Patron Partners LLC Reduces Stock Holdings in Chevron Co. (NYSE:CVX)

Patron Partners LLC decreased its position in shares of Chevron Co. (NYSE:CVX) by 0.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 17,615 shares of the oil and gas company’s stock after selling 74 shares during the period. Chevron accounts for about 1.4% of Patron Partners LLC’s investment portfolio, making the stock its 14th largest position. Patron Partners LLC’s holdings in Chevron were worth $2,551,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in CVX. Czech National Bank increased its holdings in shares of Chevron by 6.1% during the 3rd quarter. Czech National Bank now owns 346,490 shares of the oil and gas company’s stock valued at $51,028,000 after purchasing an additional 19,878 shares in the last quarter. Azzad Asset Management Inc. ADV boosted its position in shares of Chevron by 3.2% during the third quarter. Azzad Asset Management Inc. ADV now owns 30,489 shares of the oil and gas company’s stock worth $4,490,000 after buying an additional 942 shares during the period. Smith Anglin Financial LLC increased its stake in shares of Chevron by 4.5% during the third quarter. Smith Anglin Financial LLC now owns 6,384 shares of the oil and gas company’s stock worth $940,000 after buying an additional 275 shares during the period. Chemistry Wealth Management LLC lifted its stake in Chevron by 17.7% during the third quarter. Chemistry Wealth Management LLC now owns 4,144 shares of the oil and gas company’s stock worth $610,000 after purchasing an additional 622 shares during the last quarter. Finally, Miracle Mile Advisors LLC boosted its holdings in shares of Chevron by 1.4% in the 3rd quarter. Miracle Mile Advisors LLC now owns 26,703 shares of the oil and gas company’s stock valued at $3,933,000 after buying an additional 372 shares in the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Price Performance

Chevron stock opened at $149.39 on Tuesday. The firm has a 50 day moving average price of $153.19 and a 200 day moving average price of $151.02. 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 Co. has a 1 year low of $135.37 and a 1 year high of $167.11. The company has a market cap of $268.46 billion, a price-to-earnings ratio of 15.37, a PEG ratio of 1.29 and a beta of 1.11.

Chevron (NYSE:CVX) last announced its earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share for the quarter, missing the consensus estimate 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 period in the prior year, the company posted $3.45 EPS. Sell-side analysts predict that Chevron Co. will post 11.45 earnings per share for the current year.

Chevron Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 10th. Stockholders of record on Friday, February 14th will be issued a dividend of $1.71 per share. The ex-dividend date of this dividend is Friday, February 14th. This is a positive change from Chevron’s previous quarterly dividend of $1.63. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.58%. Chevron’s payout ratio is 67.08%.

Insider Activity at Chevron

In related news, CEO Michael K. Wirth sold 164,600 shares of the company’s stock in a transaction 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 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 this link. 0.20% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research firms recently commented on CVX. Piper Sandler decreased their price objective on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. Wells Fargo & Company lowered their price objective on Chevron from $188.00 to $184.00 and set an “overweight” rating for the company in a research note on Monday. Raymond James cut their price objective on shares of Chevron from $180.00 to $175.00 and set an “outperform” rating on the stock in a research report on Monday. Royal Bank of Canada reaffirmed an “outperform” rating and set a $175.00 target price on shares of Chevron in a report on Monday. Finally, DZ Bank upgraded 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. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, Chevron currently has a consensus rating of “Moderate Buy” and an average target price of $174.60.

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.