Tufton Capital Management Cuts Stock Holdings in Chevron Co. (NYSE:CVX)

Tufton Capital Management cut its holdings in Chevron Co. (NYSE:CVX) by 4.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 67,461 shares of the oil and gas company’s stock after selling 2,934 shares during the quarter. Chevron makes up approximately 2.1% of Tufton Capital Management’s holdings, making the stock its 10th largest holding. Tufton Capital Management’s holdings in Chevron were worth $10,063,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Windsor Advisory Group LLC grew its stake in shares of Chevron by 24.0% in the third quarter. Windsor Advisory Group LLC now owns 3,720 shares of the oil and gas company’s stock worth $627,000 after purchasing an additional 720 shares during the last quarter. Renaissance Investment Group LLC grew its stake in shares of Chevron by 12.7% in the fourth quarter. Renaissance Investment Group LLC now owns 6,187 shares of the oil and gas company’s stock worth $923,000 after purchasing an additional 697 shares during the last quarter. Altrius Capital Management Inc grew its stake in shares of Chevron by 2.1% in the third quarter. Altrius Capital Management Inc now owns 21,333 shares of the oil and gas company’s stock worth $3,597,000 after purchasing an additional 434 shares during the last quarter. Camelot Portfolios LLC bought a new stake in shares of Chevron in the fourth quarter worth about $254,000. Finally, Strategic Financial Concepts LLC boosted its position in Chevron by 9.0% during the 3rd quarter. Strategic Financial Concepts LLC now owns 5,775 shares of the oil and gas company’s stock valued at $974,000 after acquiring an additional 476 shares in the last quarter. 72.42% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have weighed in on CVX. Jefferies Financial Group raised Chevron from a “hold” rating to a “buy” rating and set a $184.00 price objective on the stock in a research report on Monday, January 8th. Wells Fargo & Company lifted their price objective on Chevron from $185.00 to $198.00 and gave the company an “overweight” rating in a research report on Thursday, April 4th. Royal Bank of Canada lifted their price objective on Chevron from $185.00 to $190.00 and gave the company an “outperform” rating in a research report on Monday, February 5th. TD Cowen cut Chevron from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $170.00 to $150.00 in a research report on Tuesday, January 23rd. Finally, Piper Sandler lifted their price objective on Chevron from $180.00 to $204.00 and gave the company an “overweight” rating in a research report on Thursday. Six analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $184.75.

Chevron Stock Up 0.9 %

NYSE CVX traded up $1.41 during mid-day trading on Thursday, reaching $157.81. The stock had a trading volume of 1,337,851 shares, compared to its average volume of 8,478,950. Chevron Co. has a 1 year low of $139.62 and a 1 year high of $172.38. The stock has a market cap of $293.10 billion, a PE ratio of 13.89, a price-to-earnings-growth ratio of 2.30 and a beta of 1.12. The company has a fifty day moving average price of $155.19 and a 200 day moving average price of $151.86. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.27 and a quick ratio of 1.01.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, February 2nd. The oil and gas company reported $3.45 earnings per share for the quarter, topping analysts’ consensus estimates 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 period in the previous year, the business earned $4.09 EPS. The firm’s revenue for the quarter was down 16.5% on a year-over-year basis. On average, research analysts expect that Chevron Co. will post 13.56 earnings per share for the current year.

Chevron Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 11th. Investors of record on Friday, February 16th were issued a $1.63 dividend. This is a positive change from Chevron’s previous quarterly dividend of $1.51. This represents a $6.52 dividend on an annualized basis and a yield of 4.13%. The ex-dividend date of this dividend was Thursday, February 15th. Chevron’s payout ratio is presently 57.39%.

Insider Buying and Selling

In other Chevron news, VP Alana K. Knowles sold 2,800 shares of the business’s stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $160.09, for a total transaction of $448,252.00. Following the completion of the sale, the vice president now directly owns 276 shares in the company, valued at approximately $44,184.84. The sale was disclosed in a document filed with the SEC, which is available through this link. 0.18% of the stock is owned by company insiders.

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.