Sawgrass Asset Management LLC Sells 491 Shares of Chevron Co. (NYSE:CVX)

Sawgrass Asset Management LLC trimmed its position in shares of Chevron Co. (NYSE:CVX) by 5.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,244 shares of the oil and gas company’s stock after selling 491 shares during the quarter. Sawgrass Asset Management LLC’s holdings in Chevron were worth $1,194,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Rational Advisors LLC bought a new stake in shares of Chevron during the third quarter valued at approximately $29,000. Legacy Investment Solutions LLC bought a new stake in shares of Chevron during the third quarter valued at approximately $29,000. Darwin Wealth Management LLC bought a new stake in shares of Chevron during the third quarter valued at approximately $30,000. RPg Family Wealth Advisory LLC bought a new stake in shares of Chevron during the third quarter valued at approximately $31,000. Finally, New Wave Wealth Advisors LLC bought a new stake in shares of Chevron during the fourth quarter valued at approximately $39,000. 72.42% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Truist Financial cut their price objective on shares of Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a report on Tuesday, February 4th. Royal Bank of Canada restated an “outperform” rating and issued a $175.00 price objective on shares of Chevron in a report on Monday, February 3rd. Wells Fargo & Company cut their price objective on shares of Chevron from $188.00 to $184.00 and set an “overweight” rating on the stock in a report on Monday, February 3rd. Citigroup upgraded shares of Chevron from a “neutral” rating to a “buy” rating and increased their price objective for the company from $145.00 to $185.00 in a report on Tuesday, November 26th. Finally, UBS Group cut their price objective on shares of Chevron from $195.00 to $194.00 and set a “buy” rating on the stock in a report on Monday, February 3rd. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, Chevron has a consensus rating of “Moderate Buy” and a consensus target price of $174.13.

Chevron Stock Performance

NYSE CVX opened at $154.91 on Thursday. Chevron Co. has a 52-week low of $135.37 and a 52-week high of $167.11. The company has a 50-day simple moving average of $151.99 and a 200 day simple moving average of $150.81. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. The company has a market capitalization of $278.39 billion, a PE ratio of 15.94, a price-to-earnings-growth ratio of 1.39 and a beta of 1.11.

Chevron (NYSE:CVX) last posted 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 return on equity of 11.44% and a net margin of 8.71%. During the same quarter in the previous year, the company posted $3.45 earnings per share. On average, research analysts predict that Chevron Co. will post 10.84 EPS for the current year.

Chevron Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 10th. Stockholders of record on Friday, February 14th will be given a $1.71 dividend. 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 4.42%. The ex-dividend date is Friday, February 14th. Chevron’s dividend payout ratio (DPR) is 67.08%.

Insider Activity

In other Chevron news, VP Jeff B. Gustavson sold 9,325 shares of Chevron stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $152.50, for a total transaction of $1,422,062.50. Following the completion of the sale, the vice president now directly owns 1,057 shares in the company, valued at $161,192.50. The trade was a 89.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.20% of the stock is owned by company 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.