Portside Wealth Group LLC Sells 294 Shares of Chevron Co. (NYSE:CVX)

Portside Wealth Group LLC trimmed its holdings in shares of Chevron Co. (NYSE:CVX) by 1.6% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 17,748 shares of the oil and gas company’s stock after selling 294 shares during the period. Portside Wealth Group LLC’s holdings in Chevron were worth $2,614,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of CVX. Sei Investments Co. increased its holdings in shares of Chevron by 8.5% in the 2nd quarter. Sei Investments Co. now owns 659,273 shares of the oil and gas company’s stock worth $103,121,000 after purchasing an additional 51,564 shares in the last quarter. Kowal Investment Group LLC raised its position in Chevron by 2.8% in the 2nd quarter. Kowal Investment Group LLC now owns 11,250 shares of the oil and gas company’s stock worth $1,760,000 after buying an additional 309 shares during the last quarter. Holderness Investments Co. boosted its holdings in shares of Chevron by 0.3% during the 2nd quarter. Holderness Investments Co. now owns 25,128 shares of the oil and gas company’s stock valued at $3,931,000 after acquiring an additional 77 shares during the last quarter. Frank Rimerman Advisors LLC grew its stake in shares of Chevron by 13,094.9% in the second quarter. Frank Rimerman Advisors LLC now owns 26,126 shares of the oil and gas company’s stock worth $4,087,000 after acquiring an additional 25,928 shares during the period. Finally, Greenline Partners LLC raised its holdings in shares of Chevron by 13.1% during the second quarter. Greenline Partners LLC now owns 26,566 shares of the oil and gas company’s stock valued at $4,158,000 after purchasing an additional 3,075 shares during the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on CVX shares. Scotiabank cut their target price on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. Wells Fargo & Company increased their target price on Chevron from $171.00 to $188.00 and gave the company an “overweight” rating in a report on Monday, December 9th. Barclays boosted their price target on Chevron from $168.00 to $174.00 and gave the company an “overweight” rating in a research note on Monday, November 4th. Bank of America started coverage on shares of Chevron in a report on Thursday, October 17th. They issued a “buy” rating and a $168.00 price objective on the stock. Finally, Truist Financial raised their price objective on Chevron from $160.00 to $164.00 and gave the stock a “hold” rating in a research note on Monday, January 13th. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, Chevron currently has a consensus rating of “Moderate Buy” and an average target price of $175.27.

Insider Buying and Selling

In other Chevron news, CEO Michael K. Wirth sold 164,600 shares of the stock in a transaction on Thursday, November 14th. The stock was 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 in the company, valued at $685,356.40. This trade represents a 97.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.20% of the stock is owned by corporate insiders.

Chevron Stock Performance

NYSE CVX opened at $161.54 on Monday. The business’s 50 day moving average price is $153.93 and its 200-day moving average price is $151.05. Chevron Co. has a fifty-two week low of $135.37 and a fifty-two week high of $167.11. The company has a market cap of $290.30 billion, a P/E ratio of 17.75, a P/E/G ratio of 2.62 and a beta of 1.12. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07.

Chevron (NYSE:CVX) last announced its earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share for the quarter, beating the consensus estimate of $2.47 by $0.04. Chevron had a net margin of 8.44% and a return on equity of 13.15%. The business had revenue of $50.67 billion for the quarter, compared to the consensus estimate of $48.86 billion. During the same quarter in the prior year, the firm posted $3.05 earnings per share. The business’s revenue for the quarter was down 6.3% on a year-over-year basis. Sell-side analysts predict that Chevron Co. will post 10.39 earnings per share for the current year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th were issued a $1.63 dividend. The ex-dividend date of this dividend was Monday, November 18th. This represents a $6.52 annualized dividend and a dividend yield of 4.04%. Chevron’s payout ratio is 71.65%.

Chevron Company 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.