Atlantic Union Bankshares Corp Has $12.18 Million Position in Chevron Co. (NYSE:CVX)

Atlantic Union Bankshares Corp cut its stake in Chevron Co. (NYSE:CVX - Free Report) by 2.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 84,102 shares of the oil and gas company's stock after selling 1,914 shares during the quarter. Atlantic Union Bankshares Corp's holdings in Chevron were worth $12,181,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of CVX. Raymond James Financial Inc. acquired a new position in shares of Chevron in the fourth quarter valued at approximately $1,036,302,000. Pacer Advisors Inc. lifted its position in Chevron by 949.6% in the 3rd quarter. Pacer Advisors Inc. now owns 3,819,963 shares of the oil and gas company's stock valued at $562,566,000 after acquiring an additional 3,456,008 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Chevron by 11.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 31,108,760 shares of the oil and gas company's stock worth $4,581,137,000 after purchasing an additional 3,203,899 shares during the period. Bank of New York Mellon Corp increased its holdings in Chevron by 17.3% during the 4th quarter. Bank of New York Mellon Corp now owns 16,496,687 shares of the oil and gas company's stock worth $2,389,380,000 after purchasing an additional 2,432,756 shares in the last quarter. Finally, Amundi raised its stake in shares of Chevron by 27.7% in the 4th quarter. Amundi now owns 8,806,050 shares of the oil and gas company's stock valued at $1,323,549,000 after purchasing an additional 1,910,262 shares during the period. 72.42% of the stock is currently owned by institutional investors and hedge funds.

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Chevron Stock Performance

NYSE CVX traded up $1.33 on Monday, reaching $157.67. The stock had a trading volume of 11,743,770 shares, compared to its average volume of 7,564,362. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80. The company has a market cap of $277.59 billion, a P/E ratio of 16.22, a price-to-earnings-growth ratio of 1.46 and a beta of 1.08. The firm has a fifty day moving average of $154.37 and a two-hundred day moving average of $151.86. Chevron Co. has a 1-year low of $135.37 and a 1-year high of $167.11.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly 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 company earned $3.45 earnings per share. On average, equities research analysts anticipate that Chevron Co. will post 10.79 EPS for the current year.

Chevron Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 10th. Stockholders of record on Friday, February 14th will be issued a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.34%. The ex-dividend date is Friday, February 14th. This is an increase from Chevron's previous quarterly dividend of $1.63. Chevron's dividend payout ratio is 70.37%.

Insider Buying and Selling

In other Chevron news, VP Jeff B. Gustavson sold 9,325 shares of the company's stock in a transaction 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 completion of the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.20% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have commented on CVX. UBS Group cut their target price on Chevron from $195.00 to $194.00 and set a "buy" rating on the stock in a research note on Monday, February 3rd. Raymond James lowered their price target on shares of Chevron from $180.00 to $175.00 and set an "outperform" rating on the stock in a research note on Monday, February 3rd. Citigroup raised shares of Chevron from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $145.00 to $185.00 in a research report on Tuesday, November 26th. Royal Bank of Canada restated an "outperform" rating and issued a $175.00 price objective on shares of Chevron in a report on Monday, February 3rd. Finally, Piper Sandler dropped their target price on Chevron from $184.00 to $173.00 and set an "overweight" rating on the stock in a report on Thursday, December 19th. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average 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.