Chevron Co. (NYSE:CVX) Holdings Lowered by WealthPlan Investment Management LLC

WealthPlan Investment Management LLC cut its stake in Chevron Co. (NYSE:CVX) by 2.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 76,218 shares of the oil and gas company’s stock after selling 2,205 shares during the period. Chevron makes up approximately 1.1% of WealthPlan Investment Management LLC’s investment portfolio, making the stock its 24th biggest position. WealthPlan Investment Management LLC’s holdings in Chevron were worth $11,039,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in CVX. State Street Corp boosted its position in shares of Chevron by 0.6% in the 3rd quarter. State Street Corp now owns 159,105,244 shares of the oil and gas company’s stock valued at $23,431,429,000 after purchasing an additional 874,962 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Chevron by 11.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 31,108,760 shares of the oil and gas company’s stock worth $4,581,137,000 after buying an additional 3,203,899 shares during the period. Fisher Asset Management LLC increased its position in shares of Chevron by 3.6% in the third quarter. Fisher Asset Management LLC now owns 19,482,388 shares of the oil and gas company’s stock worth $2,869,171,000 after acquiring an additional 672,244 shares in the last quarter. Franklin Resources Inc. raised its holdings in shares of Chevron by 3.4% during the third quarter. Franklin Resources Inc. now owns 17,200,188 shares of the oil and gas company’s stock valued at $2,610,645,000 after acquiring an additional 573,218 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Chevron by 1.8% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,790,856 shares of the oil and gas company’s stock worth $1,147,359,000 after purchasing an additional 138,496 shares during the period. Institutional investors and hedge funds own 72.42% of the company’s stock.

Analyst Upgrades and Downgrades

CVX has been the topic of several recent analyst reports. UBS Group cut their target price 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. Barclays reduced their price objective on Chevron from $174.00 to $171.00 and set an “overweight” rating for the company in a research note on Wednesday, February 5th. Citigroup upgraded Chevron from a “neutral” rating to a “buy” rating and upped their target price for the company from $145.00 to $185.00 in a report on Tuesday, November 26th. Raymond James decreased their price target 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. Finally, 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 research note on Thursday, December 19th. Four investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Chevron has a consensus rating of “Moderate Buy” and an average price target of $174.13.

Chevron Stock Down 0.4 %

CVX opened at $155.32 on Friday. Chevron Co. has a twelve month low of $135.37 and a twelve month high of $167.11. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. The business has a 50 day moving average price of $151.86 and a 200 day moving average price of $150.87. The firm has a market cap of $279.12 billion, a P/E ratio of 15.98, a price-to-earnings-growth ratio of 1.39 and a beta of 1.11.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, January 31st. The oil and gas company reported $2.06 earnings per share (EPS) for the quarter, missing the consensus estimate 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 company earned $3.45 EPS. Research analysts forecast that Chevron Co. will post 10.84 EPS for the current year.

Chevron Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 10th. Stockholders of record on Friday, February 14th will be paid a $1.71 dividend. The ex-dividend date is Friday, February 14th. This is a positive change from Chevron’s previous quarterly dividend of $1.63. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.40%. Chevron’s payout ratio is presently 67.08%.

Insider Buying and Selling

In related news, VP Jeff B. Gustavson sold 9,325 shares of the company’s stock in a transaction on Friday, February 7th. The shares were 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 $161,192.50. This represents a 89.82 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.20% of the stock is owned by insiders.

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.