Hartford Funds Management Co LLC Sells 702 Shares of Chevron Co. (NYSE:CVX)

Hartford Funds Management Co LLC trimmed its stake in Chevron Co. (NYSE:CVX) by 11.1% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,633 shares of the oil and gas company’s stock after selling 702 shares during the quarter. Hartford Funds Management Co LLC’s holdings in Chevron were worth $830,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in CVX. Montz Harcus Wealth Management LLC raised its position in Chevron by 2.2% during the second quarter. Montz Harcus Wealth Management LLC now owns 2,943 shares of the oil and gas company’s stock worth $460,000 after acquiring an additional 63 shares in the last quarter. Hubbell Strickland Wealth Management LLC raised its holdings in shares of Chevron by 0.7% in the 2nd quarter. Hubbell Strickland Wealth Management LLC now owns 9,493 shares of the oil and gas company’s stock valued at $1,485,000 after purchasing an additional 64 shares during the period. Tacita Capital Inc lifted its stake in Chevron by 16.7% in the 3rd quarter. Tacita Capital Inc now owns 454 shares of the oil and gas company’s stock valued at $67,000 after purchasing an additional 65 shares during the last quarter. Cyndeo Wealth Partners LLC grew its holdings in Chevron by 0.3% during the third quarter. Cyndeo Wealth Partners LLC now owns 19,769 shares of the oil and gas company’s stock worth $2,911,000 after purchasing an additional 67 shares during the period. Finally, S.A. Mason LLC increased its position in Chevron by 0.7% during the third quarter. S.A. Mason LLC now owns 9,033 shares of the oil and gas company’s stock worth $1,330,000 after buying an additional 67 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Chevron Price Performance

Chevron stock opened at $162.36 on Friday. The stock’s fifty day moving average price is $151.58 and its two-hundred day moving average price is $152.62. The firm has a market cap of $291.78 billion, a PE ratio of 17.84, a price-to-earnings-growth ratio of 3.56 and a beta of 1.09. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80. Chevron Co. has a one year low of $135.37 and a one year high of $167.11.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 EPS for the quarter, topping analysts’ consensus estimates of $2.47 by $0.04. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The company had revenue of $50.67 billion for the quarter, compared to analysts’ expectations of $48.86 billion. During the same quarter last year, the business earned $3.05 earnings per share. Chevron’s revenue was down 6.3% on a year-over-year basis. As a group, research analysts expect that Chevron Co. will post 10.55 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th will be issued a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.02%. The ex-dividend date is Monday, November 18th. Chevron’s dividend payout ratio (DPR) is presently 71.65%.

Insider Buying and Selling

In other Chevron news, CEO Michael K. Wirth sold 164,600 shares of the company’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the completion of the sale, the chief executive officer now directly owns 4,280 shares in the company, valued at $685,356.40. This represents a 97.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.20% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

CVX has been the subject of a number of recent analyst reports. Scotiabank cut their price objective on Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. Bank of America started coverage on shares of Chevron in a research report on Thursday, October 17th. They set a “buy” rating and a $168.00 price objective for the company. Truist Financial raised their target price on shares of Chevron from $150.00 to $155.00 and gave the stock a “hold” rating in a research note on Monday, November 4th. Barclays lifted their target price on shares of Chevron from $168.00 to $174.00 and gave the stock an “overweight” rating in a report on Monday, November 4th. Finally, Wells Fargo & Company cut their price objective on shares of Chevron from $196.00 to $169.00 and set an “overweight” rating for the company in a research report on Friday, September 27th. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, Chevron presently has an average rating of “Moderate Buy” and an average target price of $174.93.

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.