Griffin Asset Management Inc. Sells 484 Shares of Chevron Co. (NYSE:CVX)

Griffin Asset Management Inc. trimmed its position in Chevron Co. (NYSE:CVX) by 0.7% during the fourth quarter, Holdings Channel reports. The institutional investor owned 72,475 shares of the oil and gas company’s stock after selling 484 shares during the quarter. Chevron makes up about 1.2% of Griffin Asset Management Inc.’s investment portfolio, making the stock its 26th biggest holding. Griffin Asset Management Inc.’s holdings in Chevron were worth $10,497,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in CVX. Quarry LP lifted its position in Chevron by 172.2% during the 2nd quarter. Quarry LP now owns 411 shares of the oil and gas company’s stock valued at $64,000 after purchasing an additional 260 shares during the period. Next Capital Management LLC lifted its holdings in Chevron by 22.9% in the second quarter. Next Capital Management LLC now owns 2,012 shares of the oil and gas company’s stock valued at $315,000 after buying an additional 375 shares during the period. Pathway Financial Advisers LLC lifted its holdings in Chevron by 1.5% in the second quarter. Pathway Financial Advisers LLC now owns 24,614 shares of the oil and gas company’s stock valued at $3,832,000 after buying an additional 372 shares during the period. McGinn Penninger Investment Management Inc. boosted its stake in Chevron by 1.9% in the second quarter. McGinn Penninger Investment Management Inc. now owns 28,818 shares of the oil and gas company’s stock valued at $4,508,000 after acquiring an additional 540 shares during the last quarter. Finally, SPC Financial Inc. grew its holdings in Chevron by 23.8% during the 2nd quarter. SPC Financial Inc. now owns 5,671 shares of the oil and gas company’s stock worth $887,000 after acquiring an additional 1,092 shares during the period. 72.42% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related 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 directly owns 4,280 shares in the company, valued at approximately $685,356.40. This trade represents a 97.47 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.20% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Bank of America initiated coverage on Chevron in a research report on Thursday, October 17th. They issued a “buy” rating and a $168.00 price target on the stock. Barclays raised their target price on Chevron from $168.00 to $174.00 and gave the stock an “overweight” rating in a report on Monday, November 4th. Royal Bank of Canada increased their price target on shares of Chevron from $170.00 to $175.00 and gave the company an “outperform” rating in a research report on Monday, November 4th. Raymond James boosted their price objective on shares of Chevron from $175.00 to $180.00 and gave the company an “outperform” rating in a report on Friday, January 17th. Finally, Citigroup upgraded shares of Chevron from a “neutral” rating to a “buy” rating and increased their target price for the stock from $145.00 to $185.00 in a report on Tuesday, November 26th. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $175.27.

Chevron Stock Down 0.6 %

NYSE:CVX opened at $156.24 on Wednesday. The company has a market cap of $280.78 billion, a PE ratio of 17.17, a PEG ratio of 1.37 and a beta of 1.12. The stock has a 50-day simple moving average of $153.74 and a 200 day simple moving average of $151.12. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. Chevron Co. has a 52-week low of $135.37 and a 52-week high of $167.11.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, November 1st. The oil and gas company reported $2.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.47 by $0.04. The company had revenue of $50.67 billion for the quarter, compared to the consensus estimate of $48.86 billion. Chevron had a net margin of 8.44% and a return on equity of 13.15%. The firm’s revenue was down 6.3% compared to the same quarter last year. During the same period last year, the company earned $3.05 earnings per share. On average, sell-side analysts expect that Chevron Co. will post 10.18 EPS for the current fiscal year.

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th were paid a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.17%. The ex-dividend date of this dividend was Monday, November 18th. Chevron’s dividend payout ratio is currently 71.65%.

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.