Farmers & Merchants Trust Co of Chambersburg PA raised its holdings in shares of Chevron Co. (NYSE:CVX – Get Rating) by 1.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 29,953 shares of the oil and gas company’s stock after buying an additional 380 shares during the period. Chevron comprises approximately 3.7% of Farmers & Merchants Trust Co of Chambersburg PA’s portfolio, making the stock its largest position. Farmers & Merchants Trust Co of Chambersburg PA’s holdings in Chevron were worth $5,376,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in the business. Worth Asset Management LLC purchased a new stake in shares of Chevron during the first quarter worth about $36,000. JDM Financial Group LLC purchased a new position in shares of Chevron during the fourth quarter valued at approximately $42,000. Global Wealth Strategies & Associates purchased a new position in shares of Chevron during the fourth quarter valued at approximately $46,000. Hillsdale Investment Management Inc. raised its holdings in 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 during the last quarter. Finally, CarsonAllaria Wealth Management Ltd. raised its holdings in Chevron by 65.9% in the 3rd quarter. CarsonAllaria Wealth Management Ltd. now owns 423 shares of the oil and gas company’s stock worth $61,000 after acquiring an additional 168 shares during the last quarter. 69.37% of the stock is currently owned by hedge funds and other institutional investors.
Chevron Price Performance
NYSE CVX opened at $163.16 on Friday. The company has a market cap of $311.09 billion, a PE ratio of 8.93, a P/E/G ratio of 0.78 and a beta of 1.16. Chevron Co. has a 52-week low of $132.54 and a 52-week high of $189.68. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.23 and a current ratio of 1.47. The firm’s 50 day moving average price is $165.22 and its 200-day moving average price is $169.40.
Chevron announced 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 outstanding 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 generally an indication that the company’s leadership believes its shares are undervalued.
Chevron Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, March 10th. Stockholders of record on Thursday, February 16th were given a $1.51 dividend. This is a positive change from Chevron’s previous quarterly dividend of $1.42. The ex-dividend date of this dividend was Wednesday, February 15th. This represents a $6.04 annualized dividend and a dividend yield of 3.70%. Chevron’s dividend payout ratio (DPR) is 33.04%.
Insider Buying and Selling
In other Chevron news, VP Rhonda J. Morris sold 19,666 shares of Chevron stock in a transaction dated Tuesday, February 7th. The shares were sold at an average price of $170.00, for a total transaction of $3,343,220.00. Following the transaction, the vice president now directly owns 3,967 shares of the company’s stock, valued at $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 currently owned by company insiders.
Analyst Ratings Changes
A number of equities research analysts have weighed in on CVX shares. HSBC boosted their target price on shares of Chevron to $187.00 in a research note on Friday, December 2nd. Raymond James dropped their target price on shares of Chevron from $215.00 to $212.00 and set an “outperform” rating for the company in a report on Monday, January 30th. Morgan Stanley dropped their target price on shares of Chevron from $195.00 to $192.00 and set an “equal weight” rating for the company in a report on Monday, March 27th. StockNews.com initiated coverage on shares of Chevron in a research note on Thursday, March 16th. They issued a “hold” rating on the stock. Finally, Wells Fargo & Company decreased their target price on shares of Chevron from $204.00 to $199.00 and set an “overweight” rating on the stock in a research report on Thursday, March 2nd. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $189.33.
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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