Nvest Financial LLC Reduces Position in Chevron Co. (NYSE:CVX)

Nvest Financial LLC decreased its holdings in Chevron Co. (NYSE:CVX) by 4.8% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 16,316 shares of the oil and gas company’s stock after selling 817 shares during the quarter. Chevron accounts for approximately 1.2% of Nvest Financial LLC’s holdings, making the stock its 25th biggest position. Nvest Financial LLC’s holdings in Chevron were worth $2,363,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Rational Advisors LLC purchased a new stake in Chevron during the third quarter valued at $29,000. Legacy Investment Solutions LLC purchased a new position in Chevron in the third quarter worth about $29,000. Darwin Wealth Management LLC bought a new stake in shares of Chevron during the 3rd quarter valued at about $30,000. RPg Family Wealth Advisory LLC purchased a new stake in shares of Chevron during the 3rd quarter valued at about $31,000. Finally, Krane Funds Advisors LLC bought a new position in shares of Chevron in the 3rd quarter worth approximately $47,000. Institutional investors own 72.42% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on CVX. Royal Bank of Canada upped their target price on shares of Chevron from $170.00 to $175.00 and gave the company an “outperform” rating in a report on Monday, November 4th. Piper Sandler reduced their price objective on Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. DZ Bank upgraded Chevron from a “hold” rating to a “buy” rating and set a $170.00 target price on the stock in a research report on Tuesday, November 5th. Raymond James upped their price target on Chevron from $175.00 to $180.00 and gave the stock an “outperform” rating in a research report on Friday, January 17th. Finally, Bank of America initiated coverage on Chevron in a research report on Thursday, October 17th. They set a “buy” rating and a $168.00 price objective on the stock. Four investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $175.27.

Chevron Price Performance

Shares of NYSE:CVX opened at $155.79 on Thursday. The firm has a market cap of $279.97 billion, a price-to-earnings ratio of 17.12, a P/E/G ratio of 1.37 and a beta of 1.12. Chevron Co. has a fifty-two week low of $135.37 and a fifty-two week 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 firm has a fifty day moving average price of $153.67 and a 200 day moving average price of $151.13.

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

Chevron Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th were paid a $1.63 dividend. The ex-dividend date was Monday, November 18th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.19%. Chevron’s payout ratio is currently 71.65%.

Insider Buying and Selling

In related news, CEO Michael K. Wirth sold 164,600 shares of the firm’s stock in a transaction on Thursday, November 14th. The stock was 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 $685,356.40. This trade represents a 97.47 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.20% of the stock is currently owned by company insiders.

Chevron 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.