Verity Asset Management Inc. Sells 4,318 Shares of Chevron Co. (NYSE:CVX)

Verity Asset Management Inc. lessened its holdings in shares of Chevron Co. (NYSE:CVX) by 51.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,064 shares of the oil and gas company’s stock after selling 4,318 shares during the period. Verity Asset Management Inc.’s holdings in Chevron were worth $596,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Czech National Bank lifted its holdings in shares of Chevron by 6.1% in the third quarter. Czech National Bank now owns 346,490 shares of the oil and gas company’s stock valued at $51,028,000 after purchasing an additional 19,878 shares in the last quarter. Azzad Asset Management Inc. ADV raised its position in Chevron by 3.2% in the 3rd quarter. Azzad Asset Management Inc. ADV now owns 30,489 shares of the oil and gas company’s stock valued at $4,490,000 after buying an additional 942 shares during the last quarter. Smith Anglin Financial LLC boosted its position in Chevron by 4.5% during the 3rd quarter. Smith Anglin Financial LLC now owns 6,384 shares of the oil and gas company’s stock worth $940,000 after acquiring an additional 275 shares during the last quarter. Chemistry Wealth Management LLC grew its stake in shares of Chevron by 17.7% during the 3rd quarter. Chemistry Wealth Management LLC now owns 4,144 shares of the oil and gas company’s stock worth $610,000 after acquiring an additional 622 shares in the last quarter. Finally, Miracle Mile Advisors LLC raised its holdings in shares of Chevron by 1.4% in the third quarter. Miracle Mile Advisors LLC now owns 26,703 shares of the oil and gas company’s stock valued at $3,933,000 after purchasing an additional 372 shares during the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CVX has been the subject of several recent research reports. Raymond James reduced their target price on shares of Chevron from $180.00 to $175.00 and set an “outperform” rating for the company in a report on Monday. Truist Financial increased their price objective on shares of Chevron from $160.00 to $164.00 and gave the stock a “hold” rating in a research note on Monday, January 13th. Piper Sandler lowered their target price on Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. Bank of America started coverage on Chevron in a research report on Thursday, October 17th. They set a “buy” rating and a $168.00 price target for the company. Finally, Scotiabank lowered their price target on Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. Four investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $174.60.

Chevron Stock Performance

CVX opened at $149.39 on Tuesday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80. The company has a market capitalization of $268.46 billion, a PE ratio of 15.37, a price-to-earnings-growth ratio of 1.29 and a beta of 1.11. The business has a fifty day simple moving average of $153.19 and a 200 day simple moving average of $151.02. Chevron Co. has a 1 year low of $135.37 and a 1 year high of $167.11.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.42 by ($0.36). Chevron had a net margin of 8.71% and a return on equity of 11.44%. During the same period in the prior year, the firm earned $3.45 earnings per share. Research analysts expect that Chevron Co. will post 11.45 EPS for the current year.

Chevron Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 10th. Investors of record on Friday, February 14th will be paid a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 4.58%. The ex-dividend date is Friday, February 14th. This is an increase from Chevron’s previous quarterly dividend of $1.63. Chevron’s payout ratio is 67.08%.

Insider Buying and Selling

In other Chevron news, CEO Michael K. Wirth sold 164,600 shares of the company’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the completion of the sale, the chief executive officer now directly owns 4,280 shares in the company, 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 at the SEC website. 0.20% of the stock is currently owned by company insiders.

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.