Bestgate Wealth Advisors LLC Purchases New Stake in Chevron Co. (NYSE:CVX)

Bestgate Wealth Advisors LLC purchased a new stake in Chevron Co. (NYSE:CVX) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 1,576 shares of the oil and gas company’s stock, valued at approximately $228,000.

A number of other institutional investors have also recently modified their holdings of CVX. United Bank boosted its stake in shares of Chevron by 8.4% in the third 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. Joseph Group Capital Management boosted its stake in shares of Chevron by 23.2% in the third quarter. Joseph Group Capital Management now owns 16,393 shares of the oil and gas company’s stock valued at $2,414,000 after buying an additional 3,092 shares in the last quarter. New England Asset Management Inc. boosted its stake in shares of Chevron by 0.4% in the third quarter. New England Asset Management Inc. now owns 38,685 shares of the oil and gas company’s stock valued at $5,697,000 after buying an additional 145 shares in the last quarter. Windle Wealth LLC boosted its stake in shares of Chevron by 12.4% in the third quarter. Windle Wealth LLC now owns 43,928 shares of the oil and gas company’s stock valued at $6,469,000 after buying an additional 4,851 shares in the last quarter. Finally, Lindenwold Advisors INC boosted its position in Chevron by 1.5% during the third quarter. Lindenwold Advisors INC now owns 15,651 shares of the oil and gas company’s stock worth $2,305,000 after purchasing an additional 238 shares in the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have commented on CVX shares. Wells Fargo & Company decreased their target price on Chevron from $188.00 to $184.00 and set an “overweight” rating on the stock in a research report on Monday, February 3rd. Piper Sandler decreased their target price on Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. Raymond James decreased their target price on Chevron from $180.00 to $175.00 and set an “outperform” rating on the stock in a research report on Monday, February 3rd. Royal Bank of Canada reiterated an “outperform” rating and set a $175.00 target price on shares of Chevron in a research report on Monday, February 3rd. Finally, Barclays decreased their target price on Chevron from $174.00 to $171.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 5th. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, Chevron presently has a consensus rating of “Moderate Buy” and an average price target of $174.13.

Chevron Stock Performance

Chevron stock opened at $160.81 on Wednesday. The firm has a market capitalization of $283.12 billion, a P/E ratio of 16.54, a PEG ratio of 1.46 and a beta of 1.08. The stock has a fifty day moving average price of $155.49 and a 200 day moving average price of $152.23. Chevron Co. has a 52 week low of $135.37 and a 52 week 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 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 business earned $3.45 earnings per share. 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 announced a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Friday, February 14th were paid a $1.71 dividend. 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 4.25%. The ex-dividend date of this dividend was Friday, February 14th. Chevron’s dividend payout ratio is presently 70.37%.

Insider Activity 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 stock was 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. This represents a 89.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.20% of the company’s stock.

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.