Drive Wealth Management LLC Sells 672 Shares of Chevron Co. (NYSE:CVX)

Drive Wealth Management LLC reduced its holdings in Chevron Co. (NYSE:CVXFree Report) by 8.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,654 shares of the oil and gas company’s stock after selling 672 shares during the period. Drive Wealth Management LLC’s holdings in Chevron were worth $1,142,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in CVX. Hofer & Associates. Inc grew its holdings in shares of Chevron by 15.3% during the 4th quarter. Hofer & Associates. Inc now owns 1,470 shares of the oil and gas company’s stock worth $219,000 after purchasing an additional 195 shares in the last quarter. Builder Investment Group Inc. ADV grew its holdings in shares of Chevron by 1.3% during the 4th quarter. Builder Investment Group Inc. ADV now owns 23,912 shares of the oil and gas company’s stock worth $3,567,000 after purchasing an additional 312 shares in the last quarter. Fusion Capital LLC grew its holdings in shares of Chevron by 90.3% during the 4th quarter. Fusion Capital LLC now owns 5,306 shares of the oil and gas company’s stock worth $791,000 after purchasing an additional 2,518 shares in the last quarter. First Citizens Bank & Trust Co. grew its holdings in shares of Chevron by 185.9% during the 4th quarter. First Citizens Bank & Trust Co. now owns 56,563 shares of the oil and gas company’s stock worth $8,437,000 after purchasing an additional 36,779 shares in the last quarter. Finally, Financial Management Network Inc. grew its holdings in shares of Chevron by 49.4% during the 4th quarter. Financial Management Network Inc. now owns 13,935 shares of the oil and gas company’s stock worth $2,096,000 after purchasing an additional 4,608 shares in the last quarter. 72.42% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently weighed in on CVX. Mizuho lifted their price objective on Chevron from $195.00 to $200.00 and gave the stock a “buy” rating in a report on Wednesday, March 20th. Jefferies Financial Group raised Chevron from a “hold” rating to a “buy” rating and set a $184.00 price target on the stock in a research note on Monday, January 8th. Piper Sandler decreased their price target on Chevron from $188.00 to $180.00 and set an “overweight” rating on the stock in a research note on Thursday, March 14th. UBS Group decreased their price target on Chevron from $194.00 to $185.00 and set a “buy” rating on the stock in a research note on Thursday, December 14th. Finally, Royal Bank of Canada boosted their price target on Chevron from $185.00 to $190.00 and gave the company an “outperform” rating in a research note on Monday, February 5th. Seven investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $180.39.

Check Out Our Latest Stock Report on Chevron

Chevron Trading Up 0.5 %

Shares of CVX opened at $159.82 on Wednesday. The stock has a fifty day moving average price of $152.56 and a two-hundred day moving average price of $152.41. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.01 and a current ratio of 1.27. Chevron Co. has a 52-week low of $139.62 and a 52-week high of $172.88. The company has a market cap of $296.83 billion, a price-to-earnings ratio of 14.07, a PEG ratio of 2.42 and a beta of 1.12.

Chevron (NYSE:CVXGet Free Report) last released its earnings results on Friday, February 2nd. The oil and gas company reported $3.45 earnings per share for the quarter, topping analysts’ consensus estimates of $3.19 by $0.26. The company had revenue of $47.18 billion during the quarter, compared to the consensus estimate of $50.93 billion. Chevron had a return on equity of 15.24% and a net margin of 10.63%. The firm’s quarterly revenue was down 16.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $4.09 earnings per share. Analysts predict that Chevron Co. will post 13.13 EPS for the current fiscal year.

Chevron Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 11th. Stockholders of record on Friday, February 16th were given a dividend of $1.63 per share. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.08%. This is an increase from Chevron’s previous quarterly dividend of $1.51. Chevron’s payout ratio is presently 57.39%.

About Chevron

(Free Report)

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.

See Also

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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