Berkshire Money Management Inc. Takes $259,000 Position in Chevron Co. (NYSE:CVX)

Berkshire Money Management Inc. acquired a new position in Chevron Co. (NYSE:CVX) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 1,786 shares of the oil and gas company’s stock, valued at approximately $259,000.

Several other hedge funds also recently added to or reduced their stakes in CVX. Legacy Investment Solutions LLC acquired a new stake in shares of Chevron during the 3rd quarter worth about $29,000. Rational Advisors LLC acquired a new position in Chevron in the third quarter valued at about $29,000. Darwin Wealth Management LLC purchased a new position in Chevron during the third quarter worth about $30,000. RPg Family Wealth Advisory LLC purchased a new stake in shares of Chevron in the 3rd quarter valued at approximately $31,000. Finally, New Wave Wealth Advisors LLC purchased a new stake in shares of Chevron in the 4th quarter valued at approximately $39,000. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on CVX shares. Bank of America began coverage on shares of Chevron in a report on Thursday, October 17th. They issued a “buy” rating and a $168.00 target price for the company. Piper Sandler cut their price objective on Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. Raymond James lowered their target price on Chevron from $180.00 to $175.00 and set an “outperform” rating for the company in a report on Monday. DZ Bank raised Chevron from a “hold” rating to a “buy” rating and set a $170.00 target price for the company in a research report on Tuesday, November 5th. Finally, Truist Financial reduced their price target on shares of Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a research report on Tuesday. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $174.33.

Insiders Place Their Bets

In related news, CEO Michael K. Wirth sold 164,600 shares of the firm’s stock in a transaction that occurred on 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 owns 4,280 shares in the company, valued at $685,356.40. This trade represents a 97.47 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.20% of the stock is owned by corporate insiders.

Chevron Price Performance

Chevron stock opened at $153.14 on Wednesday. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. The company has a fifty day simple moving average of $152.97 and a 200-day simple moving average of $150.93. The stock has a market cap of $275.20 billion, a P/E ratio of 15.75, a price-to-earnings-growth ratio of 1.29 and a beta of 1.11. Chevron Co. has a 12-month low of $135.37 and a 12-month high of $167.11.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.42 by ($0.36). Chevron had a return on equity of 11.44% and a net margin of 8.71%. During the same period in the previous year, the company earned $3.45 EPS. Equities analysts expect that Chevron Co. will post 11.45 EPS for the current fiscal year.

Chevron Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 10th. Shareholders of record on Friday, February 14th will be paid a $1.71 dividend. This is a positive change from Chevron’s previous quarterly dividend of $1.63. This represents a $6.84 annualized dividend and a yield of 4.47%. The ex-dividend date of this dividend is Friday, February 14th. Chevron’s dividend payout ratio is currently 67.08%.

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.