Hazlett Burt & Watson Inc. Boosts Position in Chevron Co. (NYSE:CVX)

Hazlett Burt & Watson Inc. boosted its stake in shares of Chevron Co. (NYSE:CVX) by 7.6% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 7,406 shares of the oil and gas company’s stock after purchasing an additional 525 shares during the period. Hazlett Burt & Watson Inc.’s holdings in Chevron were worth $1,075,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Skba Capital Management LLC raised its stake in shares of Chevron by 1.8% during the fourth quarter. Skba Capital Management LLC now owns 67,725 shares of the oil and gas company’s stock valued at $9,809,000 after acquiring an additional 1,200 shares in the last quarter. Partners in Financial Planning bought a new stake in Chevron during the 4th quarter valued at $308,000. O Shaughnessy Asset Management LLC lifted its holdings in shares of Chevron by 71.9% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 263,178 shares of the oil and gas company’s stock worth $38,119,000 after buying an additional 110,061 shares during the period. Prevail Innovative Wealth Advisors LLC grew its position in shares of Chevron by 60.1% during the 4th quarter. Prevail Innovative Wealth Advisors LLC now owns 2,242 shares of the oil and gas company’s stock worth $325,000 after buying an additional 842 shares in the last quarter. Finally, United Bank increased its stake in shares of Chevron by 19.2% during the fourth quarter. United Bank now owns 9,652 shares of the oil and gas company’s stock valued at $1,398,000 after buying an additional 1,557 shares during the period. 72.42% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on CVX shares. Raymond James lowered their price objective on shares of Chevron from $180.00 to $175.00 and set an “outperform” rating for the company in a research note on Monday, February 3rd. UBS Group dropped their price objective on shares of Chevron from $195.00 to $194.00 and set a “buy” rating on the stock in a research note on Monday, February 3rd. Piper Sandler reduced their price objective on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. Truist Financial dropped their target price on Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a research report on Tuesday, February 4th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $175.00 price target on shares of Chevron in a research report on Monday, February 3rd. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $174.13.

Chevron Stock Performance

Shares of Chevron stock opened at $166.06 on Monday. The company has a 50 day moving average price of $157.10 and a 200 day moving average price of $153.60. The firm has a market capitalization of $292.37 billion, a P/E ratio of 17.08, a PEG ratio of 1.46 and a beta of 1.08. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. Chevron Co. has a 52 week low of $135.37 and a 52 week high of $168.96.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.42 by ($0.36). Chevron had a return on equity of 11.44% and a net margin of 8.71%. During the same quarter in the previous year, the firm posted $3.45 earnings per share. Sell-side analysts expect that Chevron Co. will post 10.79 EPS for the current year.

Chevron Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 10th. Shareholders of record on Friday, February 14th were paid a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 4.12%. The ex-dividend date was Friday, February 14th. This is an increase from Chevron’s previous quarterly dividend of $1.63. Chevron’s 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 that occurred on Friday, February 7th. The shares were sold at an average price of $152.50, for a total value of $1,422,062.50. Following the transaction, the vice president now owns 1,057 shares in the company, valued at approximately $161,192.50. This represents a 89.82 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.20% of the company’s stock.

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.