EverSource Wealth Advisors LLC Decreases Stock Position in Chevron Co. (NYSE:CVX)

EverSource Wealth Advisors LLC cut its stake in shares of Chevron Co. (NYSE:CVX) by 0.2% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 67,141 shares of the oil and gas company’s stock after selling 105 shares during the quarter. EverSource Wealth Advisors LLC’s holdings in Chevron were worth $9,725,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. Pettinga Financial Advisors LLC boosted its holdings in Chevron by 10.1% in the 3rd quarter. Pettinga Financial Advisors LLC now owns 2,972 shares of the oil and gas company’s stock worth $438,000 after buying an additional 272 shares during the period. United Bank raised its position in shares of Chevron by 8.4% during the 3rd quarter. United Bank now owns 8,095 shares of the oil and gas company’s stock valued at $1,192,000 after buying an additional 629 shares in the last quarter. Ashton Thomas Securities LLC raised its position in Chevron by 33.2% in the 3rd quarter. Ashton Thomas Securities LLC now owns 3,001 shares of the oil and gas company’s stock worth $442,000 after purchasing an additional 748 shares during the period. Jaffetilchin Investment Partners LLC raised its position in Chevron by 9.5% in the 3rd quarter. Jaffetilchin Investment Partners LLC now owns 6,324 shares of the oil and gas company’s stock worth $931,000 after purchasing an additional 547 shares during the period. Finally, WCM Investment Management LLC raised its position in Chevron by 306.1% in the 3rd quarter. WCM Investment Management LLC now owns 11,009 shares of the oil and gas company’s stock worth $1,602,000 after purchasing an additional 8,298 shares during the period. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on CVX shares. Truist Financial dropped their price objective on shares of Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a research note on Tuesday, February 4th. UBS Group decreased their price target on shares of Chevron from $195.00 to $194.00 and set a “buy” rating for the company in a report on Monday, February 3rd. Raymond James reduced their target price on shares of Chevron from $180.00 to $175.00 and set an “outperform” rating for the company in a report on Monday, February 3rd. Wells Fargo & Company reduced their target price on shares of Chevron from $188.00 to $184.00 and set an “overweight” rating for the company in a report on Monday, February 3rd. Finally, Citigroup upgraded shares of Chevron from a “neutral” rating to a “buy” rating and raised their price target for the company from $145.00 to $185.00 in a research report on Tuesday, November 26th. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $174.13.

Insider Buying and Selling at Chevron

In other news, VP Jeff B. Gustavson sold 9,325 shares of the company’s stock in a transaction dated 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 owns 1,057 shares in the company, valued at approximately $161,192.50. This represents a 89.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.20% of the stock is owned by insiders.

Chevron Price Performance

CVX opened at $153.94 on Wednesday. The company’s 50 day simple moving average is $154.55 and its 200 day simple moving average is $151.91. 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 stock has a market capitalization of $271.02 billion, a PE ratio of 15.84, a P/E/G ratio of 1.46 and a beta of 1.08.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, January 31st. The oil and gas company reported $2.06 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 quarter in the previous year, the business posted $3.45 earnings per share. As a group, sell-side analysts expect that Chevron Co. will post 10.79 EPS for the current year.

Chevron Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 10th. Shareholders of record on Friday, February 14th were issued a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 4.44%. The ex-dividend date of this dividend was Friday, February 14th. This is an increase from Chevron’s previous quarterly dividend of $1.63. Chevron’s payout ratio is currently 70.37%.

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.