Ridgecrest Wealth Partners LLC lowered its stake in Chevron Co. (NYSE:CVX – Get Rating) by 6.6% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 37,556 shares of the oil and gas company’s stock after selling 2,642 shares during the period. Chevron accounts for approximately 5.1% of Ridgecrest Wealth Partners LLC’s holdings, making the stock its 3rd biggest holding. Ridgecrest Wealth Partners LLC’s holdings in Chevron were worth $6,741,000 at the end of the most recent reporting period.
A number of other institutional investors have also modified their holdings of CVX. Charles Schwab Investment Management Inc. raised its stake in Chevron by 1.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 14,697,160 shares of the oil and gas company’s stock valued at $2,393,138,000 after buying an additional 189,762 shares in the last quarter. Legal & General Group Plc raised its position in shares of Chevron by 16.3% during the 2nd quarter. Legal & General Group Plc now owns 13,569,692 shares of the oil and gas company’s stock valued at $1,964,620,000 after acquiring an additional 1,899,104 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Chevron by 7.6% during the third quarter. Dimensional Fund Advisors LP now owns 12,052,751 shares of the oil and gas company’s stock worth $1,731,739,000 after purchasing an additional 847,841 shares during the last quarter. Nuveen Asset Management LLC boosted its holdings in Chevron by 1.6% in the third quarter. Nuveen Asset Management LLC now owns 9,953,548 shares of the oil and gas company’s stock worth $1,430,026,000 after purchasing an additional 155,955 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its stake in Chevron by 4.1% during the third quarter. Price T Rowe Associates Inc. MD now owns 7,762,782 shares of the oil and gas company’s stock valued at $1,115,281,000 after purchasing an additional 309,277 shares during the last quarter. Institutional investors and hedge funds own 69.37% of the company’s stock.
Chevron Trading Down 1.3 %
Shares of Chevron stock opened at $167.65 on Monday. The business has a fifty day simple moving average of $163.94 and a 200-day simple moving average of $169.93. Chevron Co. has a fifty-two week low of $132.54 and a fifty-two week high of $189.68. The firm has a market cap of $319.65 billion, a price-to-earnings ratio of 9.17, a price-to-earnings-growth ratio of 0.81 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 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. This is a positive change from Chevron’s previous quarterly dividend of $1.42. The ex-dividend date was Wednesday, February 15th. This represents a $6.04 annualized dividend and a yield of 3.60%. Chevron’s payout ratio is 33.04%.
Chevron declared that its Board of Directors has authorized a share buyback program on Wednesday, January 25th that authorizes the company to repurchase $75.00 billion in outstanding shares. This repurchase authorization authorizes the oil and gas company to buy up to 21.7% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s management believes its stock is undervalued.
Analyst Upgrades and Downgrades
Several research analysts have recently commented on the stock. Wells Fargo & Company decreased their price target on shares of Chevron from $204.00 to $199.00 and set an “overweight” rating for the company in a report on Thursday, March 2nd. Piper Sandler lowered their target price on Chevron from $206.00 to $199.00 and set an “overweight” rating for the company in a report on Monday, December 19th. Cowen cut 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. Truist Financial increased their target price on Chevron from $169.00 to $179.00 and gave the stock a “hold” rating in a research report on Tuesday, January 31st. Finally, Morgan Stanley lowered their price target on shares of Chevron from $195.00 to $192.00 and set an “equal weight” rating for the company in a research report on Monday, March 27th. Eleven analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $189.76.
Insider Buying and Selling at Chevron
In other news, VP Rhonda J. Morris sold 19,666 shares of the firm’s stock in a transaction on Tuesday, February 7th. The stock was sold at an average price of $170.00, for a total transaction of $3,343,220.00. Following the completion of the sale, the vice president now directly owns 3,967 shares of the company’s stock, valued at approximately $674,390. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.32% of the stock is owned by corporate 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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