Garner Asset Management Corp Increases Stock Holdings in Chevron Co. (NYSE:CVX)

Garner Asset Management Corp increased its holdings in shares of Chevron Co. (NYSE:CVX - Free Report) by 8.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 25,950 shares of the oil and gas company's stock after acquiring an additional 1,966 shares during the quarter. Chevron makes up about 1.7% of Garner Asset Management Corp's holdings, making the stock its 13th largest position. Garner Asset Management Corp's holdings in Chevron were worth $3,759,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. McIlrath & Eck LLC grew its position in Chevron by 5.8% during the third quarter. McIlrath & Eck LLC now owns 1,434 shares of the oil and gas company's stock valued at $211,000 after buying an additional 78 shares during the period. Westside Investment Management Inc. boosted its stake in Chevron by 9.0% in the third quarter. Westside Investment Management Inc. now owns 3,405 shares of the oil and gas company's stock valued at $503,000 after acquiring an additional 281 shares during the last quarter. Diamant Asset Management Inc. grew its position in shares of Chevron by 6.2% during the 3rd quarter. Diamant Asset Management Inc. now owns 5,510 shares of the oil and gas company's stock valued at $811,000 after acquiring an additional 320 shares during the period. Wealthquest Corp grew its position in shares of Chevron by 2.3% during the 3rd quarter. Wealthquest Corp now owns 5,222 shares of the oil and gas company's stock valued at $782,000 after acquiring an additional 118 shares during the period. Finally, Te Ahumairangi Investment Management Ltd increased its stake in shares of Chevron by 4.5% during the 3rd quarter. Te Ahumairangi Investment Management Ltd now owns 22,219 shares of the oil and gas company's stock worth $3,254,000 after purchasing an additional 950 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company's stock.

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Insider Activity

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

Analysts Set New Price Targets

Several equities analysts have weighed in on CVX shares. Royal Bank of Canada reissued an "outperform" rating and set a $175.00 price objective on shares of Chevron in a report on Monday, February 3rd. Wells Fargo & Company cut their price target on Chevron from $184.00 to $173.00 and set an "overweight" rating for the company in a research note on Tuesday. Piper Sandler lowered their price objective on Chevron from $184.00 to $173.00 and set an "overweight" rating on the stock in a research note on Thursday, December 19th. BNP Paribas downgraded shares of Chevron to a "cautious" rating in a report on Tuesday. Finally, UBS Group reduced their target price on shares of Chevron from $194.00 to $185.00 and set a "buy" rating for the company in a research note on Monday, April 7th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have given a buy rating to the company. According to MarketBeat, Chevron has a consensus rating of "Moderate Buy" and an average target price of $169.50.

Chevron Price Performance

Shares of Chevron stock traded up $0.87 during trading on Wednesday, hitting $135.41. The stock had a trading volume of 8,628,901 shares, compared to its average volume of 7,906,390. The firm has a market cap of $238.40 billion, a price-to-earnings ratio of 13.93, a P/E/G 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. The business's 50-day moving average is $154.64 and its 200 day moving average is $153.69. Chevron Co. has a 12 month low of $132.04 and a 12 month high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings data on Friday, January 31st. The oil and gas company reported $2.06 earnings per share 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 firm posted $3.45 EPS. As a group, sell-side analysts anticipate that Chevron Co. will post 10.79 earnings per share for the current year.

Chevron Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Friday, February 14th were paid a $1.71 dividend. This is a boost from Chevron's previous quarterly dividend of $1.63. The ex-dividend date was Friday, February 14th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 5.05%. Chevron's dividend payout ratio is 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.