IronBridge Private Wealth LLC Lowers Position in Chevron Co. (NYSE:CVX)

IronBridge Private Wealth LLC reduced its stake in shares of Chevron Co. (NYSE:CVX - Free Report) by 27.5% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 30,881 shares of the oil and gas company's stock after selling 11,729 shares during the period. Chevron comprises 1.6% of IronBridge Private Wealth LLC's investment portfolio, making the stock its 17th biggest position. IronBridge Private Wealth LLC's holdings in Chevron were worth $4,473,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. Life Planning Partners Inc purchased a new stake in Chevron in the fourth quarter worth $25,000. IMG Wealth Management Inc. purchased a new stake in Chevron in the 4th quarter worth about $25,000. Mizuho Securities Co. Ltd. purchased a new stake in Chevron in the 4th quarter worth about $29,000. Fairway Wealth LLC raised its stake in Chevron by 75.9% in the 4th quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company's stock valued at $30,000 after acquiring an additional 88 shares during the period. Finally, New Wave Wealth Advisors LLC purchased a new stake in Chevron during the fourth quarter valued at about $39,000. Hedge funds and other institutional investors own 72.42% of the company's stock.

Chevron Price Performance

Shares of Chevron stock traded up $2.38 during trading on Thursday, hitting $139.06. 3,581,628 shares of the stock traded hands, compared to its average volume of 8,919,282. The stock has a market cap of $244.83 billion, a price-to-earnings ratio of 14.31, a PEG ratio of 1.46 and a beta of 0.93. Chevron Co. has a 52 week low of $132.04 and a 52 week high of $168.96. The firm's fifty day moving average is $152.37 and its 200-day moving average is $153.10. 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 (NYSE:CVX - Get Free Report) last posted 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 net margin of 8.71% and a return on equity of 11.44%. During the same quarter in the previous year, the business earned $3.45 EPS. Research analysts expect that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Increases Dividend

The company 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. This represents a $6.84 dividend on an annualized basis and a yield of 4.92%. The ex-dividend date of this dividend was Friday, February 14th. This is a positive change from Chevron's previous quarterly dividend of $1.63. Chevron's dividend payout ratio (DPR) is 70.37%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on CVX. UBS Group lowered their price target on shares of Chevron from $194.00 to $185.00 and set a "buy" rating on the stock in a research report on Monday, April 7th. Wells Fargo & Company lowered their target price on shares of Chevron from $184.00 to $173.00 and set an "overweight" rating on the stock in a report on Tuesday, April 15th. BNP Paribas cut Chevron to a "cautious" rating in a research report on Tuesday, April 15th. Truist Financial reduced 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, Raymond James cut their price objective on shares of Chevron from $180.00 to $175.00 and set an "outperform" rating for the company in a research report on Monday, February 3rd. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $165.71.

Insider Activity

In related news, VP Jeff B. Gustavson sold 9,325 shares of the business's stock in a transaction dated 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 transaction, the vice president now owns 1,057 shares in the company, valued at $161,192.50. The trade was a 89.82 % decrease in their position. 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 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.