Monterey Private Wealth Inc. Grows Position in Chevron Co. (NYSE:CVX)

Monterey Private Wealth Inc. grew its stake in shares of Chevron Co. (NYSE:CVX) by 3.6% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 4,859 shares of the oil and gas company’s stock after purchasing an additional 170 shares during the period. Monterey Private Wealth Inc.’s holdings in Chevron were worth $704,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Mill Creek Capital Advisors LLC grew its holdings in Chevron by 3.2% in the second quarter. Mill Creek Capital Advisors LLC now owns 4,214 shares of the oil and gas company’s stock valued at $659,000 after purchasing an additional 131 shares during the last quarter. Wescott Financial Advisory Group LLC boosted its position in shares of Chevron by 14.3% in the 2nd quarter. Wescott Financial Advisory Group LLC now owns 3,277 shares of the oil and gas company’s stock worth $513,000 after buying an additional 411 shares in the last quarter. Zurich Insurance Group Ltd FI acquired a new stake in Chevron in the 2nd quarter valued at about $57,992,000. Fred Alger Management LLC raised its position in Chevron by 7.4% during the second quarter. Fred Alger Management LLC now owns 64,073 shares of the oil and gas company’s stock worth $10,022,000 after acquiring an additional 4,435 shares during the last quarter. Finally, Merewether Investment Management LP purchased a new stake in shares of Chevron in the second quarter valued at about $45,941,000. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Stock Down 1.2 %

Shares of NYSE CVX opened at $156.39 on Thursday. The stock has a market capitalization of $281.05 billion, a PE ratio of 17.19, a P/E/G ratio of 1.45 and a beta of 1.12. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. The firm has a fifty day moving average of $154.09 and a 200-day moving average of $151.07. Chevron Co. has a 52-week low of $135.37 and a 52-week high of $167.11.

Chevron (NYSE:CVX) last released its quarterly earnings data 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 the consensus estimate of $48.86 billion. During the same period last year, the business posted $3.05 EPS. The company’s quarterly revenue was down 6.3% compared to the same quarter last year. On average, analysts anticipate that Chevron Co. will post 10.18 EPS for the current year.

Chevron Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th were paid a dividend of $1.63 per share. The ex-dividend date was Monday, November 18th. This represents a $6.52 annualized dividend and a yield of 4.17%. Chevron’s dividend payout ratio is currently 71.65%.

Insider Transactions at Chevron

In related news, CEO Michael K. Wirth sold 164,600 shares of the stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $160.13, for a total value 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 approximately $685,356.40. This represents a 97.47 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.20% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CVX. UBS Group lifted their price objective on Chevron from $194.00 to $195.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Raymond James boosted their price target on Chevron from $175.00 to $180.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. Royal Bank of Canada increased their price objective on Chevron from $170.00 to $175.00 and gave the company an “outperform” rating in a research note on Monday, November 4th. Scotiabank cut their target price on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. Finally, Piper Sandler decreased their price target on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Chevron currently has an average rating of “Moderate Buy” and a consensus target price of $175.27.

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.