Wedbush Securities Inc. Acquires 7,557 Shares of Chevron Co. (NYSE:CVX)

Wedbush Securities Inc. grew its holdings in Chevron Co. (NYSE:CVX - Free Report) by 6.8% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 118,066 shares of the oil and gas company's stock after acquiring an additional 7,557 shares during the quarter. Chevron comprises 0.6% of Wedbush Securities Inc.'s investment portfolio, making the stock its 19th biggest holding. Wedbush Securities Inc.'s holdings in Chevron were worth $17,101,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Life Planning Partners Inc acquired a new position in Chevron during the 4th quarter worth approximately $25,000. IMG Wealth Management Inc. purchased a new stake in shares of Chevron during the 4th quarter worth approximately $25,000. Legacy Investment Solutions LLC acquired a new stake in Chevron in the third quarter valued at $29,000. Mizuho Securities Co. Ltd. acquired a new stake in Chevron in the 4th quarter valued at about $29,000. Finally, Fairway Wealth LLC grew its position in shares of Chevron by 75.9% in the fourth quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company's stock valued at $30,000 after purchasing an additional 88 shares during the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Chevron Price Performance

Shares of NYSE CVX traded down $0.17 during midday trading on Wednesday, reaching $136.76. The company's stock had a trading volume of 5,708,135 shares, compared to its average volume of 7,752,141. Chevron Co. has a one year low of $132.18 and a one year high of $168.96. The company has a 50 day moving average price of $156.26 and a 200 day moving average price of $154.03. The company has a market cap of $240.77 billion, a price-to-earnings ratio of 14.07, a price-to-earnings-growth ratio of 1.46 and a beta of 0.93. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX - Get Free Report) last posted 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 return on equity of 11.44% and a net margin of 8.71%. During the same quarter last year, the firm earned $3.45 EPS. On average, equities research analysts expect that Chevron Co. will post 10.79 EPS for the current 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 issued a $1.71 dividend. The ex-dividend date of this dividend 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 5.00%. Chevron's dividend payout ratio is 70.37%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CVX. UBS Group lowered their price target on shares of Chevron from $194.00 to $185.00 and set a "buy" rating for the company in a report on Monday. Barclays cut their price target on shares of Chevron from $174.00 to $171.00 and set an "overweight" rating on the stock in a research note on Wednesday, February 5th. Raymond James reduced their target price on Chevron from $180.00 to $175.00 and set an "outperform" rating on the stock in a report on Monday, February 3rd. Truist Financial decreased their target price on Chevron from $164.00 to $160.00 and set a "hold" rating for the company in a report on Tuesday, February 4th. Finally, Piper Sandler decreased their target price on Chevron from $184.00 to $173.00 and set an "overweight" rating for the company in a research report on Thursday, December 19th. Four analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $173.53.

Insider Transactions at Chevron

In other Chevron news, VP Jeff B. Gustavson sold 9,325 shares of the firm's stock in a transaction dated 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 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.20% of the company's stock.

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.