Clifford Swan Investment Counsel LLC lowered its stake in shares of Chevron Co. (NYSE:CVX – Get Rating) by 3.6% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 337,682 shares of the oil and gas company’s stock after selling 12,540 shares during the period. Chevron makes up approximately 2.6% of Clifford Swan Investment Counsel LLC’s portfolio, making the stock its 5th biggest holding. Clifford Swan Investment Counsel LLC’s holdings in Chevron were worth $60,611,000 as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. Worth Asset Management LLC bought a new position in shares of Chevron during the 1st quarter worth approximately $36,000. Red Tortoise LLC bought a new position in shares of Chevron during the 4th quarter worth approximately $37,000. JDM Financial Group LLC bought a new position in shares of Chevron during the 4th quarter worth approximately $42,000. Luken Investment Analytics LLC bought a new position in shares of Chevron during the 4th quarter worth approximately $45,000. Finally, Global Wealth Strategies & Associates bought a new position in shares of Chevron during the 4th quarter worth approximately $46,000. Institutional investors and hedge funds own 69.37% of the company’s stock.
Chevron Stock Down 0.4 %
CVX opened at $169.12 on Monday. The company has a fifty day moving average price of $163.76 and a 200-day moving average price of $171.47. The firm has a market capitalization of $320.42 billion, a P/E ratio of 9.25, a price-to-earnings-growth ratio of 0.83 and a beta of 1.16. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.47 and a quick ratio of 1.23. Chevron Co. has a one year low of $132.54 and a one year high of $189.68.
Chevron Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, March 10th. Investors 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 positive change 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%.
Chevron declared that its Board of Directors has initiated a stock repurchase program on Wednesday, January 25th that authorizes the company to repurchase $75.00 billion in shares. This repurchase authorization authorizes the oil and gas company to purchase up to 21.7% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.
Analysts Set New Price Targets
Several equities analysts have commented on CVX shares. UBS Group assumed coverage on shares of Chevron in a research report on Wednesday, April 19th. They set a “buy” rating and a $212.00 target price on the stock. BNP Paribas raised shares of Chevron from an “underperform” rating to a “neutral” rating and set a $200.00 price target on the stock in a report on Tuesday, April 4th. Bank of America cut shares of Chevron from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $190.00 to $191.00 in a report on Friday, January 6th. Cowen lowered their price target on shares of Chevron from $185.00 to $170.00 and set an “outperform” rating on the stock in a report on Friday, February 24th. Finally, StockNews.com assumed coverage on shares of Chevron in a report on Thursday, March 16th. They issued a “hold” rating on the stock. Nine research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $193.50.
Insider Buying and Selling
In related news, VP Rhonda J. Morris sold 19,666 shares of the company’s stock in a transaction on 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 completion of the transaction, 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 Securities & Exchange Commission, which can be accessed through this hyperlink. 0.32% of the stock is owned by company insiders.
Chevron 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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