Main Street Research LLC Lowers Position in Chevron Co. (NYSE:CVX)

Main Street Research LLC cut its holdings in Chevron Co. (NYSE:CVX) by 6.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 10,185 shares of the oil and gas company’s stock after selling 646 shares during the quarter. Main Street Research LLC’s holdings in Chevron were worth $1,519,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of CVX. Cantor Fitzgerald Investment Advisor L.P lifted its position in shares of Chevron by 85.1% during the first quarter. Cantor Fitzgerald Investment Advisor L.P now owns 159,115 shares of the oil and gas company’s stock valued at $25,908,000 after buying an additional 73,141 shares during the last quarter. Axiom Financial Strategies LLC lifted its position in shares of Chevron by 25.2% during the first quarter. Axiom Financial Strategies LLC now owns 7,335 shares of the oil and gas company’s stock valued at $1,155,000 after buying an additional 1,476 shares during the last quarter. GQG Partners LLC raised its position in shares of Chevron by 4.7% in the 1st quarter. GQG Partners LLC now owns 40,538 shares of the oil and gas company’s stock valued at $6,598,000 after purchasing an additional 1,813 shares during the last quarter. Lumature Wealth Partners LLC raised its position in shares of Chevron by 43.5% in the 1st quarter. Lumature Wealth Partners LLC now owns 5,837 shares of the oil and gas company’s stock valued at $950,000 after purchasing an additional 1,770 shares during the last quarter. Finally, First Trust Advisors LP raised its position in shares of Chevron by 13.8% in the 1st quarter. First Trust Advisors LP now owns 2,068,600 shares of the oil and gas company’s stock valued at $336,830,000 after purchasing an additional 250,840 shares during the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Chevron

In related news, VP Alana K. Knowles sold 2,800 shares of Chevron stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $160.09, for a total value of $448,252.00. Following the sale, the vice president now owns 276 shares of the company’s stock, valued at approximately $44,184.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.18% of the company’s stock.

Analyst Ratings Changes

CVX has been the subject of several research analyst reports. Royal Bank of Canada increased their price objective on shares of Chevron from $185.00 to $190.00 and gave the company an “outperform” rating in a research report on Monday, February 5th. Truist Financial decreased their price objective on shares of Chevron from $168.00 to $156.00 and set a “hold” rating for the company in a research report on Friday, April 5th. TD Cowen lowered shares of Chevron from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $170.00 to $150.00 in a research report on Tuesday, January 23rd. Barclays initiated coverage on shares of Chevron in a research report on Wednesday, April 10th. They issued an “overweight” rating and a $203.00 price objective for the company. Finally, Wells Fargo & Company increased their price objective on shares of Chevron from $185.00 to $198.00 and gave the company an “overweight” rating in a research report on Thursday, April 4th. Six analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $183.55.

Chevron Price Performance

Shares of NYSE CVX opened at $156.28 on Wednesday. The stock has a market capitalization of $290.25 billion, a price-to-earnings ratio of 13.76, a PEG ratio of 2.37 and a beta of 1.12. Chevron Co. has a 12 month low of $139.62 and a 12 month high of $172.54. The firm’s 50 day simple moving average is $155.11 and its 200-day simple moving average is $151.83. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.27 and a quick ratio of 1.01.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, February 2nd. The oil and gas company reported $3.45 EPS for the quarter, topping analysts’ consensus estimates of $3.19 by $0.26. The business had revenue of $47.18 billion for the quarter, compared to analysts’ expectations of $50.93 billion. Chevron had a net margin of 10.63% and a return on equity of 15.24%. The business’s revenue was down 16.5% on a year-over-year basis. During the same quarter last year, the company earned $4.09 EPS. Analysts expect that Chevron Co. will post 13.28 EPS for the current year.

Chevron Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 11th. Stockholders of record on Friday, February 16th were paid a dividend of $1.63 per share. This is a boost from Chevron’s previous quarterly dividend of $1.51. The ex-dividend date was Thursday, February 15th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.17%. Chevron’s dividend payout ratio (DPR) is presently 57.39%.

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.