Chevron Co. (NYSE:CVX) Shares Sold by 1ST Source Bank

1ST Source Bank reduced its position in shares of Chevron Co. (NYSE:CVX) by 0.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 43,610 shares of the oil and gas company’s stock after selling 155 shares during the period. 1ST Source Bank’s holdings in Chevron were worth $6,316,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Life Planning Partners Inc acquired a new position in Chevron during the fourth quarter worth about $25,000. IMG Wealth Management Inc. purchased a new position in Chevron in the 4th quarter worth about $25,000. Legacy Investment Solutions LLC purchased a new position in Chevron in the 3rd quarter worth about $29,000. Darwin Wealth Management LLC purchased a new position in Chevron in the 3rd quarter worth about $30,000. Finally, Fairway Wealth LLC increased its stake in Chevron by 75.9% in the 4th quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company’s stock worth $30,000 after purchasing an additional 88 shares in the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Stock Up 2.3 %

Shares of Chevron stock opened at $157.10 on Monday. The firm has a market cap of $276.59 billion, a price-to-earnings ratio of 16.16, a P/E/G ratio of 1.46 and a beta of 1.08. 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 52-week low of $135.37 and a 52-week high of $167.11. The stock has a 50-day simple moving average of $155.03 and a 200-day simple moving average of $152.06.

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 the consensus estimate of $2.42 by ($0.36). Chevron had a net margin of 8.71% and a return on equity of 11.44%. During the same period last year, the business earned $3.45 EPS. On average, equities research analysts expect that Chevron Co. will post 10.79 earnings per share for the current fiscal year.

Chevron Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Friday, February 14th were paid a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.35%. This is an increase from Chevron’s previous quarterly dividend of $1.63. The ex-dividend date was Friday, February 14th. Chevron’s dividend payout ratio (DPR) is presently 70.37%.

Insider Activity at Chevron

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 stock was sold at an average price of $152.50, for a total value of $1,422,062.50. Following the transaction, the vice president now directly owns 1,057 shares of the company’s stock, valued at approximately $161,192.50. This trade represents a 89.82 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.20% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the company. Barclays dropped their price target on Chevron from $174.00 to $171.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 5th. Truist Financial dropped their price target on Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a research note on Tuesday, February 4th. Piper Sandler dropped their price target on Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. Wells Fargo & Company dropped their price target on Chevron from $188.00 to $184.00 and set an “overweight” rating on the stock in a research note on Monday, February 3rd. Finally, Royal Bank of Canada restated an “outperform” rating and set a $175.00 price objective on shares of Chevron in a research report on Monday, February 3rd. 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, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $174.13.

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.