Heritage Wealth Advisors Cuts Stock Position in Chevron Co. (NYSE:CVX)

Heritage Wealth Advisors decreased its stake in shares of Chevron Co. (NYSE:CVX) by 6.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,435 shares of the oil and gas company’s stock after selling 706 shares during the quarter. Heritage Wealth Advisors’ holdings in Chevron were worth $1,511,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the stock. United Bank lifted its stake in shares of Chevron by 8.4% in the third quarter. United Bank now owns 8,095 shares of the oil and gas company’s stock worth $1,192,000 after buying an additional 629 shares in the last quarter. DRW Securities LLC raised its holdings in Chevron by 315.2% in the 3rd quarter. DRW Securities LLC now owns 11,210 shares of the oil and gas company’s stock worth $1,651,000 after acquiring an additional 8,510 shares during the last quarter. Loomis Sayles & Co. L P lifted its position in Chevron by 7.2% in the 3rd quarter. Loomis Sayles & Co. L P now owns 2,413 shares of the oil and gas company’s stock valued at $355,000 after acquiring an additional 163 shares in the last quarter. Brown Brothers Harriman & Co. boosted its stake in Chevron by 13.6% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 54,857 shares of the oil and gas company’s stock valued at $8,079,000 after purchasing an additional 6,558 shares during the last quarter. Finally, Truvestments Capital LLC bought a new stake in shares of Chevron in the 3rd quarter worth $180,000. 72.42% of the stock is owned by institutional investors.

Chevron Price Performance

Shares of NYSE:CVX opened at $165.93 on Wednesday. The company has a market capitalization of $292.14 billion, a P/E ratio of 17.07, a P/E/G ratio of 1.46 and a beta of 1.08. Chevron Co. has a 1-year low of $135.37 and a 1-year high of $167.82. The firm’s 50 day simple moving average is $156.67 and its two-hundred day simple moving average is $153.01. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80.

Chevron (NYSE:CVX) last issued its earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share 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 in the prior year, the company posted $3.45 earnings per share. Research analysts expect that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Friday, February 14th were paid a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 4.12%. The ex-dividend date was Friday, February 14th. This is an increase from Chevron’s previous quarterly dividend of $1.63. Chevron’s dividend payout ratio (DPR) is 70.37%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on CVX shares. UBS Group dropped their price objective on Chevron from $195.00 to $194.00 and set a “buy” rating on the stock in a research report on Monday, February 3rd. Raymond James dropped their price target on shares of Chevron from $180.00 to $175.00 and set an “outperform” rating on the stock in a report on Monday, February 3rd. Royal Bank of Canada reissued an “outperform” rating and set a $175.00 price objective on shares of Chevron in a report on Monday, February 3rd. Barclays dropped their target price on shares of Chevron from $174.00 to $171.00 and set an “overweight” rating on the stock in a report on Wednesday, February 5th. Finally, Piper Sandler lowered 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. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $174.13.

Insider Buying and Selling

In other news, VP Jeff B. Gustavson sold 9,325 shares of Chevron stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $152.50, for a total transaction of $1,422,062.50. Following the sale, the vice president now owns 1,057 shares in the company, valued at $161,192.50. This trade represents a 89.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.20% of the stock is owned by 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.