Hodges Capital Management Inc. Lowers Holdings in Chevron Co. (NYSE:CVX)

Hodges Capital Management Inc. cut its position in shares of Chevron Co. (NYSE:CVX) by 10.9% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 11,956 shares of the oil and gas company’s stock after selling 1,458 shares during the period. Hodges Capital Management Inc.’s holdings in Chevron were worth $1,886,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Bare Financial Services Inc purchased a new position in Chevron in the fourth quarter valued at about $27,000. Frank Rimerman Advisors LLC purchased a new position in shares of Chevron in the 4th quarter worth approximately $30,000. Valued Wealth Advisors LLC bought a new position in shares of Chevron during the 4th quarter worth approximately $33,000. Cooksen Wealth LLC purchased a new stake in Chevron during the fourth quarter valued at approximately $40,000. Finally, Clear Investment Research LLC boosted its stake in Chevron by 264.9% in the fourth quarter. Clear Investment Research LLC now owns 281 shares of the oil and gas company’s stock valued at $42,000 after acquiring an additional 204 shares in the last quarter. Institutional investors own 72.42% of the company’s stock.

Insider Transactions at Chevron

In other Chevron news, VP Jeff B. Gustavson sold 3,750 shares of the firm’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $160.23, for a total value of $600,862.50. Following the transaction, the vice president now directly owns 477 shares of the company’s stock, valued at approximately $76,429.71. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, VP Jeff B. Gustavson sold 3,750 shares of the business’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $160.23, for a total transaction of $600,862.50. Following the transaction, the vice president now owns 477 shares of the company’s stock, valued at approximately $76,429.71. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Enrique Hernandez, Jr. sold 2,549 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $161.00, for a total transaction of $410,389.00. Following the sale, the director now owns 7,647 shares of the company’s stock, valued at approximately $1,231,167. The disclosure for this sale can be found here. Over the last three months, insiders have sold 19,546 shares of company stock valued at $3,176,223. Corporate insiders own 0.20% of the company’s stock.

Chevron Price Performance

Shares of CVX traded up $0.10 during mid-day trading on Friday, hitting $156.42. 11,283,390 shares of the company were exchanged, compared to its average volume of 7,477,035. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.93 and a current ratio of 1.23. Chevron Co. has a 1-year low of $139.62 and a 1-year high of $171.70. The stock has a market cap of $288.28 billion, a price-to-earnings ratio of 14.39, a price-to-earnings-growth ratio of 2.38 and a beta of 1.12. The company has a 50 day moving average of $159.22 and a 200-day moving average of $154.62.

Chevron (NYSE:CVX) last released its earnings results on Friday, April 26th. The oil and gas company reported $2.93 earnings per share for the quarter, beating the consensus estimate of $2.84 by $0.09. Chevron had a return on equity of 14.40% and a net margin of 10.21%. The business had revenue of $48.72 billion for the quarter, compared to the consensus estimate of $48.42 billion. During the same quarter last year, the business posted $3.55 earnings per share. The business’s quarterly revenue was down 4.1% compared to the same quarter last year. Analysts expect that Chevron Co. will post 13.15 EPS for the current fiscal year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 10th. Stockholders of record on Friday, May 17th were given a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.17%. The ex-dividend date was Thursday, May 16th. Chevron’s dividend payout ratio (DPR) is 59.98%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on CVX. Piper Sandler raised their price objective on Chevron from $180.00 to $204.00 and gave the stock an “overweight” rating in a research report on Thursday, April 18th. HSBC lifted their target price on shares of Chevron from $175.00 to $178.00 and gave the stock a “buy” rating in a research note on Tuesday, April 30th. Wells Fargo & Company upped their price target on shares of Chevron from $198.00 to $206.00 and gave the company an “overweight” rating in a research note on Tuesday, April 30th. Mizuho lifted their price objective on shares of Chevron from $200.00 to $205.00 and gave the stock a “buy” rating in a research note on Monday, May 13th. Finally, Scotiabank raised Chevron from a “sector perform” rating to a “sector outperform” rating and upped their target price for the company from $170.00 to $195.00 in a research report on Thursday, April 11th. Five investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $186.95.

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.