Drive Wealth Management LLC Sells 672 Shares of Chevron Co. (NYSE:CVX)

Drive Wealth Management LLC cut its holdings in Chevron Co. (NYSE:CVXFree Report) by 8.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,654 shares of the oil and gas company’s stock after selling 672 shares during the period. Drive Wealth Management LLC’s holdings in Chevron were worth $1,142,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in CVX. Moneta Group Investment Advisors LLC raised its position in shares of Chevron by 104,997.3% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 24,490,824 shares of the oil and gas company’s stock worth $4,395,858,000 after acquiring an additional 24,467,521 shares in the last quarter. Norges Bank bought a new stake in Chevron in the 4th quarter valued at about $3,058,235,000. Imprint Wealth LLC increased its position in Chevron by 15,457.0% in the 2nd quarter. Imprint Wealth LLC now owns 5,378,354 shares of the oil and gas company’s stock valued at $537,835,000 after buying an additional 5,343,782 shares in the last quarter. Morgan Stanley increased its position in Chevron by 12.7% in the 4th quarter. Morgan Stanley now owns 32,906,060 shares of the oil and gas company’s stock valued at $5,906,309,000 after buying an additional 3,711,923 shares in the last quarter. Finally, Lazard Asset Management LLC increased its position in Chevron by 570.0% in the 4th quarter. Lazard Asset Management LLC now owns 2,813,051 shares of the oil and gas company’s stock valued at $504,913,000 after buying an additional 2,393,200 shares in the last quarter. 72.42% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

CVX has been the subject of a number of research analyst reports. Jefferies Financial Group raised Chevron from a “hold” rating to a “buy” rating and set a $184.00 target price for the company in a research report on Monday, January 8th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Chevron in a research report on Monday. UBS Group decreased their target price on Chevron from $194.00 to $185.00 and set a “buy” rating for the company in a research report on Thursday, December 14th. DZ Bank downgraded Chevron from a “buy” rating to a “hold” rating and set a $160.00 price target for the company. in a research note on Tuesday, February 6th. Finally, Royal Bank of Canada lifted their price target on Chevron from $185.00 to $190.00 and gave the company an “outperform” rating in a research note on Monday, February 5th. Seven investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, Chevron presently has a consensus rating of “Moderate Buy” and a consensus price target of $180.39.

View Our Latest Research Report on Chevron

Chevron Trading Up 0.5 %

Shares of CVX stock opened at $159.82 on Wednesday. The company’s fifty day simple moving average is $152.56 and its two-hundred day simple moving average is $152.41. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.27 and a quick ratio of 1.01. Chevron Co. has a 1 year low of $139.62 and a 1 year high of $172.88. The stock has a market capitalization of $296.83 billion, a price-to-earnings ratio of 14.07, a PEG ratio of 2.42 and a beta of 1.12.

Chevron (NYSE:CVXGet Free Report) last issued its earnings results on Friday, February 2nd. The oil and gas company reported $3.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.19 by $0.26. Chevron had a net margin of 10.63% and a return on equity of 15.24%. The business had revenue of $47.18 billion for the quarter, compared to analysts’ expectations of $50.93 billion. During the same quarter in the previous year, the firm posted $4.09 EPS. The business’s revenue for the quarter was down 16.5% compared to the same quarter last year. As a group, analysts anticipate that Chevron Co. will post 13.13 earnings per share for the current year.

Chevron Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 11th. Stockholders of record on Friday, February 16th were issued a $1.63 dividend. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $6.52 annualized dividend and a dividend yield of 4.08%. This is a boost from Chevron’s previous quarterly dividend of $1.51. Chevron’s dividend payout ratio is presently 57.39%.

Chevron Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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