Hoey Investments Inc. Sells 2,686 Shares of Chevron Co. (NYSE:CVX)

Hoey Investments Inc. decreased its position in Chevron Co. (NYSE:CVX) by 53.7% during the 4th quarter, Holdings Channel reports. The firm owned 2,312 shares of the oil and gas company’s stock after selling 2,686 shares during the quarter. Hoey Investments Inc.’s holdings in Chevron were worth $335,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Norges Bank bought a new stake in Chevron during the fourth quarter worth about $3,017,750,000. Raymond James Financial Inc. acquired a new position in shares of Chevron in the 4th quarter worth approximately $1,036,302,000. Bank of New York Mellon Corp grew its position in Chevron by 17.3% during the 4th quarter. Bank of New York Mellon Corp now owns 16,496,687 shares of the oil and gas company’s stock worth $2,389,380,000 after acquiring an additional 2,432,756 shares during the last quarter. Amundi increased its holdings in Chevron by 27.7% during the 4th quarter. Amundi now owns 8,806,050 shares of the oil and gas company’s stock valued at $1,323,549,000 after purchasing an additional 1,910,262 shares in the last quarter. Finally, State Street Corp raised its position in Chevron by 0.6% in the 3rd quarter. State Street Corp now owns 159,105,244 shares of the oil and gas company’s stock valued at $23,431,429,000 after purchasing an additional 874,962 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Insider Transactions at Chevron

In other Chevron news, VP Jeff B. Gustavson sold 9,325 shares of Chevron stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $152.50, for a total transaction of $1,422,062.50. Following the transaction, the vice president now directly owns 1,057 shares in the company, valued at approximately $161,192.50. The trade was a 89.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.20% of the company’s stock.

Chevron Stock Down 0.4 %

Shares of Chevron stock opened at $166.06 on Monday. The business has a fifty day simple moving average of $157.10 and a 200 day simple moving average of $153.60. The stock has a market cap of $292.37 billion, a PE ratio of 17.08, a price-to-earnings-growth ratio of 1.46 and a beta of 1.08. 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 12 month low of $135.37 and a 12 month high of $168.96.

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 analysts’ consensus estimates 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 prior year, the firm earned $3.45 earnings per share. Research analysts predict that Chevron Co. will post 10.79 EPS for the current year.

Chevron Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 10th. Shareholders of record on Friday, February 14th were issued a $1.71 dividend. The ex-dividend date was Friday, February 14th. This is a positive change from Chevron’s previous quarterly dividend of $1.63. This represents a $6.84 annualized dividend and a yield of 4.12%. Chevron’s dividend payout ratio (DPR) is 70.37%.

Analyst Ratings Changes

CVX has been the topic of several research analyst reports. UBS Group decreased their target price on Chevron from $195.00 to $194.00 and set a “buy” rating on the stock in a report on Monday, February 3rd. Raymond James decreased their price objective on shares of Chevron from $180.00 to $175.00 and set an “outperform” rating on the stock in a report on Monday, February 3rd. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $175.00 target price on shares of Chevron in a research note on Monday, February 3rd. Wells Fargo & Company decreased their price target on shares of Chevron from $188.00 to $184.00 and set an “overweight” rating on the stock in a research note on Monday, February 3rd. Finally, Truist Financial dropped their price objective on shares of Chevron from $164.00 to $160.00 and set a “hold” rating for the company in a research report on Tuesday, February 4th. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, Chevron currently has a consensus rating of “Moderate Buy” and a consensus target price of $174.13.

Chevron 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.