CENTRAL TRUST Co trimmed its holdings in Chevron Co. (NYSE:CVX – Get Rating) by 1.2% during the 4th quarter, Holdings Channel.com reports. The firm owned 182,470 shares of the oil and gas company’s stock after selling 2,165 shares during the period. Chevron accounts for 1.0% of CENTRAL TRUST Co’s holdings, making the stock its 23rd biggest holding. CENTRAL TRUST Co’s holdings in Chevron were worth $32,752,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Worth Asset Management LLC acquired a new position in Chevron in the 1st quarter worth about $36,000. JDM Financial Group LLC purchased a new stake in shares of Chevron during the fourth quarter worth about $42,000. Global Wealth Strategies & Associates acquired a new position in shares of Chevron during the 4th quarter worth about $46,000. Orion Capital Management LLC lifted its stake in Chevron by 32.9% in the 4th quarter. Orion Capital Management LLC now owns 295 shares of the oil and gas company’s stock valued at $53,000 after buying an additional 73 shares in the last quarter. Finally, Hillsdale Investment Management Inc. boosted 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 buying an additional 210 shares during the last quarter. 69.37% of the stock is owned by institutional investors and hedge funds.
Chevron Stock Performance
Shares of Chevron stock opened at $167.65 on Monday. The business’s fifty day simple moving average is $163.94 and its 200-day simple moving average is $169.93. 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 firm has a market cap of $319.65 billion, a PE ratio of 9.17, a price-to-earnings-growth ratio of 0.81 and a beta of 1.16. Chevron Co. has a 52 week low of $132.54 and a 52 week high of $189.68.
Chevron announced that its Board of Directors has initiated a stock buyback 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 buy up to 21.7% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board believes its shares are undervalued.
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 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 dividend on an annualized basis and a yield of 3.60%. Chevron’s payout ratio is presently 33.04%.
Insider Transactions at Chevron
In related news, VP Rhonda J. Morris sold 19,666 shares of the business’s stock in a transaction 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 sale, the vice president now owns 3,967 shares in the company, valued at approximately $674,390. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.32% of the company’s stock.
Analyst Ratings Changes
Several equities analysts have recently weighed in on CVX shares. Piper Sandler decreased their target price on Chevron from $206.00 to $199.00 and set an “overweight” rating on the stock in a research report on Monday, December 19th. BNP Paribas upgraded Chevron from an “underperform” rating to a “neutral” rating and set a $200.00 price objective on the stock in a report on Tuesday, April 4th. StockNews.com began coverage on shares of Chevron in a report on Thursday, March 16th. They set a “hold” rating for the company. Raymond James decreased their price target on shares of Chevron from $215.00 to $212.00 and set an “outperform” rating on the stock in a research note on Monday, January 30th. Finally, Barclays upped their price objective on shares of Chevron from $196.00 to $212.00 and gave the company an “overweight” rating in a research note on Tuesday, January 3rd. Eleven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $189.76.
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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