Garner Asset Management Corp Boosts Stock Holdings in Chevron Co. (NYSE:CVX)

Garner Asset Management Corp raised its holdings in Chevron Co. (NYSE:CVX) by 8.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 25,950 shares of the oil and gas company’s stock after purchasing an additional 1,966 shares during the quarter. Chevron accounts for about 1.7% of Garner Asset Management Corp’s holdings, making the stock its 13th biggest position. Garner Asset Management Corp’s holdings in Chevron were worth $3,759,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Life Planning Partners Inc purchased a new stake in shares of Chevron during the 4th quarter worth approximately $25,000. IMG Wealth Management Inc. acquired a new position in Chevron during the fourth quarter worth $25,000. Mizuho Securities Co. Ltd. purchased a new stake in Chevron during the fourth quarter worth $29,000. Fairway Wealth LLC grew its holdings in 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. Finally, New Wave Wealth Advisors LLC purchased a new position in shares of Chevron in the fourth quarter valued at $39,000. Institutional investors and hedge funds own 72.42% of the company’s stock.

Chevron Stock Up 0.4 %

Shares of CVX opened at $135.49 on Friday. Chevron Co. has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The company’s fifty day moving average is $155.34 and its two-hundred day moving average is $153.81. The firm has a market cap of $238.54 billion, a PE ratio of 13.94, 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.

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 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 last year, the firm posted $3.45 earnings per share. Analysts forecast that Chevron Co. will post 10.79 earnings per share for the current year.

Chevron Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Friday, February 14th were issued a dividend of $1.71 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 5.05%. This is a boost from Chevron’s previous quarterly dividend of $1.63. Chevron’s payout ratio is presently 70.37%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on CVX shares. Wells Fargo & Company lowered their price objective 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. Truist Financial lowered their target price on Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a report on Tuesday, February 4th. Barclays cut 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. Piper Sandler reduced their price objective on Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $175.00 price objective on shares of Chevron in a research report on Monday, February 3rd. Five research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $172.20.

Insider Buying and Selling

In other Chevron news, VP Jeff B. Gustavson sold 9,325 shares of the business’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 transaction of $1,422,062.50. Following the completion of the sale, the vice president now directly owns 1,057 shares in the company, valued at $161,192.50. The trade was a 89.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.20% of the company’s stock.

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.