Gilman Hill Asset Management LLC reduced its holdings in shares of Chevron Co. (NYSE:CVX – Get Rating) by 28.3% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 41,031 shares of the oil and gas company’s stock after selling 16,197 shares during the quarter. Chevron accounts for about 1.5% of Gilman Hill Asset Management LLC’s holdings, making the stock its 18th biggest holding. Gilman Hill Asset Management LLC’s holdings in Chevron were worth $7,365,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of the business. Nvest Financial LLC lifted its position in shares of Chevron by 3.8% during the 4th quarter. Nvest Financial LLC now owns 15,349 shares of the oil and gas company’s stock worth $2,755,000 after buying an additional 569 shares during the last quarter. Hengehold Capital Management LLC lifted its position in shares of Chevron by 0.6% during the 4th quarter. Hengehold Capital Management LLC now owns 32,226 shares of the oil and gas company’s stock worth $5,784,000 after buying an additional 207 shares during the last quarter. MorganRosel Wealth Management LLC bought a new position in Chevron in the fourth quarter valued at about $248,000. Strategic Investment Advisors MI raised its position in Chevron by 10.8% in the fourth quarter. Strategic Investment Advisors MI now owns 1,890 shares of the oil and gas company’s stock valued at $339,000 after purchasing an additional 184 shares during the last quarter. Finally, Crescent Sterling Ltd. bought a new position in Chevron in the fourth quarter valued at about $4,778,000. 69.37% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
Several research firms have commented on CVX. Bank of America downgraded Chevron from a “buy” rating to a “neutral” rating and increased their target price for the company from $190.00 to $191.00 in a research report on Friday, January 6th. Morgan Stanley lowered their price objective on Chevron from $195.00 to $192.00 and set an “equal weight” rating for the company in a research report on Monday. StockNews.com assumed coverage on Chevron in a research note on Thursday, March 16th. They set a “hold” rating for the company. Piper Sandler dropped their price target on Chevron from $206.00 to $199.00 and set an “overweight” rating on the stock in a report on Monday, December 19th. Finally, HSBC lifted their price target on Chevron to $187.00 in a research report on Friday, December 2nd. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $189.33.
Chevron Stock Performance
Chevron (NYSE:CVX – Get Rating) last issued its earnings results on Friday, January 27th. The oil and gas company reported $4.09 EPS for the quarter, missing the consensus estimate of $4.16 by ($0.07). Chevron had a net margin of 14.40% and a return on equity of 23.52%. The business had revenue of $56.47 billion for the quarter, compared to analysts’ expectations of $53.97 billion. During the same quarter in the prior year, the business posted $2.56 earnings per share. The business’s revenue for the quarter was up 17.1% on a year-over-year basis. On average, equities research analysts predict that Chevron Co. will post 14.55 earnings per share for the current fiscal year.
Chevron Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, March 10th. Investors of record on Thursday, February 16th were issued a $1.51 dividend. The ex-dividend date was Wednesday, February 15th. This represents a $6.04 annualized dividend and a dividend yield of 3.75%. This is a positive change from Chevron’s previous quarterly dividend of $1.42. Chevron’s payout ratio is presently 33.04%.
Chevron declared that its board has authorized a stock buyback plan on Wednesday, January 25th that authorizes the company to buyback $75.00 billion in outstanding shares. This buyback authorization authorizes the oil and gas company to repurchase up to 21.7% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board believes its shares are undervalued.
Insider Buying and Selling
In related news, VP Rhonda J. Morris sold 19,666 shares of Chevron stock in a transaction on Tuesday, February 7th. The stock was sold at an average price of $170.00, for a total value of $3,343,220.00. Following the completion of the sale, the vice president now owns 3,967 shares of the company’s stock, valued at $674,390. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.32% of the stock is currently owned by corporate insiders.
Chevron 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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