Tarbox Family Office Inc. acquired a new position in shares of Chevron Co. (NYSE:CVX – Get Rating) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 1,351 shares of the oil and gas company’s stock, valued at approximately $242,000.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Good Life Advisors LLC increased its holdings in shares of Chevron by 2.6% in the 3rd quarter. Good Life Advisors LLC now owns 28,054 shares of the oil and gas company’s stock valued at $4,031,000 after acquiring an additional 719 shares during the period. M&R Capital Management Inc. increased its holdings in shares of Chevron by 9.8% in the 4th quarter. M&R Capital Management Inc. now owns 7,580 shares of the oil and gas company’s stock valued at $1,361,000 after acquiring an additional 674 shares during the period. Sage Mountain Advisors LLC increased its holdings in shares of Chevron by 77.1% in the 2nd quarter. Sage Mountain Advisors LLC now owns 6,046 shares of the oil and gas company’s stock valued at $875,000 after acquiring an additional 2,632 shares during the period. CapWealth Advisors LLC increased its holdings in shares of Chevron by 0.6% in the 3rd quarter. CapWealth Advisors LLC now owns 173,721 shares of the oil and gas company’s stock valued at $24,959,000 after acquiring an additional 1,097 shares during the period. Finally, Joel Isaacson & Co. LLC increased its holdings in shares of Chevron by 0.8% in the 3rd quarter. Joel Isaacson & Co. LLC now owns 18,710 shares of the oil and gas company’s stock valued at $2,688,000 after acquiring an additional 155 shares during the period. Institutional investors and hedge funds own 69.37% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of equities analysts have recently commented on CVX shares. Piper Sandler cut their target price on shares of Chevron from $206.00 to $199.00 and set an “overweight” rating on the stock in a report on Monday, December 19th. Cowen lowered their price objective on shares of Chevron from $185.00 to $170.00 and set an “outperform” rating on the stock in a research report on Friday, February 24th. Bank of America lowered shares of Chevron from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $190.00 to $191.00 in a research report on Friday, January 6th. BNP Paribas upgraded shares of Chevron from an “underperform” rating to a “neutral” rating and set a $200.00 price objective on the stock in a research report on Tuesday. Finally, Wells Fargo & Company lowered their price objective 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. Eleven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $189.76.
Chevron Price Performance
Chevron (NYSE:CVX – Get Rating) last released its quarterly earnings data 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 return on equity of 23.52% and a net margin of 14.40%. The business had revenue of $56.47 billion during the quarter, compared to analysts’ expectations of $53.97 billion. During the same quarter in the prior year, the firm earned $2.56 earnings per share. Chevron’s quarterly revenue was up 17.1% on a year-over-year basis. On average, equities research analysts predict that Chevron Co. will post 14.56 EPS for the current fiscal year.
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 $1.51 dividend. This represents a $6.04 dividend on an annualized basis and a yield of 3.56%. 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. Chevron’s dividend payout ratio is 33.04%.
Chevron declared that its board has initiated a share buyback plan on Wednesday, January 25th that permits the company to repurchase $75.00 billion in outstanding shares. This repurchase authorization permits the oil and gas company to purchase up to 21.7% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its shares are undervalued.
Insider Buying and Selling at Chevron
In other Chevron news, VP Rhonda J. Morris sold 19,666 shares of the company’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 transaction, the vice president now directly owns 3,967 shares in the company, valued at approximately $674,390. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.32% of the stock is owned by insiders.
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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