Chevron Co. (NYSE:CVX) Position Lifted by United Community Bank

United Community Bank increased its position in Chevron Co. (NYSE:CVX) by 2.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 23,071 shares of the oil and gas company’s stock after buying an additional 505 shares during the quarter. Chevron comprises about 1.3% of United Community Bank’s investment portfolio, making the stock its 10th biggest position. United Community Bank’s holdings in Chevron were worth $3,342,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Pettinga Financial Advisors LLC grew its stake in Chevron by 10.1% in the third quarter. Pettinga Financial Advisors LLC now owns 2,972 shares of the oil and gas company’s stock worth $438,000 after purchasing an additional 272 shares in the last quarter. Summit Global Investments increased its stake in shares of Chevron by 26.1% during the third quarter. Summit Global Investments now owns 5,784 shares of the oil and gas company’s stock valued at $852,000 after acquiring an additional 1,197 shares during the period. Capital Performance Advisors LLP acquired a new position in shares of Chevron during the third quarter valued at approximately $124,000. AEGON ASSET MANAGEMENT UK Plc increased its stake in shares of Chevron by 0.9% during the third quarter. AEGON ASSET MANAGEMENT UK Plc now owns 228,096 shares of the oil and gas company’s stock valued at $33,587,000 after acquiring an additional 2,036 shares during the period. Finally, Equitable Trust Co. grew its position in Chevron by 9.9% in the third quarter. Equitable Trust Co. now owns 37,726 shares of the oil and gas company’s stock worth $5,556,000 after buying an additional 3,405 shares during the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Chevron

In related news, VP Jeff B. Gustavson sold 9,325 shares of the company’s stock in a transaction dated 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 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.20% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. Raymond James lowered their price objective on shares of Chevron from $180.00 to $175.00 and set an “outperform” rating on the stock in a research report on Monday, February 3rd. Barclays reduced their price objective on shares of 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 shares of Chevron from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $145.00 to $185.00 in a report on Tuesday, November 26th. 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, Piper Sandler lowered their target price 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 given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $174.13.

Chevron Stock Performance

Shares of CVX opened at $156.48 on Friday. The company has a 50-day simple moving average of $154.08 and a two-hundred day simple moving average of $151.73. Chevron Co. has a one year low of $135.37 and a one year high of $167.11. The firm has a market capitalization of $275.51 billion, a PE ratio of 16.10, 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 (NYSE:CVX) last announced its quarterly earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share for the quarter, missing the consensus estimate 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 quarter in the prior year, the company posted $3.45 EPS. On average, 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 will be paid on Monday, March 10th. Investors of record on Friday, February 14th will be paid a dividend of $1.71 per share. This is a boost from Chevron’s previous quarterly dividend of $1.63. The ex-dividend date of this dividend is Friday, February 14th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.37%. Chevron’s payout ratio is 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.