Summit Financial LLC Grows Holdings in Chevron Co. (NYSE:CVX)

Summit Financial LLC lifted its position in shares of Chevron Co. (NYSE:CVX) by 91.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 29,159 shares of the oil and gas company’s stock after buying an additional 13,934 shares during the quarter. Summit Financial LLC’s holdings in Chevron were worth $4,223,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the company. Prudent Man Investment Management Inc. purchased a new stake in Chevron in the 4th quarter worth approximately $45,000. Bedell Frazier Investment Counselling LLC grew its position in shares of Chevron by 35.7% in the fourth quarter. Bedell Frazier Investment Counselling LLC now owns 18,018 shares of the oil and gas company’s stock valued at $2,610,000 after purchasing an additional 4,742 shares during the period. Edmond DE Rothschild Holding S.A. increased its stake in Chevron by 3.6% in the fourth quarter. Edmond DE Rothschild Holding S.A. now owns 7,620 shares of the oil and gas company’s stock valued at $1,104,000 after purchasing an additional 268 shares during the last quarter. D L Carlson Investment Group Inc. lifted its position in Chevron by 35.7% during the fourth quarter. D L Carlson Investment Group Inc. now owns 3,274 shares of the oil and gas company’s stock worth $474,000 after buying an additional 862 shares during the period. Finally, AIA Group Ltd boosted its stake in Chevron by 20.5% in the 4th quarter. AIA Group Ltd now owns 35,327 shares of the oil and gas company’s stock worth $5,117,000 after buying an additional 6,009 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Price Performance

CVX opened at $167.52 on Tuesday. Chevron Co. has a twelve month low of $135.37 and a twelve month high of $168.96. The firm has a market cap of $294.94 billion, a price-to-earnings ratio of 17.23, a PEG ratio of 1.46 and a beta of 1.08. 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 company has a fifty day simple moving average of $157.22 and a 200 day simple moving average of $153.80.

Chevron (NYSE:CVX) last announced its earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share 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 last year, the company earned $3.45 EPS. Equities research analysts expect that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Friday, February 14th were given a dividend of $1.71 per share. The ex-dividend date was Friday, February 14th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.08%. This is an increase from Chevron’s previous quarterly dividend of $1.63. Chevron’s dividend payout ratio (DPR) is presently 70.37%.

Insider Buying and Selling

In other Chevron 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 transaction, the vice president now directly owns 1,057 shares in the company, valued at $161,192.50. This represents a 89.82 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.20% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. UBS Group cut their price objective on shares of Chevron from $195.00 to $194.00 and set a “buy” rating on the stock in a report on Monday, February 3rd. Barclays decreased their price target on shares of Chevron from $174.00 to $171.00 and set an “overweight” rating on the stock in a report on Wednesday, February 5th. Piper Sandler dropped their price objective on Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Raymond James reduced their target price on Chevron from $180.00 to $175.00 and set an “outperform” rating on the stock in a report on Monday, February 3rd. Finally, Wells Fargo & Company dropped their price target on Chevron from $188.00 to $184.00 and set an “overweight” rating for the company in a research note on Monday, February 3rd. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $174.13.

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.