Pinnacle Wealth Management Advisory Group LLC Boosts Stake in Chevron Co. (NYSE:CVX)

Pinnacle Wealth Management Advisory Group LLC raised its position in Chevron Co. (NYSE:CVX) by 2.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,127 shares of the oil and gas company’s stock after purchasing an additional 483 shares during the quarter. Pinnacle Wealth Management Advisory Group LLC’s holdings in Chevron were worth $3,002,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. lifted its position in Chevron by 0.3% during the 3rd quarter. Vanguard Group Inc. now owns 161,924,375 shares of the oil and gas company’s stock worth $27,303,688,000 after acquiring an additional 458,080 shares in the last quarter. Morgan Stanley lifted its holdings in Chevron by 7.0% in the 3rd quarter. Morgan Stanley now owns 34,166,899 shares of the oil and gas company’s stock worth $5,761,223,000 after buying an additional 2,244,995 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Chevron by 8.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 26,235,473 shares of the oil and gas company’s stock valued at $3,886,821,000 after buying an additional 1,999,332 shares during the last quarter. Northern Trust Corp grew its stake in shares of Chevron by 2.6% during the third quarter. Northern Trust Corp now owns 22,705,118 shares of the oil and gas company’s stock valued at $3,828,537,000 after acquiring an additional 569,850 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its position in shares of Chevron by 0.4% during the third quarter. Ameriprise Financial Inc. now owns 14,814,522 shares of the oil and gas company’s stock worth $2,499,684,000 after acquiring an additional 62,254 shares during the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Stock Up 1.2 %

NYSE CVX traded up $1.98 during trading on Thursday, reaching $164.52. The company’s stock had a trading volume of 2,387,813 shares, compared to its average volume of 8,376,609. The company has a current ratio of 1.23, a quick ratio of 0.93 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $303.87 billion, a PE ratio of 15.08, a PEG ratio of 2.37 and a beta of 1.11. Chevron Co. has a 1-year low of $139.62 and a 1-year high of $171.70. The business has a 50-day moving average price of $157.62 and a 200-day moving average price of $151.45.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, April 26th. The oil and gas company reported $2.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.84 by $0.09. The company had revenue of $48.72 billion during the quarter, compared to the consensus estimate of $48.42 billion. Chevron had a return on equity of 14.40% and a net margin of 10.21%. The firm’s revenue was down 4.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $3.55 EPS. On average, research analysts forecast that Chevron Co. will post 13.53 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 10th. Shareholders of record on Friday, May 17th will be issued a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 3.96%. The ex-dividend date is Thursday, May 16th. Chevron’s dividend payout ratio (DPR) is 59.98%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. DZ Bank lowered Chevron from a “buy” rating to a “hold” rating and set a $160.00 target price on the stock. in a research report on Tuesday, February 6th. Truist Financial dropped their target price on shares of Chevron from $168.00 to $156.00 and set a “hold” rating for the company in a research report on Friday, April 5th. Piper Sandler raised their price target on shares of Chevron from $180.00 to $204.00 and gave the stock an “overweight” rating in a research report on Thursday, April 18th. UBS Group increased their price target on Chevron from $185.00 to $197.00 and gave the stock a “buy” rating in a research report on Tuesday, April 9th. Finally, Mizuho upped their price objective on shares of Chevron from $195.00 to $200.00 and gave the stock a “buy” rating in a report on Wednesday, March 20th. Six research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $185.35.

Insiders Place Their Bets

In related news, VP Alana K. Knowles sold 2,800 shares of the 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 sale, the vice president now owns 276 shares in the company, valued at $44,184.84. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Chevron news, Director Enrique Hernandez, Jr. sold 2,549 shares of the business’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $161.00, for a total value of $410,389.00. Following the sale, the director now owns 7,647 shares of the company’s stock, valued at approximately $1,231,167. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Alana K. Knowles sold 2,800 shares of the firm’s stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $160.09, for a total transaction of $448,252.00. Following the transaction, the vice president now directly owns 276 shares of the company’s stock, valued at $44,184.84. The disclosure for this sale can be found here. Insiders have sold a total of 13,247 shares of company stock valued at $2,154,164 in the last three months. Company 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.