ZEGA Investments LLC Takes Position in Chevron Co. (NYSE:CVX)

ZEGA Investments LLC purchased a new stake in Chevron Co. (NYSE:CVX - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 2,743 shares of the oil and gas company's stock, valued at approximately $427,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. State Street Corp grew its position in Chevron by 0.6% during the third quarter. State Street Corp now owns 159,105,244 shares of the oil and gas company's stock valued at $23,431,429,000 after acquiring an additional 874,962 shares during the period. Nicholas Company Inc. grew its holdings in shares of Chevron by 4.3% during the 4th quarter. Nicholas Company Inc. now owns 80,025 shares of the oil and gas company's stock worth $11,591,000 after purchasing an additional 3,280 shares during the period. Dale Q Rice Investment Management Ltd purchased a new stake in shares of Chevron during the 4th quarter worth about $594,000. Unified Investment Management acquired a new stake in Chevron during the 4th quarter worth approximately $729,000. Finally, Meridian Wealth Management LLC purchased a new position in Chevron in the third quarter valued at approximately $11,052,000. Institutional investors and hedge funds own 72.42% of the company's stock.

Insider Activity

In other Chevron news, VP Jeff B. Gustavson sold 9,325 shares of Chevron stock in a transaction on 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 completion of the transaction, 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 transaction was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 0.20% of the company's stock.

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Chevron Stock Up 0.6 %

CVX traded up $0.91 during trading on Tuesday, hitting $165.93. The company had a trading volume of 7,867,285 shares, compared to its average volume of 7,337,986. 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 $292.14 billion, a PE ratio of 17.07, a P/E/G ratio of 1.46 and a beta of 1.08. The business has a 50-day moving average of $156.49 and a 200-day moving average of $152.81.

Chevron (NYSE:CVX - Get Free Report) last issued its earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 last year, the business posted $3.45 earnings per share. As a group, analysts forecast that Chevron Co. will post 10.79 earnings per share for the current year.

Chevron Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Friday, February 14th were given a $1.71 dividend. This is a positive change 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 4.12%. Chevron's dividend payout ratio (DPR) is presently 70.37%.

Analysts Set New Price Targets

Several research firms have recently issued reports on CVX. Barclays dropped their price objective on shares of Chevron from $174.00 to $171.00 and set an "overweight" rating for the company in a research report on Wednesday, February 5th. Piper Sandler lowered their price target on Chevron from $184.00 to $173.00 and set an "overweight" rating for the company in a report on Thursday, December 19th. Royal Bank of Canada restated an "outperform" rating and set a $175.00 price objective on shares of Chevron in a research note on Monday, February 3rd. Truist Financial lowered their target price on Chevron from $164.00 to $160.00 and set a "hold" rating for the company in a research note on Tuesday, February 4th. Finally, Wells Fargo & Company decreased their price target on Chevron from $188.00 to $184.00 and set an "overweight" rating for the company in a report on Monday, February 3rd. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, Chevron has an average rating of "Moderate Buy" and an average target price of $174.13.

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.