Red Door Wealth Management LLC Sells 8,649 Shares of Chevron Co. (NYSE:CVX)

Red Door Wealth Management LLC cut its holdings in Chevron Co. (NYSE:CVX) by 13.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 54,258 shares of the oil and gas company’s stock after selling 8,649 shares during the period. Chevron comprises approximately 1.2% of Red Door Wealth Management LLC’s portfolio, making the stock its 23rd biggest holding. Red Door Wealth Management LLC’s holdings in Chevron were worth $7,859,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of CVX. Marietta Wealth Management LLC lifted its stake in Chevron by 10.9% in the third quarter. Marietta Wealth Management LLC now owns 40,484 shares of the oil and gas company’s stock valued at $5,962,000 after purchasing an additional 3,965 shares during the last quarter. Leo Wealth LLC lifted its stake in Chevron by 19.6% in the third quarter. Leo Wealth LLC now owns 8,246 shares of the oil and gas company’s stock valued at $1,214,000 after purchasing an additional 1,354 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Chevron by 11.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 31,108,760 shares of the oil and gas company’s stock valued at $4,581,137,000 after purchasing an additional 3,203,899 shares during the last quarter. RPG Investment Advisory LLC lifted its stake in Chevron by 3.4% in the third quarter. RPG Investment Advisory LLC now owns 121,167 shares of the oil and gas company’s stock valued at $17,844,000 after purchasing an additional 3,933 shares during the last quarter. Finally, State Street Corp lifted its stake in Chevron by 0.6% in the third quarter. State Street Corp now owns 159,105,244 shares of the oil and gas company’s stock valued at $23,431,429,000 after purchasing an additional 874,962 shares during the last quarter. 72.42% of the stock is owned by institutional investors.

Insider Activity at Chevron

In other news, CEO Michael K. Wirth sold 164,600 shares of the firm’s stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the transaction, the chief executive officer now directly owns 4,280 shares of the company’s stock, valued at approximately $685,356.40. This trade represents a 97.47 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.20% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. UBS Group increased their target price on Chevron from $194.00 to $195.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Piper Sandler dropped their target price on Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. DZ Bank upgraded Chevron from a “hold” rating to a “buy” rating and set a $170.00 target price on the stock in a research report on Tuesday, November 5th. Bank of America assumed coverage on Chevron in a research report on Thursday, October 17th. They set a “buy” rating and a $168.00 target price on the stock. Finally, Barclays increased their target price on Chevron from $168.00 to $174.00 and gave the stock an “overweight” rating in a research report on Monday, November 4th. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $175.27.

Chevron Stock Down 0.3 %

CVX opened at $155.62 on Friday. The stock has a market cap of $279.66 billion, a PE ratio of 17.10, a P/E/G ratio of 1.37 and a beta of 1.12. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. Chevron Co. has a 52 week low of $135.37 and a 52 week high of $167.11. The business’s fifty day simple moving average is $153.93 and its 200 day simple moving average is $151.14.

Chevron (NYSE:CVX) last released its earnings results on Friday, November 1st. The oil and gas company reported $2.51 EPS for the quarter, beating analysts’ consensus estimates of $2.47 by $0.04. The business had revenue of $50.67 billion for the quarter, compared to analysts’ expectations of $48.86 billion. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The firm’s revenue was down 6.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.05 earnings per share. As a group, research analysts expect that Chevron Co. will post 10.18 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Monday, November 18th were paid a $1.63 dividend. The ex-dividend date was Monday, November 18th. This represents a $6.52 dividend on an annualized basis and a yield of 4.19%. Chevron’s dividend payout ratio is presently 71.65%.

About Chevron

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.