Wright Investors Service Inc. Decreases Stock Position in Chevron Co. (NYSE:CVX)

Wright Investors Service Inc. lowered its stake in Chevron Co. (NYSE:CVX) by 47.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,476 shares of the oil and gas company’s stock after selling 6,775 shares during the period. Wright Investors Service Inc.’s holdings in Chevron were worth $1,083,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Marietta Wealth Management LLC increased its holdings in shares of Chevron by 10.9% in the third quarter. Marietta Wealth Management LLC now owns 40,484 shares of the oil and gas company’s stock worth $5,962,000 after buying an additional 3,965 shares during the period. Leo Wealth LLC increased its holdings in Chevron by 19.6% during the 3rd quarter. Leo Wealth LLC now owns 8,246 shares of the oil and gas company’s stock valued at $1,214,000 after purchasing an additional 1,354 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Chevron by 11.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 31,108,760 shares of the oil and gas company’s stock valued at $4,581,137,000 after purchasing an additional 3,203,899 shares during the period. RPG Investment Advisory LLC increased its holdings in Chevron by 3.4% during the 3rd quarter. RPG Investment Advisory LLC now owns 121,167 shares of the oil and gas company’s stock valued at $17,844,000 after purchasing an additional 3,933 shares during the period. Finally, State Street Corp increased its holdings in Chevron by 0.6% during 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. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Stock Performance

Chevron stock opened at $156.85 on Wednesday. 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 company has a market capitalization of $281.87 billion, a P/E ratio of 17.24, a PEG ratio of 2.93 and a beta of 1.12. The stock’s 50 day moving average is $153.78 and its 200 day moving average is $150.95. Chevron Co. has a twelve month low of $135.37 and a twelve month high of $167.11.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share for the quarter, topping the consensus estimate 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 return on equity of 13.15% and a net margin of 8.44%. The firm’s quarterly revenue was down 6.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.05 EPS. On average, equities research analysts predict that Chevron Co. will post 10.5 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Investors 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 annualized dividend and a dividend yield of 4.16%. Chevron’s payout ratio is currently 71.65%.

Insider Buying and Selling

In other Chevron news, CEO Michael K. Wirth sold 164,600 shares of the stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following 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 this hyperlink. 0.20% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CVX. Piper Sandler reduced their price target on Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. Wells Fargo & Company boosted their price target on Chevron from $171.00 to $188.00 and gave the company an “overweight” rating in a report on Monday, December 9th. UBS Group boosted their price target on Chevron from $194.00 to $195.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Scotiabank reduced their price target on Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Finally, Truist Financial lifted their price objective on Chevron from $160.00 to $164.00 and gave the company a “hold” rating in a research report on Monday. Four 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 has an average rating of “Moderate Buy” and a consensus price target of $174.87.

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.