Bedell Frazier Investment Counselling LLC Raises Position in Chevron Co. (NYSE:CVX)

Bedell Frazier Investment Counselling LLC grew its stake in shares of Chevron Co. (NYSE:CVX) by 35.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 18,018 shares of the oil and gas company’s stock after buying an additional 4,742 shares during the quarter. Bedell Frazier Investment Counselling LLC’s holdings in Chevron were worth $2,610,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Edmond DE Rothschild Holding S.A. grew its holdings in shares of Chevron by 3.6% in the fourth quarter. Edmond DE Rothschild Holding S.A. now owns 7,620 shares of the oil and gas company’s stock worth $1,104,000 after purchasing an additional 268 shares during the last quarter. D L Carlson Investment Group Inc. raised its holdings in Chevron by 35.7% during the 4th quarter. D L Carlson Investment Group Inc. now owns 3,274 shares of the oil and gas company’s stock valued at $474,000 after buying an additional 862 shares during the last quarter. AIA Group Ltd boosted its position in Chevron by 20.5% during the 4th quarter. AIA Group Ltd now owns 35,327 shares of the oil and gas company’s stock valued at $5,117,000 after buying an additional 6,009 shares during the period. Hazlett Burt & Watson Inc. grew its holdings in Chevron by 7.6% in the 4th quarter. Hazlett Burt & Watson Inc. now owns 7,406 shares of the oil and gas company’s stock worth $1,075,000 after acquiring an additional 525 shares during the last quarter. Finally, Skba Capital Management LLC increased its position in shares of Chevron by 1.8% in the fourth quarter. Skba Capital Management LLC now owns 67,725 shares of the oil and gas company’s stock valued at $9,809,000 after acquiring an additional 1,200 shares during the period. Institutional investors own 72.42% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on CVX shares. Raymond James dropped their target price on shares of Chevron from $180.00 to $175.00 and set an “outperform” rating for the company in a report on Monday, February 3rd. Wells Fargo & Company dropped their price objective on Chevron from $188.00 to $184.00 and set an “overweight” rating for the company in a report on Monday, February 3rd. UBS Group reduced their target price on Chevron from $195.00 to $194.00 and set a “buy” rating on the stock in a research note on Monday, February 3rd. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $175.00 price target on shares of Chevron in a research note on Monday, February 3rd. Finally, Piper Sandler reduced their price objective on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, Chevron presently 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 the company’s stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $152.50, for a total value of $1,422,062.50. Following the transaction, the vice president now owns 1,057 shares in the company, valued at approximately $161,192.50. This represents a 89.82 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.20% of the stock is currently owned by company insiders.

Chevron Price Performance

Shares of NYSE CVX opened at $166.06 on Monday. The company has a 50 day simple moving average of $157.10 and a two-hundred day simple moving average of $153.60. Chevron Co. has a fifty-two week low of $135.37 and a fifty-two week high of $168.96. The company has a market capitalization of $292.37 billion, a price-to-earnings ratio of 17.08, a P/E/G ratio of 1.46 and a beta of 1.08. 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 data on Friday, January 31st. The oil and gas company reported $2.06 earnings per share 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 prior year, the business posted $3.45 EPS. Analysts expect that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Friday, February 14th were given a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 4.12%. The ex-dividend date was Friday, February 14th. This is a positive change from Chevron’s previous quarterly dividend of $1.63. Chevron’s payout ratio is currently 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.