Commonwealth Financial Services LLC Raises Position in Chevron Co. (NYSE:CVX)

Commonwealth Financial Services LLC lifted its stake in Chevron Co. (NYSE:CVX) by 18.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,821 shares of the oil and gas company’s stock after purchasing an additional 588 shares during the period. Commonwealth Financial Services LLC’s holdings in Chevron were worth $553,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the stock. Rational Advisors LLC purchased a new stake in Chevron in the third quarter worth about $29,000. Legacy Investment Solutions LLC bought a new position in shares of Chevron during the 3rd quarter valued at approximately $29,000. Darwin Wealth Management LLC purchased a new stake in Chevron in the 3rd quarter worth approximately $30,000. RPg Family Wealth Advisory LLC bought a new stake in Chevron during the 3rd quarter worth approximately $31,000. Finally, New Wave Wealth Advisors LLC purchased a new position in Chevron during the fourth quarter valued at approximately $39,000. 72.42% of the stock is owned by institutional investors.

Chevron Price Performance

Chevron stock opened at $149.39 on Tuesday. Chevron Co. has a 52-week low of $135.37 and a 52-week high of $167.11. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. The firm’s fifty day moving average is $153.19 and its 200 day moving average is $151.02. The company has a market cap of $268.46 billion, a price-to-earnings ratio of 15.37, a PEG ratio of 1.29 and a beta of 1.11.

Chevron (NYSE:CVX) last announced its earnings results 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 net margin of 8.71% and a return on equity of 11.44%. During the same quarter in the previous year, the firm earned $3.45 EPS. Sell-side analysts forecast that Chevron Co. will post 11.45 EPS for the current fiscal year.

Chevron Increases Dividend

The business 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. This represents a $6.84 annualized dividend and a dividend yield of 4.58%. This is a positive change from Chevron’s previous quarterly dividend of $1.63. The ex-dividend date of this dividend is Friday, February 14th. Chevron’s dividend payout ratio (DPR) is presently 67.08%.

Insider Transactions at Chevron

In other Chevron news, CEO Michael K. Wirth sold 164,600 shares of the firm’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 completion of the sale, the chief executive officer now owns 4,280 shares of the company’s stock, valued at $685,356.40. This trade represents a 97.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.20% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on CVX shares. Piper Sandler decreased their price objective on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. Bank of America started coverage on Chevron in a report on Thursday, October 17th. They set a “buy” rating and a $168.00 price target on the stock. Scotiabank dropped their price objective on Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. Citigroup raised Chevron from a “neutral” rating to a “buy” rating and lifted their target price for the company from $145.00 to $185.00 in a research note on Tuesday, November 26th. Finally, Truist Financial upped their price target on Chevron from $160.00 to $164.00 and gave the stock a “hold” rating in a research note on Monday, January 13th. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, Chevron has a consensus rating of “Moderate Buy” and a consensus target price of $174.60.

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.