Capital Group Private Client Services Inc. Sells 59,325 Shares of Chevron Co. (NYSE:CVX)

Capital Group Private Client Services Inc. reduced its stake in Chevron Co. (NYSE:CVX - Free Report) by 21.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 214,592 shares of the oil and gas company's stock after selling 59,325 shares during the quarter. Capital Group Private Client Services Inc.'s holdings in Chevron were worth $31,082,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in CVX. McIlrath & Eck LLC raised its holdings in shares of Chevron by 5.8% during the third quarter. McIlrath & Eck LLC now owns 1,434 shares of the oil and gas company's stock valued at $211,000 after purchasing an additional 78 shares during the period. Westside Investment Management Inc. grew its stake in Chevron by 9.0% in the third quarter. Westside Investment Management Inc. now owns 3,405 shares of the oil and gas company's stock valued at $503,000 after acquiring an additional 281 shares during the period. Diamant Asset Management Inc. raised its position in shares of Chevron by 6.2% during the third quarter. Diamant Asset Management Inc. now owns 5,510 shares of the oil and gas company's stock worth $811,000 after purchasing an additional 320 shares during the period. Wealthquest Corp grew its position in Chevron by 2.3% in the 3rd quarter. Wealthquest Corp now owns 5,222 shares of the oil and gas company's stock valued at $782,000 after purchasing an additional 118 shares during the period. Finally, Te Ahumairangi Investment Management Ltd increased its stake in Chevron by 4.5% during the 3rd quarter. Te Ahumairangi Investment Management Ltd now owns 22,219 shares of the oil and gas company's stock valued at $3,254,000 after purchasing an additional 950 shares in the last quarter. Institutional investors own 72.42% of the company's stock.

Chevron Trading Up 2.9 %

Shares of CVX traded up $3.83 during trading hours on Tuesday, reaching $137.56. 2,317,315 shares of the company traded hands, compared to its average volume of 7,913,545. 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 12 month low of $132.04 and a 12 month high of $168.96. The company's fifty day moving average price is $153.12 and its two-hundred day moving average price is $153.33. The company has a market capitalization of $242.20 billion, a price-to-earnings ratio of 14.17, a price-to-earnings-growth ratio of 1.46 and a beta of 0.93.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share (EPS) for the quarter, missing the consensus estimate 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 prior year, the business earned $3.45 earnings per share. Equities research analysts predict that Chevron Co. will post 10.79 earnings per share 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 $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 4.97%. The ex-dividend date was Friday, February 14th. This is a positive change from Chevron's previous quarterly dividend of $1.63. Chevron's payout ratio is currently 70.37%.

Analyst Ratings Changes

CVX has been the subject of a number of analyst reports. Wells Fargo & Company cut 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, April 15th. Truist Financial dropped their price target on shares of Chevron from $164.00 to $160.00 and set a "hold" rating on the stock in a research report on Tuesday, February 4th. Raymond James decreased 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. Scotiabank lowered Chevron from a "sector outperform" rating to a "sector perform" rating and dropped their price target for the stock from $160.00 to $143.00 in a report on Friday, April 11th. Finally, BNP Paribas lowered Chevron to a "cautious" rating in a research report on Tuesday, April 15th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $169.50.

Insider Activity at Chevron

In related news, VP Jeff B. Gustavson sold 9,325 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the vice president now owns 1,057 shares of the company's stock, valued at $161,192.50. This trade represents a 89.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.20% of the stock is currently owned by insiders.

Chevron 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.