sandler lowered their price objective on Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. Royal Bank of Canada reissued an “outperform” rating and issued a $175.00 target price on shares of Chevron in a research note on Monday, February 3rd. Finally, Barclays reduced their price target on Chevron from $174.00 to $171.00 and set an “overweight” rating for the company in a report on Wednesday, February 5th. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $174.13.

Insider Transactions at Chevron

In other Chevron 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 completion of the transaction, the vice president now directly owns 1,057 shares in the company, valued at $161,192.50. This represents a 89.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.20% of the company’s stock.

Chevron Stock Performance

CVX stock opened at $165.93 on Wednesday. The company has a market cap of $292.14 billion, a P/E ratio of 17.07, a price-to-earnings-growth ratio of 1.46 and a beta of 1.08. 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 $167.82. The stock’s fifty day moving average price is $156.67 and its 200-day moving average price is $153.01.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 period in the prior year, the company earned $3.45 EPS. On average, equities analysts forecast that Chevron Co. will post 10.79 earnings per share for the current year.

Chevron Increases Dividend

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

About Chevron

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.