HFR Wealth Management LLC Trims Holdings in Chevron Co. (NYSE:CVX)

HFR Wealth Management LLC trimmed its stake in Chevron Co. (NYSE:CVX) by 3.3% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 3,130 shares of the oil and gas company’s stock after selling 108 shares during the period. HFR Wealth Management LLC’s holdings in Chevron were worth $453,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Life Planning Partners Inc purchased a new stake in Chevron during the 4th quarter worth approximately $25,000. Rational Advisors LLC purchased a new stake in Chevron during the 3rd quarter worth approximately $29,000. Legacy Investment Solutions LLC purchased a new stake in Chevron during the 3rd quarter worth approximately $29,000. Darwin Wealth Management LLC purchased a new stake in Chevron during the 3rd quarter worth approximately $30,000. Finally, RPg Family Wealth Advisory LLC purchased a new stake in Chevron during the 3rd quarter worth approximately $31,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently weighed in on CVX. Royal Bank of Canada reaffirmed an “outperform” rating and set a $175.00 target price on shares of Chevron in a research note on Monday, February 3rd. Citigroup raised shares of Chevron from a “neutral” rating to a “buy” rating and upped their target price for the stock from $145.00 to $185.00 in a research note on Tuesday, November 26th. DZ Bank raised shares of Chevron from a “hold” rating to a “buy” rating and set a $170.00 target price on the stock in a research note on Tuesday, November 5th. Truist Financial cut their target price 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. Finally, UBS Group lowered their price target on shares of Chevron from $195.00 to $194.00 and set a “buy” rating for the company in a report on Monday, February 3rd. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, Chevron currently has an average rating of “Moderate Buy” and a consensus price target of $174.13.

Chevron Trading Down 3.5 %

Shares of Chevron stock opened at $153.05 on Tuesday. The company has a fifty day simple moving average of $153.35 and a 200-day simple moving average of $151.58. Chevron Co. has a 12-month low of $135.37 and a 12-month high of $167.11. 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 stock has a market cap of $269.46 billion, a price-to-earnings ratio of 15.75, a PEG ratio of 1.46 and a beta of 1.11.

Chevron (NYSE:CVX) last issued its 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 quarter last year, the firm posted $3.45 earnings per share. On average, equities analysts forecast that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 10th. Stockholders of record on Friday, February 14th will be issued a $1.71 dividend. This is a boost from Chevron’s previous quarterly dividend of $1.63. The ex-dividend date of this dividend is Friday, February 14th. This represents a $6.84 annualized dividend and a dividend yield of 4.47%. Chevron’s dividend payout ratio is presently 70.37%.

Insider Activity

In related news, VP Jeff B. Gustavson sold 9,325 shares of the stock in a transaction on Friday, February 7th. The shares were sold at an average price of $152.50, for a total transaction of $1,422,062.50. Following the completion of the sale, the vice president now owns 1,057 shares in the company, valued at $161,192.50. This represents a 89.82 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.20% of the company’s stock.

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.