Aaron Wealth Advisors LLC lifted its stake in shares of Chevron Co. (NYSE:CVX – Get Rating) by 124.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,501 shares of the oil and gas company’s stock after buying an additional 1,938 shares during the quarter. Aaron Wealth Advisors LLC’s holdings in Chevron were worth $628,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also made changes to their positions in the stock. Covenant Asset Management LLC grew its position in shares of Chevron by 37.3% during the fourth quarter. Covenant Asset Management LLC now owns 8,187 shares of the oil and gas company’s stock worth $1,469,000 after buying an additional 2,224 shares in the last quarter. Investmark Advisory Group LLC grew its position in shares of Chevron by 2.0% during the fourth quarter. Investmark Advisory Group LLC now owns 23,338 shares of the oil and gas company’s stock worth $4,189,000 after buying an additional 451 shares in the last quarter. Schear Investment Advisers LLC acquired a new position in Chevron in the fourth quarter worth $2,375,000. Violich Capital Management Inc. boosted its holdings in Chevron by 0.7% in the fourth quarter. Violich Capital Management Inc. now owns 70,010 shares of the oil and gas company’s stock worth $12,566,000 after purchasing an additional 475 shares during the period. Finally, Forum Financial Management LP boosted its holdings in Chevron by 3.1% in the fourth quarter. Forum Financial Management LP now owns 29,880 shares of the oil and gas company’s stock worth $5,363,000 after purchasing an additional 899 shares during the period. Institutional investors and hedge funds own 69.37% of the company’s stock.
Chevron Price Performance
Shares of NYSE CVX opened at $169.04 on Wednesday. Chevron Co. has a fifty-two week low of $132.54 and a fifty-two week high of $189.68. The firm’s 50-day simple moving average is $164.77 and its 200 day simple moving average is $169.67. The company has a quick ratio of 1.23, a current ratio of 1.47 and a debt-to-equity ratio of 0.13. The stock has a market cap of $322.30 billion, a P/E ratio of 9.25, a P/E/G ratio of 0.79 and a beta of 1.16.
Chevron announced that its Board of Directors has approved a stock repurchase program on Wednesday, January 25th that allows the company to repurchase $75.00 billion in outstanding shares. This repurchase authorization allows the oil and gas company to repurchase up to 21.7% of its stock through open market purchases. Stock repurchase programs are typically 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. Shareholders of record on Thursday, February 16th were given a $1.51 dividend. The ex-dividend date of this dividend was Wednesday, February 15th. This is a boost from Chevron’s previous quarterly dividend of $1.42. This represents a $6.04 annualized dividend and a yield of 3.57%. Chevron’s payout ratio is 33.04%.
Insiders Place Their Bets
In other Chevron news, VP Rhonda J. Morris sold 19,666 shares of the business’s 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 sale, the vice president now directly owns 3,967 shares in the company, valued at $674,390. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.32% of the stock is owned by company insiders.
Wall Street Analyst Weigh In
A number of equities analysts have commented on CVX shares. StockNews.com started coverage on shares of Chevron in a report on Thursday, March 16th. They issued a “hold” rating for the company. Morgan Stanley decreased their price objective 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. Bank of America downgraded shares of Chevron from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $190.00 to $191.00 in a report on Friday, January 6th. Truist Financial raised their target price on Chevron from $169.00 to $179.00 and gave the company a “hold” rating in a research note on Tuesday, January 31st. Finally, Raymond James cut their target price on Chevron from $215.00 to $212.00 and set an “outperform” rating on the stock in a research note on Monday, January 30th. Eleven investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, Chevron currently has an average rating of “Hold” and a consensus price target of $189.89.
About Chevron
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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