Oppenheimer & Co. Inc. Lowers Position in Chevron Co. (NYSE:CVX)

Oppenheimer & Co. Inc. cut its holdings in shares of Chevron Co. (NYSE:CVX) by 0.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 173,119 shares of the oil and gas company’s stock after selling 188 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Chevron were worth $25,075,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of CVX. Charles Schwab Investment Management Inc. boosted 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 acquiring an additional 3,203,899 shares during the period. RPG Investment Advisory LLC raised its position in Chevron by 3.4% in 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 in the last quarter. State Street Corp raised its position in Chevron by 0.6% in 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 in the last quarter. LPL Financial LLC raised its position in Chevron by 5.7% in the 3rd quarter. LPL Financial LLC now owns 3,147,686 shares of the oil and gas company’s stock valued at $463,560,000 after purchasing an additional 171,089 shares in the last quarter. Finally, Dale Q Rice Investment Management Ltd acquired a new stake in Chevron in the 4th quarter valued at about $594,000. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Stock Down 0.9 %

CVX opened at $154.99 on Thursday. Chevron Co. has a one year low of $135.37 and a one year high of $167.11. The company has a market cap of $278.53 billion, a price-to-earnings ratio of 15.95, a PEG ratio of 1.46 and a beta of 1.11. The business’s fifty day moving average is $152.52 and its two-hundred day moving average is $151.31. 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 posted its quarterly 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 in the previous year, the company posted $3.45 EPS. Analysts anticipate that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 10th. Investors of record on Friday, February 14th will be issued a $1.71 dividend. The ex-dividend date is Friday, February 14th. This represents a $6.84 dividend on an annualized basis and a yield of 4.41%. This is an increase from Chevron’s previous quarterly dividend of $1.63. Chevron’s dividend payout ratio is currently 70.37%.

Analysts Set New Price Targets

A number of research firms have issued reports on CVX. Truist Financial reduced their price target on Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a research report on Tuesday, February 4th. Royal Bank of Canada reissued an “outperform” rating and set a $175.00 target price on shares of Chevron in a research report on Monday, February 3rd. UBS Group cut their target price on Chevron from $195.00 to $194.00 and set a “buy” rating on the stock in a research report on Monday, February 3rd. DZ Bank raised Chevron from a “hold” rating to a “buy” rating and set a $170.00 price target on the stock in a research report on Tuesday, November 5th. Finally, Wells Fargo & Company cut their price target on Chevron from $188.00 to $184.00 and set an “overweight” rating on the stock in a research report on Monday, February 3rd. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, Chevron presently has an average rating of “Moderate Buy” and an average target price of $174.13.

Insider Activity at Chevron

In other news, VP Jeff B. Gustavson sold 9,325 shares of the 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 sale, the vice president now directly owns 1,057 shares in the company, valued at approximately $161,192.50. This represents a 89.82 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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.