Columbia Asset Management Decreases Stock Position in Chevron Co. (NYSE:CVX)

Columbia Asset Management reduced its stake in shares of Chevron Co. (NYSE:CVX - Free Report) by 5.6% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 33,965 shares of the oil and gas company's stock after selling 2,031 shares during the period. Columbia Asset Management's holdings in Chevron were worth $4,919,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the stock. IMG Wealth Management Inc. purchased a new stake in Chevron in the fourth quarter worth $25,000. Legacy Investment Solutions LLC bought a new position in shares of Chevron during the 3rd quarter worth $29,000. 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 bought a new stake in Chevron in the 4th quarter valued at about $39,000. Institutional investors own 72.42% of the company's stock.

Insider Transactions at Chevron

In related news, VP Jeff B. Gustavson sold 9,325 shares of the firm'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 directly owns 1,057 shares of the company's stock, valued at approximately $161,192.50. This trade represents a 89.82 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.20% of the company's stock.

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Wall Street Analyst Weigh In

Several research firms have recently weighed in on CVX. Truist Financial reduced their target price on shares of Chevron from $164.00 to $160.00 and set a "hold" rating for the company in a research note on Tuesday, February 4th. Royal Bank of Canada reissued an "outperform" rating and set a $175.00 target price on shares of Chevron in a report on Monday, February 3rd. Raymond James dropped their target price on Chevron from $180.00 to $175.00 and set an "outperform" rating on the stock in a research report on Monday, February 3rd. Piper Sandler reduced their price target on Chevron from $184.00 to $173.00 and set an "overweight" rating for the company in a research report on Thursday, December 19th. Finally, UBS Group dropped their price objective on Chevron from $195.00 to $194.00 and set a "buy" rating on the stock in a report on Monday, February 3rd. Four analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $174.13.

Chevron Price Performance

Shares of CVX stock traded down $13.02 during trading on Friday, hitting $143.10. The company had a trading volume of 20,360,305 shares, compared to its average volume of 7,696,063. Chevron Co. has a 52 week low of $135.37 and a 52 week high of $168.96. The stock has a market capitalization of $251.95 billion, a price-to-earnings ratio of 14.72, a price-to-earnings-growth ratio of 1.46 and a beta of 0.93. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. The stock's 50-day moving average is $157.38 and its two-hundred day moving average is $154.18.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings results 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 return on equity of 11.44% and a net margin of 8.71%. During the same quarter in the prior year, the business posted $3.45 earnings per share. As a group, analysts predict 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 paid a dividend of $1.71 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $6.84 annualized dividend and a yield of 4.78%. This is a positive change from Chevron's previous quarterly dividend of $1.63. Chevron's payout ratio is 70.37%.

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.