SPC Financial Inc. Buys 896 Shares of Chevron Co. (NYSE:CVX)

SPC Financial Inc. grew its stake in shares of Chevron Co. (NYSE:CVX) by 16.4% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 6,372 shares of the oil and gas company’s stock after acquiring an additional 896 shares during the period. SPC Financial Inc.’s holdings in Chevron were worth $923,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the company. Charles Schwab Investment Management Inc. grew its position in shares of Chevron by 11.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 31,108,760 shares of the oil and gas company’s stock worth $4,581,137,000 after buying an additional 3,203,899 shares in the last quarter. RPG Investment Advisory LLC lifted its stake in Chevron by 3.4% in the third quarter. RPG Investment Advisory LLC now owns 121,167 shares of the oil and gas company’s stock worth $17,844,000 after acquiring an additional 3,933 shares during the period. State Street Corp grew its holdings in Chevron by 0.6% during the 3rd quarter. State Street Corp now owns 159,105,244 shares of the oil and gas company’s stock worth $23,431,429,000 after acquiring an additional 874,962 shares in the last quarter. LPL Financial LLC increased its position in Chevron by 5.7% during the 3rd quarter. LPL Financial LLC now owns 3,147,686 shares of the oil and gas company’s stock valued at $463,560,000 after purchasing an additional 171,089 shares during the period. Finally, Dale Q Rice Investment Management Ltd bought a new stake in shares of Chevron in the 4th quarter valued at about $594,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Trading Down 0.7 %

Shares of Chevron stock opened at $151.99 on Wednesday. The firm’s 50 day simple moving average is $153.51 and its two-hundred day simple moving average is $151.61. The firm has a market capitalization of $267.59 billion, a price-to-earnings ratio of 15.64, a PEG ratio of 1.46 and a beta of 1.11. Chevron Co. has a 12-month low of $135.37 and a 12-month high of $167.11. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last released its earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share (EPS) 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 last year, the company earned $3.45 earnings per share. Analysts predict that Chevron Co. will post 10.79 EPS for the current year.

Chevron Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 10th. Investors of record on Friday, February 14th will be issued a dividend of $1.71 per share. This is an increase from Chevron’s previous quarterly dividend of $1.63. The ex-dividend date is Friday, February 14th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.50%. Chevron’s payout ratio is 70.37%.

Insider Activity at Chevron

In other Chevron news, VP Jeff B. Gustavson sold 9,325 shares of the firm’s 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 transaction, the vice president now directly owns 1,057 shares of the company’s stock, valued at approximately $161,192.50. This trade represents a 89.82 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.20% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on CVX shares. 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 research note on Tuesday, November 26th. Piper Sandler cut their price target on Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. Raymond James reduced their price target on Chevron from $180.00 to $175.00 and set an “outperform” rating for the company in a research report on Monday, February 3rd. DZ Bank raised Chevron from a “hold” rating to a “buy” rating and set a $170.00 price objective on the stock in a research report on Tuesday, November 5th. Finally, Wells Fargo & Company cut their target price on Chevron from $188.00 to $184.00 and set an “overweight” rating on the stock in a research note on Monday, February 3rd. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $174.13.

Chevron Company 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.