Community Trust & Investment Co. lowered its holdings in Chevron Co. (NYSE:CVX – Get Rating) by 5.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 111,800 shares of the oil and gas company’s stock after selling 5,886 shares during the period. Chevron makes up 1.8% of Community Trust & Investment Co.’s portfolio, making the stock its 13th biggest position. Community Trust & Investment Co.’s holdings in Chevron were worth $20,067,000 at the end of the most recent quarter.
A number of other hedge funds also recently modified their holdings of the business. Cantor Fitzgerald Investment Advisor L.P raised its holdings in shares of Chevron by 85.1% during the first quarter. Cantor Fitzgerald Investment Advisor L.P now owns 159,115 shares of the oil and gas company’s stock worth $25,908,000 after acquiring an additional 73,141 shares in the last quarter. Axiom Financial Strategies LLC raised its holdings in shares of Chevron by 25.2% during the first quarter. Axiom Financial Strategies LLC now owns 7,335 shares of the oil and gas company’s stock worth $1,155,000 after acquiring an additional 1,476 shares in the last quarter. GQG Partners LLC raised its holdings in shares of Chevron by 4.7% during the first quarter. GQG Partners LLC now owns 40,538 shares of the oil and gas company’s stock worth $6,598,000 after acquiring an additional 1,813 shares in the last quarter. Lumature Wealth Partners LLC raised its holdings in shares of Chevron by 43.5% during the first quarter. Lumature Wealth Partners LLC now owns 5,837 shares of the oil and gas company’s stock worth $950,000 after acquiring an additional 1,770 shares in the last quarter. Finally, First Trust Advisors LP raised its holdings in shares of Chevron by 13.8% during the first quarter. First Trust Advisors LP now owns 2,068,600 shares of the oil and gas company’s stock worth $336,830,000 after acquiring an additional 250,840 shares in the last quarter. Hedge funds and other institutional investors own 69.37% of the company’s stock.
Chevron Stock Performance
CVX opened at $152.34 on Monday. Chevron Co. has a 12-month low of $132.54 and a 12-month high of $189.68. The firm has a market capitalization of $290.46 billion, a P/E ratio of 8.33, a price-to-earnings-growth ratio of 0.72 and a beta of 1.16. The stock’s 50 day moving average price is $169.06 and its two-hundred day moving average price is $169.52. The company has a quick ratio of 1.23, a current ratio of 1.47 and a debt-to-equity ratio of 0.13.
Chevron Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, March 10th. Stockholders of record on Thursday, February 16th were issued a dividend of $1.51 per share. This represents a $6.04 annualized dividend and a dividend yield of 3.96%. The ex-dividend date was Wednesday, February 15th. This is a positive change from Chevron’s previous quarterly dividend of $1.42. Chevron’s dividend payout ratio (DPR) is presently 33.04%.
Chevron announced that its Board of Directors has approved a stock buyback plan on Wednesday, January 25th that authorizes the company to repurchase $75.00 billion in outstanding shares. This repurchase authorization authorizes the oil and gas company to reacquire up to 21.7% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
Analyst Ratings Changes
CVX has been the topic of several analyst reports. BNP Paribas downgraded shares of Chevron from a “neutral” rating to an “underperform” rating and set a $190.00 target price on the stock. in a research report on Wednesday, December 14th. Truist Financial raised their price objective on Chevron from $169.00 to $179.00 and gave the company a “hold” rating in a research note on Tuesday, January 31st. HSBC raised their price objective on Chevron to $187.00 in a research note on Friday, December 2nd. Mizuho reissued a “neutral” rating and issued a $206.00 price objective on shares of Chevron in a research note on Friday. Finally, StockNews.com assumed coverage on Chevron in a research note on Thursday. They issued a “hold” rating on the stock. One analyst has rated the stock with a sell rating, ten have issued a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $189.50.
Insider Transactions at Chevron
In other news, VP Rhonda J. Morris sold 19,666 shares of Chevron stock in a transaction that occurred on Tuesday, February 7th. The stock was sold at an average price of $170.00, for a total transaction of $3,343,220.00. Following the sale, the vice president now owns 3,967 shares of the company’s stock, valued at approximately $674,390. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.32% of the stock is owned by insiders.
Chevron Company Profile
Chevron Corp. engages in the provision of administrative, financial management, and technology support for energy and chemical operations. It operates through the Upstream and Downstream segments. The Upstream segment consists of the exploration, development, and production of crude oil and natural gas, the liquefaction, transportation, and regasification associated with liquefied natural gas, the transporting of crude oil by major international oil export pipelines, the processing, transporting, storage, and marketing of natural gas, and a gas-to-liquids plant.
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