Meridian Wealth Advisors LLC lessened its holdings in Chevron Co. (NYSE:CVX – Get Rating) by 55.3% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 9,497 shares of the oil and gas company’s stock after selling 11,740 shares during the period. Meridian Wealth Advisors LLC’s holdings in Chevron were worth $1,705,000 as of its most recent SEC filing.
Several other large investors also recently added to or reduced their stakes in CVX. Cantor Fitzgerald Investment Advisor L.P boosted its stake in 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 valued at $25,908,000 after buying an additional 73,141 shares during the period. Axiom Financial Strategies LLC boosted its stake in 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 valued at $1,155,000 after buying an additional 1,476 shares during the period. GQG Partners LLC boosted its stake in Chevron by 4.7% during the first quarter. GQG Partners LLC now owns 40,538 shares of the oil and gas company’s stock valued at $6,598,000 after buying an additional 1,813 shares during the period. Lumature Wealth Partners LLC boosted its stake in 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 valued at $950,000 after buying an additional 1,770 shares during the period. Finally, First Trust Advisors LP lifted its stake in 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 purchasing an additional 250,840 shares during the last quarter. Institutional investors own 69.37% of the company’s stock.
Chevron Stock Up 0.5 %
CVX opened at $163.16 on Monday. The firm has a 50-day simple moving average of $165.22 and a two-hundred day simple moving average of $169.51. Chevron Co. has a 52 week low of $132.54 and a 52 week high of $189.68. The company has a market capitalization of $311.09 billion, a PE ratio of 8.93, a price-to-earnings-growth ratio of 0.79 and a beta of 1.16. 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 declared that its Board of Directors has approved a share buyback plan on Wednesday, January 25th that allows the company to repurchase $75.00 billion in shares. This repurchase authorization allows the oil and gas company to buy up to 21.7% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its shares are undervalued.
Chevron Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, March 10th. Investors of record on Thursday, February 16th were issued a $1.51 dividend. This is an increase 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 dividend on an annualized basis and a dividend yield of 3.70%. Chevron’s dividend payout ratio (DPR) is presently 33.04%.
Insider Activity at Chevron
In related news, VP Rhonda J. Morris sold 19,666 shares of the stock in a transaction dated Tuesday, February 7th. The shares were sold at an average price of $170.00, for a total value of $3,343,220.00. Following the completion of the transaction, 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 SEC, which can be accessed through this hyperlink. 0.32% of the stock is owned by insiders.
Wall Street Analyst Weigh In
Several research analysts have recently commented on the company. Wells Fargo & Company decreased their price objective on Chevron from $204.00 to $199.00 and set an “overweight” rating on the stock in a report on Thursday, March 2nd. BNP Paribas downgraded Chevron from a “neutral” rating to an “underperform” rating and set a $190.00 price target on the stock. in a report on Wednesday, December 14th. Truist Financial boosted their price target on Chevron from $169.00 to $179.00 and gave the company a “hold” rating in a report on Tuesday, January 31st. Cowen reduced their price target on Chevron from $185.00 to $170.00 and set an “outperform” rating on the stock in a report on Friday, February 24th. Finally, Raymond James reduced their target price on Chevron from $215.00 to $212.00 and set an “outperform” rating on the stock in a report on Monday, January 30th. 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 stock. According to data from MarketBeat, the company currently has an average 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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