Marble Harbor Investment Counsel LLC Lowers Stock Position in Chevron Co. (NYSE:CVX)

Marble Harbor Investment Counsel LLC trimmed its stake in shares of Chevron Co. (NYSE:CVX) by 48.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,864 shares of the oil and gas company’s stock after selling 16,852 shares during the period. Marble Harbor Investment Counsel LLC’s holdings in Chevron were worth $1,812,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. IndexIQ Advisors LLC lifted its holdings in Chevron by 309.9% during the third quarter. IndexIQ Advisors LLC now owns 6,792 shares of the oil and gas company’s stock valued at $689,000 after purchasing an additional 5,135 shares in the last quarter. D Orazio & Associates Inc. lifted its stake in shares of Chevron by 9.1% in the third quarter. D Orazio & Associates Inc. now owns 4,777 shares of the oil and gas company’s stock worth $485,000 after buying an additional 400 shares in the last quarter. Covington Investment Advisors Inc. lifted its stake in shares of Chevron by 17.3% in the third quarter. Covington Investment Advisors Inc. now owns 28,629 shares of the oil and gas company’s stock worth $2,904,000 after buying an additional 4,230 shares in the last quarter. PICTET BANK & TRUST Ltd lifted its stake in shares of Chevron by 1.3% in the third quarter. PICTET BANK & TRUST Ltd now owns 7,750 shares of the oil and gas company’s stock worth $786,000 after buying an additional 100 shares in the last quarter. Finally, NTV Asset Management LLC lifted its stake in shares of Chevron by 8.6% in the third quarter. NTV Asset Management LLC now owns 25,218 shares of the oil and gas company’s stock worth $2,558,000 after buying an additional 2,005 shares in the last quarter. 64.98% of the stock is currently owned by institutional investors and hedge funds.

Several research firms have recently weighed in on CVX. UBS Group raised shares of Chevron from a “neutral” rating to a “buy” rating and set a $125.00 price target on the stock in a research note on Monday, November 15th. Mizuho restated a “buy” rating on shares of Chevron in a research report on Wednesday, November 3rd. Tudor Pickering upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $114.00 price objective for the company in a research report on Tuesday, November 30th. Royal Bank of Canada upgraded shares of Chevron from a “sector perform” rating to an “outperform” rating and raised their price objective for the stock from $130.00 to $145.00 in a research report on Wednesday, November 24th. Finally, Truist raised their price objective on shares of Chevron from $150.00 to $167.00 and gave the stock a “buy” rating in a research report on Friday. Eight analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company’s stock. According to data from MarketBeat, Chevron has a consensus rating of “Buy” and an average target price of $125.60.

In other Chevron news, CEO Michael K. Wirth sold 52,500 shares of the company’s stock in a transaction dated Thursday, November 4th. The shares were sold at an average price of $113.79, for a total value of $5,973,975.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP James William Johnson sold 40,000 shares of the company’s stock in a transaction dated Tuesday, January 11th. The shares were sold at an average price of $126.69, for a total transaction of $5,067,600.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 475,801 shares of company stock worth $55,502,677. Corporate insiders own 0.28% of the company’s stock.

CVX traded up $1.20 during trading on Friday, hitting $128.00. The stock had a trading volume of 210,919 shares, compared to its average volume of 10,873,027. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.03 and a current ratio of 1.28. The firm has a market capitalization of $246.74 billion, a P/E ratio of 24.83, a PEG ratio of 2.87 and a beta of 1.28. The company’s 50-day moving average price is $117.33 and its 200 day moving average price is $107.79. Chevron Co. has a twelve month low of $84.57 and a twelve month high of $128.43.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Thursday, October 28th. The oil and gas company reported $2.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.21 by $0.75. Chevron had a net margin of 7.10% and a return on equity of 7.95%. The company had revenue of $44.71 billion for the quarter, compared to analysts’ expectations of $40.89 billion. During the same period in the previous year, the company posted $0.11 EPS. Chevron’s revenue was up 82.9% compared to the same quarter last year. As a group, equities analysts expect that Chevron Co. will post 8.42 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, December 10th. Stockholders of record on Thursday, November 18th were paid a dividend of $1.34 per share. The ex-dividend date was Wednesday, November 17th. This represents a $5.36 dividend on an annualized basis and a dividend yield of 4.19%. Chevron’s dividend payout ratio (DPR) is presently 103.47%.

About Chevron

Chevron Corp. engages in the provision of administrative, financial management, and technology support for energy and chemical operations. It operates through the Upstream and Downstream segments. The Upstream segment consists of exploration, development, and production of crude oil and natural gas; liquefaction, transportation, and regasification associated with liquefied natural gas; transporting crude oil by major international oil export pipelines; processing, transporting, storage, and marketing of natural gas; and a gas-to-liquids plant.

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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