Monte Financial Group LLC Grows Stock Holdings in Chevron Co. (NYSE:CVX)

Monte Financial Group LLC raised its position in shares of Chevron Co. (NYSE:CVX) by 0.3% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 40,086 shares of the oil and gas company’s stock after buying an additional 124 shares during the quarter. Chevron comprises about 2.5% of Monte Financial Group LLC’s investment portfolio, making the stock its 11th largest holding. Monte Financial Group LLC’s holdings in Chevron were worth $5,806,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Deerfield Management Company L.P. Series C purchased a new position in Chevron during the 2nd quarter worth $244,000. Scientech Research LLC boosted its holdings in Chevron by 132.3% in the second quarter. Scientech Research LLC now owns 5,003 shares of the oil and gas company’s stock worth $783,000 after acquiring an additional 2,849 shares in the last quarter. Kathmere Capital Management LLC grew its stake in shares of Chevron by 6.4% during the second quarter. Kathmere Capital Management LLC now owns 2,759 shares of the oil and gas company’s stock worth $432,000 after acquiring an additional 167 shares during the last quarter. Creative Planning increased its holdings in shares of Chevron by 1.8% during the second quarter. Creative Planning now owns 569,660 shares of the oil and gas company’s stock valued at $89,106,000 after acquiring an additional 10,291 shares in the last quarter. Finally, Copperwynd Financial LLC raised its position in shares of Chevron by 15.8% in the 2nd quarter. Copperwynd Financial LLC now owns 5,110 shares of the oil and gas company’s stock valued at $820,000 after purchasing an additional 696 shares during the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Chevron

In other news, CEO Michael K. Wirth sold 164,600 shares of the company’s stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the completion of the sale, the chief executive officer now owns 4,280 shares of the company’s stock, valued at $685,356.40. This represents a 97.47 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.20% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on CVX. Barclays increased their price objective on shares of Chevron from $168.00 to $174.00 and gave the company an “overweight” rating in a research report on Monday, November 4th. Piper Sandler decreased their price objective on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a research report on Thursday, December 19th. Bank of America initiated coverage on Chevron in a research report on Thursday, October 17th. They issued a “buy” rating and a $168.00 target price on the stock. Citigroup raised Chevron from a “neutral” rating to a “buy” rating and upped their target price for the company from $145.00 to $185.00 in a research report on Tuesday, November 26th. Finally, Royal Bank of Canada upped their target price on Chevron from $170.00 to $175.00 and gave the company an “outperform” rating in a research report on Monday, November 4th. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Chevron currently has an average rating of “Moderate Buy” and a consensus target price of $175.27.

Chevron Stock Performance

NYSE:CVX opened at $155.62 on Monday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. The company has a fifty day moving average of $153.81 and a two-hundred day moving average of $151.14. The stock has a market capitalization of $279.66 billion, a PE ratio of 17.10, a P/E/G ratio of 1.37 and a beta of 1.12. Chevron Co. has a fifty-two week low of $135.37 and a fifty-two week high of $167.11.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, November 1st. The oil and gas company reported $2.51 earnings per share for the quarter, topping analysts’ consensus estimates of $2.47 by $0.04. Chevron had a net margin of 8.44% and a return on equity of 13.15%. The company had revenue of $50.67 billion during the quarter, compared to analysts’ expectations of $48.86 billion. During the same period in the prior year, the business posted $3.05 earnings per share. The firm’s revenue for the quarter was down 6.3% on a year-over-year basis. As a group, research analysts forecast that Chevron Co. will post 10.18 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th were issued a dividend of $1.63 per share. The ex-dividend date of this dividend was Monday, November 18th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.19%. Chevron’s payout ratio is currently 71.65%.

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.