Optimum Investment Advisors Cuts Stake in Chevron Co. (NYSE:CVX)

Optimum Investment Advisors lessened its stake in shares of Chevron Co. (NYSE:CVX - Free Report) by 30.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,842 shares of the oil and gas company's stock after selling 1,650 shares during the quarter. Optimum Investment Advisors' holdings in Chevron were worth $556,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of CVX. Wallace Capital Management Inc. raised its position in Chevron by 0.8% during the 3rd quarter. Wallace Capital Management Inc. now owns 8,229 shares of the oil and gas company's stock worth $1,212,000 after buying an additional 65 shares during the last quarter. TFB Advisors LLC raised its holdings in Chevron by 2.4% during the fourth quarter. TFB Advisors LLC now owns 2,840 shares of the oil and gas company's stock worth $411,000 after purchasing an additional 66 shares in the last quarter. W.H. Cornerstone Investments Inc. lifted its position in Chevron by 1.4% in the fourth quarter. W.H. Cornerstone Investments Inc. now owns 4,672 shares of the oil and gas company's stock valued at $677,000 after purchasing an additional 66 shares during the period. Parkside Financial Bank & Trust lifted its position in Chevron by 0.4% in the fourth quarter. Parkside Financial Bank & Trust now owns 15,240 shares of the oil and gas company's stock valued at $2,207,000 after purchasing an additional 66 shares during the period. Finally, Meridian Financial Partners LLC boosted its holdings in Chevron by 0.5% in the 4th quarter. Meridian Financial Partners LLC now owns 13,416 shares of the oil and gas company's stock valued at $1,943,000 after purchasing an additional 67 shares in the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

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Wall Street Analysts Forecast Growth

CVX has been the subject of a number of analyst reports. Truist Financial cut their target price on Chevron from $164.00 to $160.00 and set a "hold" rating for the company in a research note on Tuesday, February 4th. Citigroup raised Chevron from a "neutral" rating to a "buy" rating and raised their target price for the company from $145.00 to $185.00 in a report on Tuesday, November 26th. UBS Group lowered their price target on shares of Chevron from $195.00 to $194.00 and set a "buy" rating on the stock in a research note on Monday, February 3rd. Barclays reduced their price objective on shares of Chevron from $174.00 to $171.00 and set an "overweight" rating for the company in a research note on Wednesday, February 5th. Finally, Royal Bank of Canada restated an "outperform" rating and set a $175.00 target price on shares of Chevron in a research report on Monday, February 3rd. Four investment 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.com, the stock has an average rating of "Moderate Buy" and an average price target of $174.13.

Insider Activity

In other Chevron news, VP Jeff B. Gustavson sold 9,325 shares of the 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 transaction, the vice president now owns 1,057 shares of the company's stock, valued at $161,192.50. This represents a 89.82 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 0.20% of the company's stock.

Chevron Price Performance

NYSE:CVX traded up $2.01 during trading hours on Wednesday, reaching $167.95. 10,074,927 shares of the company traded hands, compared to its average volume of 7,351,861. 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 firm's 50-day moving average is $156.67 and its 200-day moving average is $153.01. The stock has a market cap of $295.69 billion, a P/E ratio of 17.28, a P/E/G ratio of 1.46 and a beta of 1.08. Chevron Co. has a 1-year low of $135.37 and a 1-year high of $168.93.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings data on Friday, January 31st. The oil and gas company reported $2.06 EPS 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 period last year, the business posted $3.45 EPS. Equities research analysts expect that Chevron Co. will post 10.79 earnings per share for the current fiscal year.

Chevron Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Friday, February 14th were issued a dividend of $1.71 per share. The ex-dividend date 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 dividend yield of 4.07%. Chevron's payout ratio is 70.37%.

About Chevron

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.