3Chopt Investment Partners LLC Buys New Stake in Chevron Co. (NYSE:CVX)

3Chopt Investment Partners LLC acquired a new position in shares of Chevron Co. (NYSE:CVX - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 10,100 shares of the oil and gas company's stock, valued at approximately $1,463,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Geode Capital Management LLC grew its position in Chevron by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 36,269,270 shares of the oil and gas company's stock valued at $5,247,142,000 after purchasing an additional 392,916 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Chevron by 2.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 31,855,566 shares of the oil and gas company's stock valued at $4,613,960,000 after buying an additional 746,806 shares during the period. Norges Bank purchased a new position in shares of Chevron during the 4th quarter valued at $3,017,750,000. Fisher Asset Management LLC increased its position in Chevron by 2.1% in the 4th quarter. Fisher Asset Management LLC now owns 19,892,848 shares of the oil and gas company's stock worth $2,881,280,000 after purchasing an additional 410,460 shares during the last quarter. Finally, Franklin Resources Inc. raised its stake in shares of Chevron by 0.5% during the 4th quarter. Franklin Resources Inc. now owns 17,280,105 shares of the oil and gas company's stock worth $2,502,850,000 after purchasing an additional 79,917 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company's stock.

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Insider Activity at Chevron

In other news, VP Jeff B. Gustavson sold 9,325 shares of Chevron stock in a transaction that occurred on 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 sale, the vice president now owns 1,057 shares of the company's stock, valued at approximately $161,192.50. This trade represents a 89.82 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.20% of the company's stock.

Chevron Stock Performance

Shares of CVX stock traded down $0.77 during trading hours on Tuesday, reaching $134.55. 9,318,593 shares of the company's stock were exchanged, compared to its average volume of 7,894,061. The business has a fifty day moving average price of $154.64 and a 200-day moving average price of $153.69. The stock has a market capitalization of $236.88 billion, a P/E ratio of 13.84, 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 fifty-two week low of $132.04 and a fifty-two week high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last released its earnings results on Friday, January 31st. The oil and gas company reported $2.06 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 earned $3.45 EPS. Analysts predict that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Friday, February 14th were given a dividend of $1.71 per share. The ex-dividend date was Friday, February 14th. This is an increase from Chevron's previous quarterly dividend of $1.63. This represents a $6.84 dividend on an annualized basis and a yield of 5.08%. Chevron's dividend payout ratio (DPR) is 70.37%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on CVX shares. Wells Fargo & Company lowered their price target on Chevron from $184.00 to $173.00 and set an "overweight" rating for the company in a research note on Tuesday. Truist Financial reduced their price objective on shares of Chevron from $164.00 to $160.00 and set a "hold" rating for the company in a research note on Tuesday, February 4th. Raymond James lowered their target price on shares of Chevron from $180.00 to $175.00 and set an "outperform" rating on the stock in a research report on Monday, February 3rd. Barclays reduced their price target on Chevron from $174.00 to $171.00 and set an "overweight" rating for the company in a research report on Wednesday, February 5th. Finally, Scotiabank lowered Chevron from a "sector outperform" rating to a "sector perform" rating and lowered their price objective for the company from $160.00 to $143.00 in a report on Friday. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $169.50.

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.