Concurrent Investment Advisors LLC Has $12.16 Million Stock Holdings in Chevron Co. (NYSE:CVX)

Concurrent Investment Advisors LLC cut its holdings in Chevron Co. (NYSE:CVX) by 8.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 83,976 shares of the oil and gas company’s stock after selling 7,883 shares during the quarter. Concurrent Investment Advisors LLC’s holdings in Chevron were worth $12,163,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Legacy Investment Solutions LLC bought a new position in Chevron in the third quarter valued at about $29,000. Rational Advisors LLC bought a new position in Chevron in the third quarter valued at about $29,000. Darwin Wealth Management LLC bought a new position in Chevron in the third quarter valued at about $30,000. RPg Family Wealth Advisory LLC bought a new position in Chevron in the third quarter valued at about $31,000. Finally, New Wave Wealth Advisors LLC bought a new position in Chevron in the fourth quarter valued at about $39,000. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CVX has been the topic of a number of recent analyst reports. DZ Bank upgraded Chevron from a “hold” rating to a “buy” rating and set a $170.00 target price on the stock in a report on Tuesday, November 5th. Citigroup upgraded Chevron from a “neutral” rating to a “buy” rating and raised their target price for the stock from $145.00 to $185.00 in a report on Tuesday, November 26th. Royal Bank of Canada restated an “outperform” rating and set a $175.00 target price on shares of Chevron in a report on Monday, February 3rd. UBS Group cut their price objective on Chevron from $195.00 to $194.00 and set a “buy” rating on the stock in a report on Monday, February 3rd. Finally, Truist Financial cut their price objective on Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a report on Tuesday, February 4th. 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, the company presently has an average rating of “Moderate Buy” and an average target price of $174.13.

Insiders Place Their Bets

In other Chevron news, VP Jeff B. Gustavson sold 9,325 shares of the business’s stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $152.50, for a total transaction of $1,422,062.50. Following the transaction, the vice president now owns 1,057 shares of the company’s stock, valued at $161,192.50. The trade was a 89.82 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.20% of the company’s stock.

Chevron Stock Up 0.6 %

Shares of Chevron stock opened at $157.14 on Thursday. The business’s 50 day simple moving average is $151.82 and its 200 day simple moving average is $150.85. Chevron Co. has a 52-week low of $135.37 and a 52-week high of $167.11. The firm has a market cap of $282.39 billion, a PE ratio of 16.17, a P/E/G ratio of 1.43 and a beta of 1.11. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07.

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 analysts’ consensus estimates 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 period last year, the business posted $3.45 earnings per share. On average, analysts predict that Chevron Co. will post 10.79 earnings per share for the current fiscal year.

Chevron Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 10th. Shareholders of record on Friday, February 14th will be given a dividend of $1.71 per share. 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. This represents a $6.84 annualized dividend and a dividend yield of 4.35%. Chevron’s payout ratio is 70.37%.

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.