Obermeyer Wealth Partners Sells 113,785 Shares of Chevron Co. (NYSE:CVX)

Obermeyer Wealth Partners lessened its holdings in shares of Chevron Co. (NYSE:CVX) by 94.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,598 shares of the oil and gas company’s stock after selling 113,785 shares during the period. Obermeyer Wealth Partners’ holdings in Chevron were worth $956,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. IMG Wealth Management Inc. bought a new stake in shares of Chevron during the 4th quarter valued at $25,000. Mizuho Securities Co. Ltd. bought a new position in shares of Chevron during the fourth quarter valued at approximately $29,000. Fairway Wealth LLC boosted its position in shares of 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. Navigoe LLC purchased a new stake in shares of Chevron in the 4th quarter worth approximately $33,000. Finally, New Wave Wealth Advisors LLC purchased a new position in Chevron during the fourth quarter valued at $39,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Stock Up 2.2%

Shares of CVX opened at $141.50 on Tuesday. Chevron Co. has a 12-month low of $132.04 and a 12-month high of $168.96. 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 market capitalization of $249.12 billion, a PE ratio of 14.56, a price-to-earnings-growth ratio of 1.46 and a beta of 0.83. The business’s 50 day moving average is $147.72 and its 200 day moving average is $152.01.

Chevron (NYSE:CVX) last issued its earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share for the quarter, topping analysts’ consensus estimates of $2.15 by $0.03. The firm had revenue of $47.61 billion during the quarter, compared to analyst estimates of $49.05 billion. Chevron had a net margin of 8.71% and a return on equity of 11.44%. Chevron’s revenue for the quarter was down 2.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.93 earnings per share. Research analysts expect that Chevron Co. will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Monday, May 19th will be given a $1.71 dividend. The ex-dividend date of this dividend is Monday, May 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.83%. Chevron’s dividend payout ratio is currently 78.17%.

Analyst Ratings Changes

A number of brokerages recently issued reports on CVX. Truist Financial dropped their price target on shares of Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a research note on Tuesday, February 4th. Royal Bank of Canada reissued an “outperform” rating and issued a $175.00 target price on shares of Chevron in a report on Monday, February 3rd. DZ Bank downgraded Chevron from a “buy” rating to a “sell” rating and set a $130.00 price target on the stock. in a report on Tuesday, May 6th. Redburn Atlantic reiterated a “sell” rating and issued a $124.00 price objective (down from $156.00) on shares of Chevron in a report on Wednesday, April 23rd. Finally, Wells Fargo & Company lowered their target price on shares of Chevron from $173.00 to $164.00 and set an “overweight” rating on the stock in a research note on Monday, May 5th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $161.25.

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.