Sandbox Financial Partners LLC increased its stake in shares of Chevron Co. (NYSE:CVX – Get Rating) by 54.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,597 shares of the oil and gas company’s stock after buying an additional 3,365 shares during the quarter. Chevron comprises approximately 1.2% of Sandbox Financial Partners LLC’s holdings, making the stock its 16th largest position. Sandbox Financial Partners LLC’s holdings in Chevron were worth $1,723,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. Good Life Advisors LLC grew its stake in shares of Chevron by 2.6% in the third quarter. Good Life Advisors LLC now owns 28,054 shares of the oil and gas company’s stock worth $4,031,000 after purchasing an additional 719 shares in the last quarter. M&R Capital Management Inc. grew its stake in shares of Chevron by 9.8% in the fourth quarter. M&R Capital Management Inc. now owns 7,580 shares of the oil and gas company’s stock worth $1,361,000 after purchasing an additional 674 shares in the last quarter. Sage Mountain Advisors LLC grew its stake in shares of Chevron by 77.1% in the second quarter. Sage Mountain Advisors LLC now owns 6,046 shares of the oil and gas company’s stock worth $875,000 after purchasing an additional 2,632 shares in the last quarter. CapWealth Advisors LLC grew its stake in shares of Chevron by 0.6% in the third quarter. CapWealth Advisors LLC now owns 173,721 shares of the oil and gas company’s stock worth $24,959,000 after purchasing an additional 1,097 shares in the last quarter. Finally, Joel Isaacson & Co. LLC grew its stake in shares of Chevron by 0.8% in the third quarter. Joel Isaacson & Co. LLC now owns 18,710 shares of the oil and gas company’s stock worth $2,688,000 after purchasing an additional 155 shares in the last quarter. 69.37% of the stock is currently owned by institutional investors.
Chevron Stock Performance
Shares of NYSE CVX opened at $167.65 on Friday. The business’s 50-day simple moving average is $164.18 and its 200-day simple moving average is $169.66. Chevron Co. has a 52 week low of $132.54 and a 52 week high of $189.68. The firm has a market cap of $319.65 billion, a price-to-earnings ratio of 9.17, a P/E/G ratio of 0.81 and a beta of 1.16. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.23 and a current ratio of 1.47.
Chevron announced that its Board of Directors has approved a share buyback program on Wednesday, January 25th that permits the company to repurchase $75.00 billion in shares. This repurchase authorization permits the oil and gas company to buy up to 21.7% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.
Chevron Increases Dividend
The company also recently disclosed 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 was Wednesday, February 15th. This represents a $6.04 dividend on an annualized basis and a dividend yield of 3.60%. This is an increase from Chevron’s previous quarterly dividend of $1.42. Chevron’s dividend payout ratio (DPR) is currently 33.04%.
Insiders Place Their Bets
In other Chevron news, VP Rhonda J. Morris sold 19,666 shares of the firm’s stock in a transaction that occurred 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 in the company, valued at approximately $674,390. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.32% of the company’s stock.
Analyst Upgrades and Downgrades
Several brokerages have recently weighed in on CVX. BNP Paribas upgraded Chevron from an “underperform” rating to a “neutral” rating and set a $200.00 price objective for the company in a report on Tuesday. Truist Financial upped their price objective on Chevron from $169.00 to $179.00 and gave the company a “hold” rating in a report on Tuesday, January 31st. Piper Sandler cut their price objective on Chevron from $206.00 to $199.00 and set an “overweight” rating for the company in a report on Monday, December 19th. Morgan Stanley cut their price objective on Chevron from $195.00 to $192.00 and set an “equal weight” rating for the company in a report on Monday, March 27th. Finally, Barclays upped their price objective on Chevron from $196.00 to $212.00 and gave the company an “overweight” rating in a report on Tuesday, January 3rd. Eleven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, Chevron currently has a consensus rating of “Hold” and a consensus price target of $189.76.
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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