Peoples Financial Services CORP. increased its position in shares of Chevron Co. (NYSE:CVX – Get Rating) by 4.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 18,458 shares of the oil and gas company’s stock after buying an additional 806 shares during the period. Chevron accounts for approximately 1.6% of Peoples Financial Services CORP.’s holdings, making the stock its 13th biggest position. Peoples Financial Services CORP.’s holdings in Chevron were worth $3,313,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of CVX. Worth Asset Management LLC acquired a new position in shares of Chevron in the first quarter valued at $36,000. JDM Financial Group LLC bought a new position in Chevron during the 4th quarter valued at about $42,000. Hillsdale Investment Management Inc. boosted its holdings in shares of Chevron by 127.3% in the 3rd quarter. Hillsdale Investment Management Inc. now owns 375 shares of the oil and gas company’s stock worth $54,000 after acquiring an additional 210 shares in the last quarter. CarsonAllaria Wealth Management Ltd. boosted its stake in Chevron by 65.9% in the third quarter. CarsonAllaria Wealth Management Ltd. now owns 423 shares of the oil and gas company’s stock worth $61,000 after purchasing an additional 168 shares in the last quarter. Finally, Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. lifted its position in Chevron by 275.0% during the 3rd quarter. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. now owns 600 shares of the oil and gas company’s stock worth $86,000 after buying an additional 440 shares in the last quarter. 69.37% of the stock is currently owned by institutional investors.
Chevron Trading Up 3.1 %
NYSE:CVX opened at $159.31 on Wednesday. The business’s 50-day simple moving average is $168.31 and its 200-day simple moving average is $169.52. Chevron Co. has a fifty-two week low of $132.54 and a fifty-two week high of $189.68. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.47 and a quick ratio of 1.23. The stock has a market capitalization of $303.75 billion, a PE ratio of 8.71, a price-to-earnings-growth ratio of 0.73 and a beta of 1.16.
Chevron declared that its Board of Directors has authorized a stock repurchase program on Wednesday, January 25th that allows the company to buyback $75.00 billion in shares. This buyback authorization allows the oil and gas company to purchase up to 21.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s leadership believes its shares are undervalued.
Chevron Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, March 10th. Shareholders of record on Thursday, February 16th were issued a dividend of $1.51 per share. This represents a $6.04 dividend on an annualized basis and a yield of 3.79%. The ex-dividend date was Wednesday, February 15th. This is a boost from Chevron’s previous quarterly dividend of $1.42. Chevron’s dividend payout ratio is 33.04%.
Insider Buying and Selling at Chevron
In other news, VP Rhonda J. Morris sold 19,666 shares of the company’s stock in a transaction dated 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 completion of the transaction, the vice president now directly owns 3,967 shares of the company’s stock, valued at $674,390. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.32% of the company’s stock.
Analysts Set New Price Targets
Several research firms have issued reports on CVX. StockNews.com initiated coverage on Chevron in a report on Thursday, March 16th. They set a “hold” rating on the stock. Morgan Stanley decreased their price target on Chevron from $197.00 to $195.00 and set an “equal weight” rating on the stock in a report on Monday, January 30th. Bank of America cut Chevron from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $190.00 to $191.00 in a report on Friday, January 6th. Piper Sandler reduced their target price on shares of Chevron from $206.00 to $199.00 and set an “overweight” rating on the stock in a research note on Monday, December 19th. Finally, Mizuho reissued a “neutral” rating and set a $206.00 price target on shares of Chevron in a research note on Friday, March 17th. One research 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’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $189.50.
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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