Chevron Co. (NYSE:CVX) Position Reduced by Drive Wealth Management LLC

Drive Wealth Management LLC decreased its position in shares of Chevron Co. (NYSE:CVX) by 5.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,281 shares of the oil and gas company’s stock after selling 338 shares during the period. Drive Wealth Management LLC’s holdings in Chevron were worth $910,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Sunbelt Securities Inc. grew its position in Chevron by 16.0% during the 2nd quarter. Sunbelt Securities Inc. now owns 39,799 shares of the oil and gas company’s stock worth $6,225,000 after purchasing an additional 5,481 shares in the last quarter. William B. Walkup & Associates Inc. purchased a new position in Chevron during the 2nd quarter worth approximately $819,000. Wallace Advisory Group LLC grew its position in Chevron by 1.9% during the 2nd quarter. Wallace Advisory Group LLC now owns 44,323 shares of the oil and gas company’s stock worth $6,933,000 after purchasing an additional 808 shares in the last quarter. Quarry LP grew its position in Chevron by 172.2% during the 2nd quarter. Quarry LP now owns 411 shares of the oil and gas company’s stock worth $64,000 after purchasing an additional 260 shares in the last quarter. Finally, Regal Investment Advisors LLC grew its holdings in shares of Chevron by 3.7% during the 2nd quarter. Regal Investment Advisors LLC now owns 55,951 shares of the oil and gas company’s stock valued at $8,752,000 after acquiring an additional 1,988 shares in the last quarter. Institutional investors own 72.42% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Barclays boosted their price target on shares of Chevron from $168.00 to $174.00 and gave the company an “overweight” rating in a report on Monday, November 4th. Citigroup upgraded shares of Chevron from a “neutral” rating to a “buy” rating and boosted their price target for the company from $145.00 to $185.00 in a report on Tuesday, November 26th. Bank of America assumed coverage on shares of Chevron in a report on Thursday, October 17th. They set a “buy” rating and a $168.00 price target on the stock. Raymond James boosted their price target on shares of Chevron from $175.00 to $180.00 and gave the company an “outperform” rating in a report on Friday, January 17th. Finally, Truist Financial boosted their price target on shares of Chevron from $160.00 to $164.00 and gave the company a “hold” rating in a report on Monday, January 13th. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $175.27.

Insider Activity

In related news, CEO Michael K. Wirth sold 164,600 shares of the company’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $160.13, for a total value of $26,357,398.00. Following the sale, the chief executive officer now owns 4,280 shares of the company’s stock, valued at $685,356.40. The trade was a 97.47 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.20% of the stock is owned by company insiders.

Chevron Stock Up 1.0 %

Chevron stock opened at $157.20 on Tuesday. The firm has a market cap of $282.50 billion, a price-to-earnings ratio of 17.27, a P/E/G ratio of 1.37 and a beta of 1.12. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80. Chevron Co. has a fifty-two week low of $135.37 and a fifty-two week high of $167.11. The firm has a fifty day moving average price of $153.81 and a two-hundred day moving average price of $151.11.

Chevron (NYSE:CVX) last announced its quarterly earnings data 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 during the quarter, compared to analyst estimates of $48.86 billion. Chevron had a net margin of 8.44% and a return on equity of 13.15%. The firm’s revenue for the quarter was down 6.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.05 earnings per share. As a group, analysts forecast that Chevron Co. will post 10.18 earnings per share for the current year.

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th were given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.15%. The ex-dividend date of this dividend was Monday, November 18th. Chevron’s dividend payout ratio is currently 71.65%.

Chevron Profile

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.