Main Street Research LLC Trims Stock Holdings in Chevron Co. (NYSE:CVX)

Main Street Research LLC lessened its holdings in shares of Chevron Co. (NYSE:CVX) by 6.0% during the fourth quarter, according to 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 period. Main Street Research LLC’s holdings in Chevron were worth $1,519,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Picton Mahoney Asset Management acquired a new stake in Chevron in the third quarter valued at $26,000. Valley Forge Investment Consultants Inc. ADV grew its holdings in Chevron by 80.0% in the third quarter. Valley Forge Investment Consultants Inc. ADV now owns 180 shares of the oil and gas company’s stock valued at $30,000 after purchasing an additional 80 shares during the last quarter. Valued Wealth Advisors LLC acquired a new stake in Chevron in the fourth quarter valued at $33,000. Worth Asset Management LLC acquired a new stake in Chevron in the first quarter valued at $36,000. Finally, Legacy Financial Group LLC acquired a new stake in Chevron in the third quarter valued at $43,000. Institutional investors and hedge funds own 72.42% of the company’s stock.

Insider Buying and Selling at Chevron

In other Chevron news, VP Alana K. Knowles sold 2,800 shares of the firm’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 completion of the sale, the vice president now owns 276 shares in the company, valued at approximately $44,184.84. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.18% of the stock is owned by insiders.

Chevron Price Performance

CVX stock opened at $156.28 on Wednesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.01 and a current ratio of 1.27. Chevron Co. has a 1 year low of $139.62 and a 1 year high of $172.54. The firm has a market cap of $290.25 billion, a P/E ratio of 13.76, a price-to-earnings-growth ratio of 2.37 and a beta of 1.12. The stock has a 50-day simple moving average of $155.11 and a 200-day simple moving average of $151.83.

Chevron (NYSE:CVX) last posted its earnings results on Friday, February 2nd. The oil and gas company reported $3.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.19 by $0.26. Chevron had a return on equity of 15.24% and a net margin of 10.63%. The business had revenue of $47.18 billion during the quarter, compared to analyst estimates of $50.93 billion. During the same quarter last year, the firm earned $4.09 earnings per share. The company’s revenue for the quarter was down 16.5% compared to the same quarter last year. On average, equities analysts predict that Chevron Co. will post 13.28 earnings per share for the current fiscal year.

Chevron Increases Dividend

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

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on CVX shares. Jefferies Financial Group upgraded Chevron from a “hold” rating to a “buy” rating and set a $184.00 price objective on the stock in a research report on Monday, January 8th. TD Cowen downgraded Chevron from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $170.00 to $150.00 in a research report on Tuesday, January 23rd. Truist Financial reduced their price objective on Chevron from $168.00 to $156.00 and set a “hold” rating on the stock in a research report on Friday, April 5th. Piper Sandler reduced their price objective on Chevron from $188.00 to $180.00 and set an “overweight” rating on the stock in a research report on Thursday, March 14th. Finally, DZ Bank downgraded Chevron from a “buy” rating to a “hold” rating and set a $160.00 price objective on the stock. in a research report on Tuesday, February 6th. Six equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $183.55.

Chevron Company 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.