Advisors Asset Management Inc. Sells 7,433 Shares of Chevron Co. (NYSE:CVX)

Advisors Asset Management Inc. reduced its position in shares of Chevron Co. (NYSE:CVX) by 3.6% during the fourth quarter, Holdings Channel reports. The firm owned 197,497 shares of the oil and gas company’s stock after selling 7,433 shares during the period. Chevron makes up 0.5% of Advisors Asset Management Inc.’s holdings, making the stock its 21st largest holding. Advisors Asset Management Inc.’s holdings in Chevron were worth $28,605,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently made changes to their positions in CVX. Pettinga Financial Advisors LLC increased its holdings in Chevron by 10.1% during the third 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 last quarter. United Bank increased its holdings in Chevron by 8.4% during the third quarter. United Bank now owns 8,095 shares of the oil and gas company’s stock worth $1,192,000 after buying an additional 629 shares during the last quarter. ING Groep NV purchased a new stake in Chevron during the third quarter worth about $732,000. Glass Wealth Management Co LLC increased its holdings in Chevron by 5.8% during the third quarter. Glass Wealth Management Co LLC now owns 24,929 shares of the oil and gas company’s stock worth $3,671,000 after buying an additional 1,372 shares during the last quarter. Finally, TrinityPoint Wealth LLC increased its holdings in Chevron by 2.8% during the third quarter. TrinityPoint Wealth LLC now owns 13,612 shares of the oil and gas company’s stock worth $2,005,000 after buying an additional 371 shares during the last quarter. 72.42% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently issued reports on CVX. UBS Group decreased their price objective 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 research note on Monday, February 3rd. Piper Sandler reduced their target price on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. Barclays reduced their target price on shares of Chevron from $174.00 to $171.00 and set an “overweight” rating for the company in a research note on Wednesday, February 5th. Finally, 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 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. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $174.13.

Chevron Price Performance

Shares of NYSE:CVX opened at $158.69 on Tuesday. Chevron Co. has a 12 month low of $135.37 and a 12 month high of $167.11. The stock has a market cap of $279.38 billion, a P/E ratio of 16.33, a P/E/G ratio of 1.46 and a beta of 1.08. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. The company has a 50 day moving average of $155.26 and a 200 day moving average of $152.14.

Chevron (NYSE:CVX) last announced 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 quarter in the prior year, the business earned $3.45 EPS. As a group, sell-side analysts forecast that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 10th. Shareholders of record on Friday, February 14th were given a dividend of $1.71 per share. The ex-dividend date was Friday, February 14th. This is a positive change from Chevron’s previous quarterly dividend of $1.63. This represents a $6.84 annualized dividend and a yield of 4.31%. Chevron’s payout ratio is presently 70.37%.

Insider Buying and Selling at Chevron

In other news, VP Jeff B. Gustavson sold 9,325 shares of the business’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 value 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 approximately $161,192.50. The trade was a 89.82 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.20% of the stock is currently 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.