HighTower Advisors LLC Boosts Stake in Chevron Co. (NYSE:CVX)

HighTower Advisors LLC raised its holdings in Chevron Co. (NYSE:CVX) by 7.9% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,260,590 shares of the oil and gas company’s stock after buying an additional 166,441 shares during the period. HighTower Advisors LLC’s holdings in Chevron were worth $327,424,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Legacy Investment Solutions LLC purchased a new stake in shares of Chevron during the 3rd quarter worth $29,000. Fairway Wealth LLC lifted its position in shares of Chevron by 75.9% during the 4th quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company’s stock worth $30,000 after purchasing an additional 88 shares during the last quarter. Darwin Wealth Management LLC purchased a new stake in shares of Chevron during the 3rd quarter worth $30,000. RPg Family Wealth Advisory LLC purchased a new stake in shares of Chevron during the 3rd quarter worth $31,000. Finally, New Wave Wealth Advisors LLC purchased a new stake in shares of Chevron during the 4th quarter worth $39,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Trading Down 2.3 %

Shares of Chevron stock opened at $153.94 on Wednesday. Chevron Co. has a 52-week low of $135.37 and a 52-week high of $167.11. 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 company’s 50-day simple moving average is $154.55 and its 200-day simple moving average is $151.91. The firm has a market cap of $271.02 billion, a price-to-earnings ratio of 15.84, a price-to-earnings-growth ratio of 1.46 and a beta of 1.08.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, January 31st. The oil and gas company reported $2.06 EPS for the quarter, missing analysts’ consensus estimates 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 EPS. As a group, equities research analysts anticipate that Chevron Co. will post 10.79 earnings per share for the current year.

Chevron Increases Dividend

The firm also recently declared 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 annualized dividend and a dividend 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 dividend payout ratio is 70.37%.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. UBS Group cut their price target on shares of Chevron from $195.00 to $194.00 and set a “buy” rating on the stock in a research note on Monday, February 3rd. Barclays cut their price target on shares of Chevron from $174.00 to $171.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 5th. Citigroup upgraded shares of Chevron from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $145.00 to $185.00 in a research note on Tuesday, November 26th. Truist Financial cut their price target 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. Finally, Piper Sandler dropped their price objective 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 research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, Chevron presently has a consensus rating of “Moderate Buy” and a consensus price target of $174.13.

Insider Buying and Selling at Chevron

In other Chevron 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 value of $1,422,062.50. Following the sale, the vice president now owns 1,057 shares of the company’s stock, valued at $161,192.50. This represents a 89.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.20% of the company’s stock.

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.