Gabelli Funds LLC Reduces Position in Chevron Co. (NYSE:CVX)

Gabelli Funds LLC decreased its stake in shares of Chevron Co. (NYSE:CVX - Free Report) by 2.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 323,613 shares of the oil and gas company's stock after selling 7,640 shares during the period. Gabelli Funds LLC's holdings in Chevron were worth $46,872,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Life Planning Partners Inc purchased a new position in shares of Chevron in the fourth quarter worth about $25,000. IMG Wealth Management Inc. bought a new stake in shares of Chevron during the 4th quarter valued at $25,000. Mizuho Securities Co. Ltd. bought a new stake in shares of Chevron during the 4th quarter valued at $29,000. Fairway Wealth LLC lifted its holdings in Chevron by 75.9% during the 4th quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company's stock worth $30,000 after purchasing an additional 88 shares in the last quarter. Finally, New Wave Wealth Advisors LLC bought a new position in Chevron in the 4th quarter worth about $39,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Chevron

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

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Truist Financial reduced their price target on shares of Chevron from $164.00 to $160.00 and set a "hold" rating for the company in a research report on Tuesday, February 4th. BNP Paribas downgraded shares of Chevron to a "cautious" rating in a research note on Tuesday. Raymond James cut their price target on shares of Chevron from $180.00 to $175.00 and set an "outperform" rating on the stock in a report on Monday, February 3rd. Piper Sandler cut their target price on shares of Chevron from $184.00 to $173.00 and set an "overweight" rating on the stock in a research note on Thursday, December 19th. Finally, Wells Fargo & Company lowered their price objective on shares of Chevron from $184.00 to $173.00 and set an "overweight" rating for the company in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $169.50.

Chevron Stock Up 1.7 %

Chevron stock traded up $2.32 during trading hours on Friday, hitting $137.68. The stock had a trading volume of 8,423,604 shares, compared to its average volume of 7,913,168. The stock's 50-day moving average price is $153.94 and its 200-day moving average price is $153.50. Chevron Co. has a 12-month low of $132.04 and a 12-month high of $168.96. 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 has a market capitalization of $242.39 billion, a P/E ratio of 14.16, a price-to-earnings-growth ratio of 1.46 and a beta of 0.93.

Chevron (NYSE:CVX - Get Free Report) last issued its 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 net margin of 8.71% and a return on equity of 11.44%. During the same period in the previous year, the company earned $3.45 EPS. Equities research analysts anticipate that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Friday, February 14th were issued a $1.71 dividend. The ex-dividend date was Friday, February 14th. This represents a $6.84 annualized dividend and a yield of 4.97%. This is a boost from Chevron's previous quarterly dividend of $1.63. Chevron's dividend payout ratio (DPR) is currently 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.