ZEGA Investments LLC Takes $427,000 Position in Chevron Co. (NYSE:CVX)

ZEGA Investments LLC purchased a new position in shares of Chevron Co. (NYSE:CVX) during the fourth quarter, HoldingsChannel reports. The firm purchased 2,743 shares of the oil and gas company’s stock, valued at approximately $427,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of CVX. IMG Wealth Management Inc. acquired a new position in shares of Chevron during the 4th quarter worth approximately $25,000. Legacy Investment Solutions LLC bought a new position in Chevron during the third quarter worth $29,000. Fairway Wealth LLC increased its holdings in shares of Chevron by 75.9% in the fourth quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company’s stock valued at $30,000 after purchasing an additional 88 shares during the last quarter. Darwin Wealth Management LLC bought a new position in shares of Chevron in the third quarter valued at about $30,000. Finally, RPg Family Wealth Advisory LLC acquired a new stake in shares of Chevron during the 3rd quarter worth about $31,000. Institutional investors own 72.42% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on CVX shares. Royal Bank of Canada reissued an “outperform” rating and issued a $175.00 price target on shares of Chevron in a report on Monday, February 3rd. Piper Sandler lowered their target price on Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. Barclays dropped their price target on Chevron from $174.00 to $171.00 and set an “overweight” rating for the company in a report on Wednesday, February 5th. Raymond James decreased their price objective on Chevron from $180.00 to $175.00 and set an “outperform” rating on the stock in a report on Monday, February 3rd. Finally, Wells Fargo & Company dropped their target price on Chevron from $188.00 to $184.00 and set an “overweight” rating for the company in a report on Monday, February 3rd. Four analysts have rated the stock with a hold rating and thirteen have given 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 $174.13.

Chevron Trading Down 0.2 %

Shares of Chevron stock opened at $164.37 on Friday. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. Chevron Co. has a 12-month low of $135.37 and a 12-month high of $167.11. The company has a market capitalization of $289.39 billion, a price-to-earnings ratio of 16.91, a PEG ratio of 1.46 and a beta of 1.08. The firm’s 50-day moving average price is $156.29 and its two-hundred day moving average price is $152.51.

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 the consensus estimate of $2.42 by ($0.36). Chevron had a return on equity of 11.44% and a net margin of 8.71%. During the same quarter last year, the business posted $3.45 EPS. On average, analysts forecast that Chevron Co. will post 10.79 earnings per share for the current fiscal year.

Chevron Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Friday, February 14th were paid a $1.71 dividend. This is a positive change from Chevron’s previous quarterly dividend of $1.63. The ex-dividend date of this dividend was Friday, February 14th. This represents a $6.84 annualized dividend and a dividend yield of 4.16%. Chevron’s dividend payout ratio (DPR) is presently 70.37%.

Insider Buying and Selling

In other Chevron news, VP Jeff B. Gustavson sold 9,325 shares of the business’s stock in a transaction dated 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 completion of the transaction, the vice president now owns 1,057 shares of the company’s stock, valued at approximately $161,192.50. The trade was a 89.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.20% of the stock is owned by corporate insiders.

Chevron Company 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.