Exeter Financial LLC Increases Stake in Chevron Co. (NYSE:CVX)

Exeter Financial LLC grew its position in Chevron Co. (NYSE:CVX) by 2.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 26,585 shares of the oil and gas company’s stock after acquiring an additional 642 shares during the quarter. Chevron comprises about 1.8% of Exeter Financial LLC’s portfolio, making the stock its 18th largest position. Exeter Financial LLC’s holdings in Chevron were worth $3,851,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in CVX. Grandview Asset Management LLC bought a new position in shares of Chevron in the fourth quarter worth about $2,210,000. Dale Q Rice Investment Management Ltd bought a new position in shares of Chevron in the fourth quarter worth about $594,000. PSI Advisors LLC grew its holdings in shares of Chevron by 1.6% in the fourth quarter. PSI Advisors LLC now owns 13,155 shares of the oil and gas company’s stock worth $1,905,000 after purchasing an additional 209 shares during the last quarter. Traveka Wealth LLC bought a new position in shares of Chevron in the fourth quarter worth about $371,000. Finally, Unique Wealth LLC grew its holdings in shares of Chevron by 38.1% in the fourth quarter. Unique Wealth LLC now owns 2,209 shares of the oil and gas company’s stock worth $320,000 after purchasing an additional 610 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on CVX shares. Scotiabank cut their price target on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. DZ Bank upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $170.00 price target on the stock in a report on Tuesday, November 5th. Citigroup upgraded shares of Chevron from a “neutral” rating to a “buy” rating and increased their target price for the stock from $145.00 to $185.00 in a report on Tuesday, November 26th. Royal Bank of Canada increased their target price on shares of Chevron from $170.00 to $175.00 and gave the stock an “outperform” rating in a report on Monday, November 4th. Finally, Truist Financial increased their target price on shares of Chevron from $160.00 to $164.00 and gave the stock a “hold” rating in a report on Monday. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $174.87.

Chevron Stock Performance

CVX stock opened at $156.85 on Wednesday. The firm has a market cap of $281.87 billion, a price-to-earnings ratio of 17.24, a PEG ratio of 2.93 and a beta of 1.12. The firm has a 50-day simple moving average of $153.78 and a two-hundred day simple moving average of $150.95. Chevron Co. has a one year low of $135.37 and a one year high of $167.11. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 EPS for the quarter, beating the consensus estimate of $2.47 by $0.04. The business had revenue of $50.67 billion during the quarter, compared to analyst estimates of $48.86 billion. Chevron had a net margin of 8.44% and a return on equity of 13.15%. The company’s quarterly revenue was down 6.3% on a year-over-year basis. During the same period in the prior year, the firm posted $3.05 earnings per share. On average, equities analysts forecast that Chevron Co. will post 10.5 EPS for the current fiscal year.

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Monday, November 18th were given a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 4.16%. The ex-dividend date was Monday, November 18th. Chevron’s payout ratio is currently 71.65%.

Insider Activity at Chevron

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

Chevron 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.