Noble Wealth Management PBC Purchases New Shares in Chevron Co. (NYSE:CVX)

Noble Wealth Management PBC acquired a new position in Chevron Co. (NYSE:CVX) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 557 shares of the oil and gas company’s stock, valued at approximately $81,000.

Other hedge funds have also modified their holdings of the company. Charles Schwab Investment Management Inc. increased its stake in shares of Chevron by 11.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 31,108,760 shares of the oil and gas company’s stock worth $4,581,137,000 after purchasing an additional 3,203,899 shares in the last quarter. RPG Investment Advisory LLC boosted its holdings in Chevron by 3.4% in the 3rd quarter. RPG Investment Advisory LLC now owns 121,167 shares of the oil and gas company’s stock worth $17,844,000 after buying an additional 3,933 shares during the last quarter. State Street Corp increased its stake in Chevron by 0.6% during the 3rd quarter. State Street Corp now owns 159,105,244 shares of the oil and gas company’s stock worth $23,431,429,000 after buying an additional 874,962 shares in the last quarter. LPL Financial LLC raised its holdings in shares of Chevron by 5.7% during the third quarter. LPL Financial LLC now owns 3,147,686 shares of the oil and gas company’s stock valued at $463,560,000 after acquiring an additional 171,089 shares during the last quarter. Finally, Dale Q Rice Investment Management Ltd purchased a new position in shares of Chevron in the fourth quarter valued at approximately $594,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, VP Jeff B. Gustavson sold 9,325 shares of the firm’s stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $152.50, for a total value of $1,422,062.50. Following the sale, the vice president now owns 1,057 shares of the company’s stock, valued at $161,192.50. This trade represents a 89.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on CVX. Citigroup raised shares of Chevron from a “neutral” rating to a “buy” rating and upped their target price for the stock from $145.00 to $185.00 in a report on Tuesday, November 26th. Piper Sandler cut their price objective on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Barclays lowered their target price on Chevron from $174.00 to $171.00 and set an “overweight” rating on the stock in a report on Wednesday, February 5th. Raymond James dropped their price target on Chevron from $180.00 to $175.00 and set an “outperform” rating for the company in a research report on Monday, February 3rd. Finally, UBS Group reduced their price objective on Chevron from $195.00 to $194.00 and set a “buy” rating on the stock in a research report on Monday, February 3rd. 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.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $174.13.

Chevron Trading Up 1.2 %

NYSE CVX opened at $158.59 on Friday. Chevron Co. has a one year low of $135.37 and a one year high of $167.11. The firm has a 50 day simple moving average of $153.14 and a 200-day simple moving average of $151.49. The firm has a market cap of $279.21 billion, a price-to-earnings ratio of 16.32, a PEG ratio of 1.46 and a beta of 1.11. 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 posted its quarterly earnings data on Friday, January 31st. The oil and gas company reported $2.06 earnings per share 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 business posted $3.45 EPS. Equities research analysts anticipate that Chevron Co. will post 10.79 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 given a $1.71 dividend. The ex-dividend date of this dividend is Friday, February 14th. This represents a $6.84 dividend on an annualized basis and a yield of 4.31%. This is a positive change from Chevron’s previous quarterly dividend of $1.63. Chevron’s dividend payout ratio (DPR) is currently 70.37%.

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.