Cascades Capital Asset Management LLC Makes New $277,000 Investment in Chevron Co. (NYSE:CVX)

Cascades Capital Asset Management LLC bought a new stake in shares of Chevron Co. (NYSE:CVX) during the fourth quarter, Holdings Channel.com reports. The fund bought 1,914 shares of the oil and gas company’s stock, valued at approximately $277,000.

Several other institutional investors and hedge funds have also recently modified their holdings of CVX. IMG Wealth Management Inc. acquired a new stake in Chevron in the fourth quarter valued at approximately $25,000. Legacy Investment Solutions LLC acquired a new stake in Chevron in the 3rd quarter valued at $29,000. Mizuho Securities Co. Ltd. purchased a new stake in Chevron in the 4th quarter worth $29,000. Fairway Wealth LLC raised its position in Chevron by 75.9% during the fourth quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company’s stock worth $30,000 after acquiring an additional 88 shares during the period. Finally, New Wave Wealth Advisors LLC purchased a new position in Chevron during the fourth quarter valued at $39,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Analyst Ratings Changes

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

Insider Transactions at Chevron

In related news, VP Jeff B. Gustavson sold 9,325 shares of the firm’s stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $152.50, for a total transaction of $1,422,062.50. Following the completion of the transaction, the vice president now directly owns 1,057 shares in the company, valued at $161,192.50. This trade represents a 89.82 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.20% of the company’s stock.

Chevron Price Performance

NYSE:CVX opened at $143.10 on Friday. The company has a market capitalization of $251.95 billion, a P/E ratio of 14.72, a P/E/G ratio of 1.46 and a beta of 0.93. 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. The stock’s fifty day moving average is $157.38 and its two-hundred day moving average is $154.10.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share for the quarter, missing analysts’ consensus estimates 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 earned $3.45 EPS. Equities 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 dividend on an annualized basis and a yield of 4.78%. This is a boost from Chevron’s previous quarterly dividend of $1.63. The ex-dividend date of this dividend was Friday, February 14th. Chevron’s dividend payout ratio is 70.37%.

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.