Peirce Capital Management LLC Makes New Investment in Chevron Co. (NYSE:CVX)

Peirce Capital Management LLC acquired a new position in shares of Chevron Co. (NYSE:CVX) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 3,652 shares of the oil and gas company’s stock, valued at approximately $545,000. Chevron accounts for about 0.3% of Peirce Capital Management LLC’s holdings, making the stock its 22nd biggest position.

Several other institutional investors also recently bought and sold shares of CVX. Prosperitas Financial LLC boosted its stake in shares of Chevron by 4.0% in the fourth quarter. Prosperitas Financial LLC now owns 18,268 shares of the oil and gas company’s stock valued at $2,725,000 after purchasing an additional 710 shares during the period. SVB Wealth LLC boosted its stake in Chevron by 0.4% during the 4th quarter. SVB Wealth LLC now owns 65,333 shares of the oil and gas company’s stock valued at $9,745,000 after acquiring an additional 241 shares during the last quarter. First American Trust FSB boosted its stake in Chevron by 36.1% during the 4th quarter. First American Trust FSB now owns 5,921 shares of the oil and gas company’s stock valued at $883,000 after acquiring an additional 1,572 shares during the last quarter. Crescent Grove Advisors LLC boosted its stake in Chevron by 18.3% during the 4th quarter. Crescent Grove Advisors LLC now owns 5,521 shares of the oil and gas company’s stock valued at $824,000 after acquiring an additional 853 shares during the last quarter. Finally, Emfo LLC boosted its stake in Chevron by 19.4% during the 4th quarter. Emfo LLC now owns 12,304 shares of the oil and gas company’s stock valued at $1,835,000 after acquiring an additional 2,000 shares during the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Chevron news, VP Alana K. Knowles sold 2,800 shares of the firm’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $160.09, for a total value of $448,252.00. Following the completion of the transaction, the vice president now directly owns 276 shares in the company, valued at $44,184.84. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.18% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on CVX shares. Jefferies Financial Group upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $184.00 price objective on the stock in a research note on Monday, January 8th. The Goldman Sachs Group reissued a “buy” rating on shares of Chevron in a report on Monday, April 1st. Truist Financial dropped their target price on shares of Chevron from $168.00 to $156.00 and set a “hold” rating on the stock in a report on Friday, April 5th. Barclays initiated coverage on shares of Chevron in a report on Wednesday, April 10th. They set an “overweight” rating and a $203.00 target price on the stock. Finally, Royal Bank of Canada increased their target price on shares of Chevron from $185.00 to $190.00 and gave the stock an “outperform” rating in a report on Monday, February 5th. Six investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Chevron currently has a consensus rating of “Moderate Buy” and an average target price of $183.55.

Chevron Stock Performance

Shares of CVX opened at $156.28 on Wednesday. The firm has a 50-day moving average price of $155.11 and a 200 day moving average price of $151.83. The firm has a market capitalization of $290.25 billion, a PE ratio of 13.76, a P/E/G ratio of 2.37 and a beta of 1.12. The company has a quick ratio of 1.01, a current ratio of 1.27 and a debt-to-equity ratio of 0.13. Chevron Co. has a 52-week low of $139.62 and a 52-week high of $172.54.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, February 2nd. The oil and gas company reported $3.45 earnings per share for the quarter, beating the consensus estimate of $3.19 by $0.26. Chevron had a net margin of 10.63% and a return on equity of 15.24%. The company had revenue of $47.18 billion during the quarter, compared to analyst estimates of $50.93 billion. During the same quarter last year, the firm posted $4.09 EPS. The business’s revenue for the quarter was down 16.5% on a year-over-year basis. On average, sell-side analysts anticipate that Chevron Co. will post 13.28 earnings per share for the current fiscal year.

Chevron Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 11th. Stockholders of record on Friday, February 16th were given a dividend of $1.63 per share. This is a positive change from Chevron’s previous quarterly dividend of $1.51. The ex-dividend date was Thursday, February 15th. This represents a $6.52 annualized dividend and a dividend yield of 4.17%. Chevron’s dividend payout ratio (DPR) is 57.39%.

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.