Sawgrass Asset Management LLC Trims Stock Position in Chevron Co. (NYSE:CVX)

Sawgrass Asset Management LLC lessened its holdings in shares of Chevron Co. (NYSE:CVX) by 5.6% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 8,244 shares of the oil and gas company’s stock after selling 491 shares during the period. Sawgrass Asset Management LLC’s holdings in Chevron were worth $1,194,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of CVX. Wedge Capital Management L L P NC boosted its stake in Chevron by 4.3% in the 3rd quarter. Wedge Capital Management L L P NC now owns 2,887 shares of the oil and gas company’s stock worth $425,000 after purchasing an additional 120 shares in the last quarter. Regatta Capital Group LLC lifted its stake in Chevron by 9.9% during the 3rd quarter. Regatta Capital Group LLC now owns 5,497 shares of the oil and gas company’s stock valued at $810,000 after acquiring an additional 493 shares during the period. PFG Advisors lifted its stake in Chevron by 5.6% during the 3rd quarter. PFG Advisors now owns 39,340 shares of the oil and gas company’s stock valued at $5,794,000 after acquiring an additional 2,084 shares during the period. Foster Victor Wealth Advisors LLC lifted its stake in Chevron by 12.0% during the 3rd quarter. Foster Victor Wealth Advisors LLC now owns 60,740 shares of the oil and gas company’s stock valued at $9,090,000 after acquiring an additional 6,486 shares during the period. Finally, QV Investors Inc. lifted its stake in Chevron by 0.6% during the 3rd quarter. QV Investors Inc. now owns 22,897 shares of the oil and gas company’s stock valued at $3,372,000 after acquiring an additional 140 shares during the period. Institutional investors own 72.42% of the company’s stock.

Chevron Stock Performance

CVX stock opened at $154.91 on Thursday. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. The business’s fifty day simple moving average is $151.99 and its two-hundred day simple moving average is $150.81. Chevron Co. has a twelve month low of $135.37 and a twelve month high of $167.11. The firm has a market cap of $278.39 billion, a price-to-earnings ratio of 15.94, a PEG ratio of 1.39 and a beta of 1.11.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, January 31st. The oil and gas company reported $2.06 EPS for the quarter, missing the consensus estimate of $2.42 by ($0.36). Chevron had a net margin of 8.71% and a return on equity of 11.44%. During the same period in the previous year, the business posted $3.45 EPS. Analysts predict that Chevron Co. will post 10.84 earnings per share for the current year.

Chevron Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 10th. Shareholders of record on Friday, February 14th will be paid a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 4.42%. The ex-dividend date is Friday, February 14th. This is a positive change from Chevron’s previous quarterly dividend of $1.63. Chevron’s payout ratio is 67.08%.

Insider Buying and Selling at Chevron

In other Chevron news, VP Jeff B. Gustavson sold 9,325 shares of the firm’s stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $152.50, for a total value of $1,422,062.50. Following the completion of the sale, the vice president now owns 1,057 shares of the company’s stock, valued at approximately $161,192.50. This trade represents a 89.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.20% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Citigroup upgraded shares of 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 note on Tuesday, November 26th. Bank of America began coverage on shares of Chevron in a research report on Thursday, October 17th. They set a “buy” rating and a $168.00 price target for the company. Barclays reduced their price target on shares of Chevron from $174.00 to $171.00 and set an “overweight” rating for the company in a research report on Wednesday, February 5th. Royal Bank of Canada reissued an “outperform” rating and issued a $175.00 target price on shares of Chevron in a report on Monday, February 3rd. Finally, Piper Sandler reduced their target price on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $174.13.

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.