Peapack Gladstone Financial Corp Reduces Holdings in Chevron Co. (NYSE:CVX)

Peapack Gladstone Financial Corp decreased its stake in shares of Chevron Co. (NYSE:CVX) by 1.6% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 353,298 shares of the oil and gas company’s stock after selling 5,687 shares during the period. Peapack Gladstone Financial Corp’s holdings in Chevron were worth $51,172,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently added to or reduced their stakes in CVX. United Bank grew its holdings in shares of Chevron by 8.4% during the third quarter. United Bank now owns 8,095 shares of the oil and gas company’s stock valued at $1,192,000 after buying an additional 629 shares in the last quarter. Arete Wealth Advisors LLC bought a new position in shares of Chevron during the 3rd quarter worth about $2,370,000. Two Sigma Advisers LP raised its holdings in Chevron by 1,202.3% in the 3rd quarter. Two Sigma Advisers LP now owns 245,563 shares of the oil and gas company’s stock valued at $36,164,000 after acquiring an additional 226,707 shares in the last quarter. Kovitz Investment Group Partners LLC boosted its position in shares of Chevron by 45.8% during the 3rd quarter. Kovitz Investment Group Partners LLC now owns 169,566 shares of the oil and gas company’s stock valued at $24,972,000 after acquiring an additional 53,295 shares in the last quarter. Finally, Insigneo Advisory Services LLC raised its stake in Chevron by 7.2% during the third quarter. Insigneo Advisory Services LLC now owns 18,189 shares of the oil and gas company’s stock worth $2,679,000 after acquiring an additional 1,226 shares in the last quarter. Institutional investors own 72.42% of the company’s stock.

Chevron Price Performance

NYSE CVX opened at $143.10 on Friday. Chevron Co. has a 52 week low of $135.37 and a 52 week high of $168.96. The company has a market cap of $251.95 billion, a PE ratio of 14.72, a price-to-earnings-growth ratio of 1.46 and a beta of 0.93. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. The firm’s 50-day simple moving average is $157.38 and its two-hundred day simple moving average is $154.18.

Chevron (NYSE:CVX) last posted its quarterly earnings data 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 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. Research analysts predict that Chevron Co. will post 10.79 earnings per share for the current year.

Chevron Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Friday, February 14th were given a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 4.78%. This is a positive change from Chevron’s previous quarterly dividend of $1.63. The ex-dividend date was Friday, February 14th. Chevron’s dividend payout ratio (DPR) is presently 70.37%.

Analyst Upgrades and Downgrades

Several analysts have recently commented 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 objective on shares of Chevron from $164.00 to $160.00 and set a “hold” rating for the company in a report on Tuesday, February 4th. UBS Group dropped their price target on Chevron from $195.00 to $194.00 and set a “buy” rating on the stock in a research report on Monday, February 3rd. Royal Bank of Canada reiterated an “outperform” rating and set a $175.00 target price on shares of Chevron in a report on Monday, February 3rd. Finally, Raymond James reduced 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. Four equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $174.13.

Insider Buying and Selling

In other Chevron news, VP Jeff B. Gustavson sold 9,325 shares of the company’s stock in a transaction 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 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 owned by insiders.

About Chevron

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.