Tower Bridge Advisors Sells 875 Shares of Chevron Co. (NYSE:CVX)

Tower Bridge Advisors lowered its position in shares of Chevron Co. (NYSE:CVX) by 1.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 59,279 shares of the oil and gas company’s stock after selling 875 shares during the quarter. Tower Bridge Advisors’ holdings in Chevron were worth $8,586,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the company. Legacy Investment Solutions LLC purchased a new position in shares of Chevron in the third quarter worth $29,000. Rational Advisors LLC purchased a new position in shares of Chevron in the third quarter worth $29,000. Darwin Wealth Management LLC purchased a new position in shares of Chevron in the third quarter worth $30,000. RPg Family Wealth Advisory LLC purchased a new stake in Chevron during the third quarter valued at $31,000. Finally, New Wave Wealth Advisors LLC purchased a new stake in Chevron during the fourth quarter valued at $39,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Piper Sandler decreased their price target on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. Truist Financial decreased their price target on shares of Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a research note on Tuesday, February 4th. Wells Fargo & Company decreased their price target on shares of Chevron from $188.00 to $184.00 and set an “overweight” rating on the stock in a research note on Monday, February 3rd. DZ Bank raised shares of Chevron from a “hold” rating to a “buy” rating and set a $170.00 price target on the stock in a research note on Tuesday, November 5th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $175.00 price target on shares of Chevron in a research note on Monday, February 3rd. Four equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $174.13.

Chevron Stock Performance

CVX stock opened at $158.59 on Friday. The firm has a market cap of $285.00 billion, a price-to-earnings ratio of 16.32, a PEG ratio of 1.46 and a beta of 1.11. The firm has a 50-day simple moving average of $153.14 and a two-hundred day simple moving average of $151.44. Chevron Co. has a one year low of $135.37 and a one year high of $167.11. 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 released its quarterly earnings results on Friday, January 31st. The oil and gas company reported $2.06 EPS for the quarter, missing the consensus estimate 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 quarter in the previous year, the business earned $3.45 EPS. On average, equities analysts forecast that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Increases Dividend

The company 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 represents a $6.84 annualized dividend and a dividend yield of 4.31%. This is a positive change from Chevron’s previous quarterly dividend of $1.63. The ex-dividend date is Friday, February 14th. Chevron’s dividend payout ratio is presently 70.37%.

Insider Buying and Selling at Chevron

In related news, VP Jeff B. Gustavson sold 9,325 shares of the 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 completion of the transaction, the vice president now directly owns 1,057 shares of the company’s stock, valued at $161,192.50. This trade represents a 89.82 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.20% of the company’s stock.

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.