Marietta Wealth Management LLC Takes $4.07 Million Position in Chevron Co. (NYSE:CVX)

Marietta Wealth Management LLC purchased a new stake in Chevron Co. (NYSE:CVX) in the fourth quarter, HoldingsChannel reports. The firm purchased 27,307 shares of the oil and gas company’s stock, valued at approximately $4,073,000.

A number of other hedge funds have also made changes to their positions in the company. Picton Mahoney Asset Management purchased a new stake in Chevron during the 3rd quarter worth about $26,000. Valley Forge Investment Consultants Inc. ADV increased its position in Chevron by 80.0% during the 3rd quarter. Valley Forge Investment Consultants Inc. ADV now owns 180 shares of the oil and gas company’s stock worth $30,000 after purchasing an additional 80 shares in the last quarter. Valued Wealth Advisors LLC purchased a new stake in Chevron during the 4th quarter worth about $33,000. Worth Asset Management LLC purchased a new stake in Chevron during the 1st quarter worth about $36,000. Finally, Legacy Financial Group LLC purchased a new stake in Chevron during the 3rd quarter worth about $43,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Stock Performance

NYSE CVX opened at $156.28 on Wednesday. The business’s 50-day simple moving average is $155.11 and its 200-day simple moving average is $151.83. The firm has a market capitalization of $290.25 billion, a P/E ratio of 13.76, a P/E/G ratio of 2.37 and a beta of 1.12. 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 Co. has a 1-year low of $139.62 and a 1-year high of $172.54.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, February 2nd. The oil and gas company reported $3.45 EPS for the quarter, topping the consensus estimate of $3.19 by $0.26. The firm had revenue of $47.18 billion for the quarter, compared to analyst estimates of $50.93 billion. Chevron had a return on equity of 15.24% and a net margin of 10.63%. Chevron’s revenue for the quarter was down 16.5% on a year-over-year basis. During the same period in the previous year, the company posted $4.09 EPS. Equities analysts predict that Chevron Co. will post 13.28 EPS for the current year.

Chevron Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 11th. Investors of record on Friday, February 16th were given a dividend of $1.63 per share. The ex-dividend date was Thursday, February 15th. This is a positive change from Chevron’s previous quarterly dividend of $1.51. This represents a $6.52 annualized dividend and a yield of 4.17%. Chevron’s payout ratio is 57.39%.

Insider Buying and Selling

In related news, VP Alana K. Knowles sold 2,800 shares of the business’s stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $160.09, for a total transaction of $448,252.00. Following the transaction, the vice president now directly 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 accessible through this hyperlink. 0.18% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Truist Financial dropped their price objective on Chevron from $168.00 to $156.00 and set a “hold” rating for the company in a research report on Friday, April 5th. Royal Bank of Canada lifted their price objective on Chevron from $185.00 to $190.00 and gave the stock an “outperform” rating in a research report on Monday, February 5th. Barclays started coverage on Chevron in a report on Wednesday, April 10th. They issued an “overweight” rating and a $203.00 price target for the company. Raymond James lifted their price target on Chevron from $170.00 to $174.00 and gave the company an “outperform” rating in a report on Monday. Finally, Scotiabank upgraded Chevron from a “sector perform” rating to a “sector outperform” rating and lifted their price target for the company from $170.00 to $195.00 in a report on Thursday, April 11th. Six analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, Chevron currently has an average rating of “Moderate Buy” and a consensus price target of $183.55.

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.