Sharp Financial Services LLC Reduces Position in Chevron Co. (NYSE:CVX)

Sharp Financial Services LLC cut its position in Chevron Co. (NYSE:CVX) by 15.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,866 shares of the oil and gas company’s stock after selling 1,036 shares during the period. Chevron accounts for 0.6% of Sharp Financial Services LLC’s investment portfolio, making the stock its 28th largest holding. Sharp Financial Services LLC’s holdings in Chevron were worth $850,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Legacy Investment Solutions LLC purchased a new stake in shares of Chevron in the 3rd quarter valued at approximately $29,000. Rational Advisors LLC purchased a new stake in shares of Chevron in the 3rd quarter valued at approximately $29,000. Darwin Wealth Management LLC purchased a new stake in shares of Chevron in the 3rd quarter valued at approximately $30,000. RPg Family Wealth Advisory LLC purchased a new position in shares of Chevron in the 3rd quarter valued at $31,000. Finally, Livelsberger Financial Advisory purchased a new position in shares of Chevron in the 3rd quarter valued at $47,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Stock Down 0.3 %

CVX stock opened at $155.99 on Friday. Chevron Co. has a one year low of $135.37 and a one year high of $167.11. The stock has a market capitalization of $280.32 billion, a PE ratio of 17.14, a price-to-earnings-growth ratio of 1.39 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. The company has a fifty day moving average of $154.05 and a 200-day moving average of $151.11.

Chevron (NYSE:CVX) last released its earnings results on Friday, November 1st. The oil and gas company reported $2.51 EPS for the quarter, topping 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 company had revenue of $50.67 billion during the quarter, compared to analysts’ expectations of $48.86 billion. During the same quarter last year, the business earned $3.05 EPS. The business’s revenue was down 6.3% on a year-over-year basis. As a group, analysts expect that Chevron Co. will post 10.18 EPS for the current year.

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Monday, November 18th were paid a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 4.18%. The ex-dividend date was Monday, November 18th. Chevron’s dividend payout ratio (DPR) is 71.65%.

Insider Activity at Chevron

In related news, CEO Michael K. Wirth sold 164,600 shares of the firm’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 completion of 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.20% of the company’s stock.

Analysts Set New Price Targets

CVX has been the topic of a number of recent analyst reports. Piper Sandler dropped their target price on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. Royal Bank of Canada increased their target price on shares of Chevron from $170.00 to $175.00 and gave the company an “outperform” rating in a research report on Monday, November 4th. Wells Fargo & Company increased their target price on shares of Chevron from $171.00 to $188.00 and gave the company an “overweight” rating in a research report on Monday, December 9th. Scotiabank dropped their target price on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. Finally, DZ Bank raised shares of 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. Four equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, Chevron has an average rating of “Moderate Buy” and an average target price of $175.27.

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.