Cedar Wealth Management LLC Sells 2,462 Shares of Chevron Co. (NYSE:CVX)

Cedar Wealth Management LLC lowered its stake in Chevron Co. (NYSE:CVX - Free Report) by 55.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,945 shares of the oil and gas company's stock after selling 2,462 shares during the period. Cedar Wealth Management LLC's holdings in Chevron were worth $282,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CVX. United Bank raised its holdings in Chevron by 8.4% in the 3rd quarter. United Bank now owns 8,095 shares of the oil and gas company's stock valued at $1,192,000 after buying an additional 629 shares during the last quarter. Leelyn Smith LLC increased its position in Chevron by 6.4% in the 3rd quarter. Leelyn Smith LLC now owns 16,229 shares of the oil and gas company's stock valued at $2,390,000 after acquiring an additional 979 shares during the period. Waddell & Associates LLC raised its stake in shares of Chevron by 4.9% during the third quarter. Waddell & Associates LLC now owns 9,407 shares of the oil and gas company's stock valued at $1,385,000 after acquiring an additional 441 shares during the last quarter. Great Valley Advisor Group Inc. raised its stake in shares of Chevron by 7.5% during the third quarter. Great Valley Advisor Group Inc. now owns 65,895 shares of the oil and gas company's stock valued at $9,705,000 after acquiring an additional 4,605 shares during the last quarter. Finally, Cerity Partners LLC lifted its holdings in shares of Chevron by 3.7% during the third quarter. Cerity Partners LLC now owns 1,153,440 shares of the oil and gas company's stock worth $169,867,000 after purchasing an additional 41,178 shares during the period. Institutional investors own 72.42% of the company's stock.

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Wall Street Analyst Weigh In

Several research analysts have commented on CVX shares. Truist Financial cut their target price on Chevron from $164.00 to $160.00 and set a "hold" rating on the stock in a report on Tuesday, February 4th. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $175.00 price objective on shares of Chevron in a research note on Monday, February 3rd. Barclays decreased their target price on shares of Chevron from $174.00 to $171.00 and set an "overweight" rating for the company in a research report on Wednesday, February 5th. Raymond James dropped their price target 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. Finally, Citigroup upgraded shares of Chevron from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $145.00 to $185.00 in a research report on Tuesday, November 26th. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $174.13.

Insiders Place Their Bets

In other news, VP Jeff B. Gustavson sold 9,325 shares of the firm's stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $152.50, for a total value of $1,422,062.50. Following the transaction, the vice president now owns 1,057 shares in the company, valued at $161,192.50. This trade 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 through this hyperlink. Corporate insiders own 0.20% of the company's stock.

Chevron Stock Up 0.2 %

Shares of CVX traded up $0.29 during trading hours on Tuesday, reaching $165.31. The stock had a trading volume of 3,957,303 shares, compared to its average volume of 7,994,431. The firm has a 50-day simple moving average of $156.49 and a 200 day simple moving average of $152.81. Chevron Co. has a 12 month low of $135.37 and a 12 month high of $167.82. 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 market capitalization of $291.05 billion, a price-to-earnings ratio of 17.00, a P/E/G ratio of 1.46 and a beta of 1.08.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings data 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 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. Shareholders of record on Friday, February 14th were paid 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 yield of 4.14%. This is an increase from Chevron's previous quarterly dividend of $1.63. Chevron's 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.