Sound Income Strategies LLC Sells 248 Shares of Chevron Co. (NYSE:CVX)

Sound Income Strategies LLC cut its stake in shares of Chevron Co. (NYSE:CVX) by 3.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,806 shares of the oil and gas company’s stock after selling 248 shares during the quarter. Sound Income Strategies LLC’s holdings in Chevron were worth $986,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in CVX. State Street Corp lifted its position in shares of Chevron by 0.6% in the 3rd quarter. State Street Corp now owns 159,105,244 shares of the oil and gas company’s stock worth $23,431,429,000 after purchasing an additional 874,962 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Chevron by 11.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 31,108,760 shares of the oil and gas company’s stock worth $4,581,137,000 after buying an additional 3,203,899 shares during the last quarter. Fisher Asset Management LLC lifted its holdings in Chevron by 3.6% in the third quarter. Fisher Asset Management LLC now owns 19,482,388 shares of the oil and gas company’s stock valued at $2,869,171,000 after buying an additional 672,244 shares during the period. Franklin Resources Inc. boosted its position in Chevron by 3.4% during the third quarter. Franklin Resources Inc. now owns 17,200,188 shares of the oil and gas company’s stock valued at $2,610,645,000 after acquiring an additional 573,218 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Chevron by 1.8% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,790,856 shares of the oil and gas company’s stock worth $1,147,359,000 after acquiring an additional 138,496 shares in the last quarter. Institutional investors own 72.42% of the company’s stock.

Insider Transactions at Chevron

In other Chevron news, CEO Michael K. Wirth sold 164,600 shares of the company’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the sale, the chief executive officer now directly owns 4,280 shares of the company’s stock, valued at $685,356.40. This represents a 97.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.20% of the stock is owned by corporate insiders.

Chevron Price Performance

CVX opened at $155.62 on Friday. The firm has a market cap of $279.66 billion, a P/E ratio of 17.10, a PEG ratio of 1.37 and a beta of 1.12. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. Chevron Co. has a fifty-two week low of $135.37 and a fifty-two week high of $167.11. The firm has a 50-day moving average of $153.81 and a 200 day moving average of $151.15.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.47 by $0.04. The company had revenue of $50.67 billion during the quarter, compared to analyst estimates of $48.86 billion. Chevron had a net margin of 8.44% and a return on equity of 13.15%. During the same quarter last year, the business posted $3.05 EPS. Chevron’s quarterly revenue was down 6.3% compared to the same quarter last year. On average, research analysts expect that Chevron Co. will post 10.18 EPS for the current year.

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th were given a dividend of $1.63 per share. The ex-dividend date of this dividend was Monday, November 18th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.19%. Chevron’s dividend payout ratio is presently 71.65%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on CVX shares. Citigroup upgraded Chevron from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $145.00 to $185.00 in a report on Tuesday, November 26th. Piper Sandler cut their target price on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. DZ Bank raised shares of Chevron from a “hold” rating to a “buy” rating and set a $170.00 price target for the company in a research note on Tuesday, November 5th. Raymond James increased their price objective on shares of Chevron from $175.00 to $180.00 and gave the stock an “outperform” rating in a research report on Friday, January 17th. Finally, Barclays boosted their target price on Chevron from $168.00 to $174.00 and gave the company an “overweight” rating in a research report on Monday, November 4th. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $175.27.

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.