Sagespring Wealth Partners LLC Makes New Investment in Chevron Co. (NYSE:CVX)

Sagespring Wealth Partners LLC purchased a new stake in shares of Chevron Co. (NYSE:CVX - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 30,597 shares of the oil and gas company's stock, valued at approximately $4,432,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Allianz SE purchased a new position in shares of Chevron during the 4th quarter worth approximately $9,369,000. Nicholas Company Inc. grew its position in shares of Chevron by 4.3% in the 4th quarter. Nicholas Company Inc. now owns 80,025 shares of the oil and gas company's stock worth $11,591,000 after buying an additional 3,280 shares during the period. Applied Finance Capital Management LLC increased its stake in shares of Chevron by 1.6% in the 4th quarter. Applied Finance Capital Management LLC now owns 179,815 shares of the oil and gas company's stock worth $26,044,000 after acquiring an additional 2,755 shares in the last quarter. Cerity Partners LLC boosted its stake in Chevron by 4.5% during the fourth quarter. Cerity Partners LLC now owns 1,205,747 shares of the oil and gas company's stock worth $174,817,000 after acquiring an additional 52,307 shares in the last quarter. Finally, Dale Q Rice Investment Management Ltd purchased a new stake in Chevron in the fourth quarter worth about $594,000. Institutional investors 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 firm'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 transaction, the vice president now owns 1,057 shares of the company's stock, valued at $161,192.50. This trade represents a 89.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.20% of the stock is owned by company insiders.

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Wall Street Analyst Weigh In

CVX has been the topic of a number of analyst reports. Barclays dropped their price target on Chevron from $174.00 to $171.00 and set an "overweight" rating on the stock in a research report on Wednesday, February 5th. Scotiabank cut Chevron from a "sector outperform" rating to a "sector perform" rating and cut their target price for the stock from $160.00 to $143.00 in a research note on Friday, April 11th. Truist Financial lowered their price target on Chevron from $164.00 to $160.00 and set a "hold" rating for the company in a research report on Tuesday, February 4th. Raymond James cut their price objective on shares of Chevron from $180.00 to $175.00 and set an "outperform" rating on the stock in a research report on Monday, February 3rd. Finally, Piper Sandler decreased their target price on shares of Chevron from $184.00 to $173.00 and set an "overweight" rating for the company in a report on Thursday, December 19th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $169.50.

Chevron Stock Performance

CVX stock traded up $0.87 during trading on Wednesday, reaching $135.41. The stock had a trading volume of 8,628,837 shares, compared to its average volume of 7,896,978. The stock's 50 day moving average is $154.64 and its two-hundred day moving average is $153.69. The firm has a market cap of $238.40 billion, a PE ratio of 13.93, a PEG ratio of 1.46 and a beta of 0.93. Chevron Co. has a 52 week low of $132.04 and a 52 week high of $168.96. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX - Get Free Report) last announced its earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share (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 quarter in the prior year, the business earned $3.45 EPS. As a group, equities analysts anticipate that Chevron Co. will post 10.79 earnings per share for the current 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. 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 yield of 5.05%. The ex-dividend date was Friday, February 14th. Chevron's dividend payout ratio (DPR) is currently 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.