Steel Grove Capital Advisors LLC Lowers Holdings in Chevron Co. (NYSE:CVX)

Steel Grove Capital Advisors LLC cut its holdings in Chevron Co. (NYSE:CVX - Free Report) by 20.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,346 shares of the oil and gas company's stock after selling 3,225 shares during the quarter. Steel Grove Capital Advisors LLC's holdings in Chevron were worth $1,788,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. IMG Wealth Management Inc. purchased a new stake in Chevron in the 4th quarter worth $25,000. Mizuho Securities Co. Ltd. bought a new position in Chevron during the fourth quarter valued at $29,000. Fairway Wealth LLC lifted its stake in Chevron by 75.9% in the fourth 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 during the last quarter. New Wave Wealth Advisors LLC bought a new stake in shares of Chevron during the fourth quarter worth $39,000. Finally, Prudent Man Investment Management Inc. bought a new position in Chevron in the 4th quarter worth about $45,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, VP Jeff B. Gustavson sold 9,325 shares of the company's stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $152.50, for a total value of $1,422,062.50. Following the sale, the vice president now directly owns 1,057 shares of the company's stock, valued at approximately $161,192.50. This represents a 89.82 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.20% of the stock is owned by corporate insiders.

Chevron Stock Performance

Shares of NYSE:CVX opened at $133.75 on Tuesday. The stock has a market capitalization of $235.48 billion, a price-to-earnings ratio of 13.76, a price-to-earnings-growth ratio of 1.46 and a beta of 0.93. Chevron Co. has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. 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 business's fifty day moving average price is $153.12 and its two-hundred day moving average price is $153.33.

Chevron (NYSE:CVX - Get Free Report) last released its earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share 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 period in the prior year, the company posted $3.45 EPS. 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 $1.71 dividend. This is an increase from Chevron's previous quarterly dividend of $1.63. The ex-dividend date was Friday, February 14th. This represents a $6.84 annualized dividend and a dividend yield of 5.11%. Chevron's dividend payout ratio (DPR) is currently 70.37%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on CVX. Truist Financial cut their price objective on shares of Chevron from $164.00 to $160.00 and set a "hold" rating on the stock in a research report on Tuesday, February 4th. Wells Fargo & Company dropped their price objective on shares of Chevron from $184.00 to $173.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 15th. Royal Bank of Canada restated an "outperform" rating and set a $175.00 price target on shares of Chevron in a research report on Monday, February 3rd. BNP Paribas cut shares of Chevron to a "cautious" rating in a research report on Tuesday, April 15th. Finally, Scotiabank lowered shares of Chevron from a "sector outperform" rating to a "sector perform" rating and decreased their price objective for the stock from $160.00 to $143.00 in a report on Friday, April 11th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $169.50.

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.

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