Sterling Investment Management LLC Cuts Stake in Chevron Co. (NYSE:CVX)

Sterling Investment Management LLC lowered its position in Chevron Co. (NYSE:CVX) by 1.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,208 shares of the oil and gas company’s stock after selling 102 shares during the quarter. Sterling Investment Management LLC’s holdings in Chevron were worth $899,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Rational Advisors LLC bought a new position in Chevron in the third quarter worth $29,000. Legacy Investment Solutions LLC bought a new position in shares of Chevron during the third quarter valued at $29,000. Darwin Wealth Management LLC bought a new position in shares of Chevron during the third quarter valued at $30,000. RPg Family Wealth Advisory LLC bought a new position in shares of Chevron during the third quarter valued at $31,000. Finally, Krane Funds Advisors LLC bought a new position in shares of Chevron during the third quarter valued at $47,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on CVX shares. Barclays raised their price target on Chevron from $168.00 to $174.00 and gave the company an “overweight” rating in a report on Monday, November 4th. Wells Fargo & Company raised their price target on Chevron from $171.00 to $188.00 and gave the company an “overweight” rating in a report on Monday, December 9th. Raymond James raised their price target on Chevron from $175.00 to $180.00 and gave the company an “outperform” rating in a report on Friday, January 17th. Piper Sandler dropped their price objective on Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. Finally, Scotiabank dropped their price objective on Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, Chevron has an average rating of “Moderate Buy” and a consensus target price of $175.27.

Chevron Stock Down 0.3 %

NYSE CVX opened at $155.99 on Friday. The stock’s 50-day moving average price is $154.05 and its 200-day moving average price is $151.11. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. Chevron Co. has a 52 week low of $135.37 and a 52 week high of $167.11. The company has a market capitalization of $280.32 billion, a P/E ratio of 17.14, a price-to-earnings-growth ratio of 1.39 and a beta of 1.12.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, November 1st. The oil and gas company reported $2.51 EPS for the quarter, topping the consensus estimate of $2.47 by $0.04. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The firm had revenue of $50.67 billion for the quarter, compared to the consensus estimate of $48.86 billion. During the same quarter last year, the company earned $3.05 earnings per share. The business’s revenue for the quarter was down 6.3% compared to the same quarter last year. On average, equities research analysts predict that Chevron Co. will post 10.18 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th were paid a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 4.18%. The ex-dividend date was Monday, November 18th. Chevron’s payout ratio is 71.65%.

Insiders Place Their Bets

In other news, CEO Michael K. Wirth sold 164,600 shares of Chevron stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $160.13, for a total value of $26,357,398.00. Following the completion of the transaction, the chief executive officer now owns 4,280 shares in the company, valued at approximately $685,356.40. The trade was a 97.47 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate 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.