Parkworth Wealth Management Inc. Acquires New Holdings in Chevron Co. (NYSE:CVX)

Parkworth Wealth Management Inc. bought a new stake in shares of Chevron Co. (NYSE:CVX - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,807 shares of the oil and gas company's stock, valued at approximately $262,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in CVX. Knuff & Co LLC grew its position in Chevron by 5.4% in the 4th quarter. Knuff & Co LLC now owns 16,710 shares of the oil and gas company's stock valued at $2,420,000 after purchasing an additional 861 shares during the period. Sequoia Financial Advisors LLC raised its stake in Chevron by 7.8% in the 4th quarter. Sequoia Financial Advisors LLC now owns 130,527 shares of the oil and gas company's stock valued at $18,905,000 after acquiring an additional 9,409 shares during the period. Summit X LLC grew its holdings in Chevron by 221.1% during the 4th quarter. Summit X LLC now owns 7,110 shares of the oil and gas company's stock valued at $1,031,000 after buying an additional 4,896 shares in the last quarter. HighTower Advisors LLC grew its holdings in shares of Chevron by 7.9% during the fourth quarter. HighTower Advisors LLC now owns 2,260,590 shares of the oil and gas company's stock worth $327,424,000 after purchasing an additional 166,441 shares in the last quarter. Finally, Windle Wealth LLC grew its holdings in shares of Chevron by 1.9% during the fourth quarter. Windle Wealth LLC now owns 44,752 shares of the oil and gas company's stock worth $6,482,000 after purchasing an additional 824 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company's stock.

Insider Activity at Chevron

In other 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 value of $1,422,062.50. Following the completion of the sale, the vice president now directly owns 1,057 shares of the company's stock, valued at approximately $161,192.50. The trade was a 89.82 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.20% of the stock is currently owned by company insiders.

Chevron Stock Performance

NYSE CVX opened at $153.94 on Wednesday. Chevron Co. has a 1-year low of $135.37 and a 1-year high of $167.11. 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 company has a market cap of $271.02 billion, a PE ratio of 15.84, a price-to-earnings-growth ratio of 1.46 and a beta of 1.08. The stock's 50 day simple moving average is $154.55 and its 200-day simple moving average is $151.91.

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Chevron (NYSE:CVX - Get Free Report) last posted its quarterly 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 last year, the firm posted $3.45 earnings per share. As a group, equities research analysts anticipate that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Increases Dividend

The company 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. The ex-dividend date of this dividend was Friday, February 14th. This is a boost from Chevron's previous quarterly dividend of $1.63. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.44%. Chevron's payout ratio is presently 70.37%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on CVX. UBS Group lowered their price objective on Chevron from $195.00 to $194.00 and set a "buy" rating for the company in a research 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. Royal Bank of Canada reissued an "outperform" rating and issued a $175.00 price target on shares of Chevron in a report on Monday, February 3rd. Piper Sandler dropped their price objective on Chevron from $184.00 to $173.00 and set an "overweight" rating for the company in a report on Thursday, December 19th. Finally, Citigroup upgraded Chevron from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $145.00 to $185.00 in a research note on Tuesday, November 26th. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, Chevron has an average rating of "Moderate Buy" and an average price target of $174.13.

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.

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