Channel Wealth LLC Lowers Stock Holdings in Chevron Co. (NYSE:CVX)

Channel Wealth LLC trimmed its holdings in Chevron Co. (NYSE:CVX) by 2.9% during the fourth quarter, Holdings Channel reports. The institutional investor owned 5,167 shares of the oil and gas company’s stock after selling 157 shares during the period. Channel Wealth LLC’s holdings in Chevron were worth $748,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Capital Planning LLC lifted its holdings in shares of Chevron by 15.2% during the 4th quarter. Capital Planning LLC now owns 1,678 shares of the oil and gas company’s stock worth $243,000 after acquiring an additional 222 shares during the period. Decker Retirement Planning Inc. purchased a new stake in Chevron in the fourth quarter valued at approximately $98,000. Empirical Asset Management LLC increased its position in Chevron by 374.1% during the fourth quarter. Empirical Asset Management LLC now owns 126,940 shares of the oil and gas company’s stock worth $18,386,000 after purchasing an additional 100,164 shares during the last quarter. Eagle Rock Investment Company LLC raised its stake in Chevron by 5.8% during the fourth quarter. Eagle Rock Investment Company LLC now owns 49,798 shares of the oil and gas company’s stock worth $7,213,000 after purchasing an additional 2,714 shares during the period. Finally, Constitution Capital LLC boosted its holdings in shares of Chevron by 11.8% in the 4th quarter. Constitution Capital LLC now owns 1,891 shares of the oil and gas company’s stock valued at $274,000 after purchasing an additional 200 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Insider Activity

In other news, CEO Michael K. Wirth sold 164,600 shares of the company’s stock in a transaction dated 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 owns 4,280 shares in the company, valued at approximately $685,356.40. This represents a 97.47 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.20% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently commented on CVX shares. Piper Sandler dropped their price objective on Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Wells Fargo & Company upped their price target on Chevron from $171.00 to $188.00 and gave the stock an “overweight” rating in a research note on Monday, December 9th. Truist Financial lifted their price objective on Chevron from $160.00 to $164.00 and gave the company a “hold” rating in a research note on Monday, January 13th. Bank of America initiated coverage on Chevron in a report on Thursday, October 17th. They set a “buy” rating and a $168.00 target price for the company. Finally, UBS Group raised their price target on shares of Chevron from $194.00 to $195.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $175.27.

Chevron Stock Performance

Chevron stock opened at $161.54 on Friday. Chevron Co. has a 12-month low of $135.37 and a 12-month high of $167.11. 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 capitalization of $290.30 billion, a price-to-earnings ratio of 17.75, a price-to-earnings-growth ratio of 2.62 and a beta of 1.12. The firm’s fifty day moving average price is $153.84 and its 200 day moving average price is $151.06.

Chevron (NYSE:CVX) last announced its 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 last year, the firm earned $3.05 earnings per share. The company’s revenue was down 6.3% on a year-over-year basis. On average, research analysts forecast that Chevron Co. will post 10.39 EPS for the current fiscal year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th were given a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.04%. The ex-dividend date of this dividend was Monday, November 18th. 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.