Spring Capital Management LLC Acquires 3,732 Shares of Chevron Co. (NYSE:CVX)

Spring Capital Management LLC boosted its stake in shares of Chevron Co. (NYSE:CVX) by 11.8% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 35,360 shares of the oil and gas company’s stock after acquiring an additional 3,732 shares during the quarter. Chevron makes up approximately 3.1% of Spring Capital Management LLC’s holdings, making the stock its 16th biggest holding. Spring Capital Management LLC’s holdings in Chevron were worth $5,122,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the stock. Rational Advisors LLC acquired a new position in shares of Chevron during the third quarter valued at $29,000. Legacy Investment Solutions LLC bought a new stake in Chevron during the 3rd quarter worth about $29,000. Darwin Wealth Management LLC acquired a new position in Chevron during the 3rd quarter valued at about $30,000. RPg Family Wealth Advisory LLC bought a new position in shares of Chevron in the 3rd quarter valued at about $31,000. Finally, Cyrus J. Lawrence LLC grew its position in shares of Chevron by 66.7% during the 2nd quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company’s stock worth $39,000 after buying an additional 100 shares during the period. 72.42% of the stock is owned by institutional investors.

Chevron Price Performance

Shares of NYSE CVX opened at $161.54 on Friday. The company has a fifty day moving average price of $153.93 and a 200 day moving average price of $151.09. Chevron Co. has a 1-year low of $135.37 and a 1-year high of $167.11. The firm has a market cap of $290.30 billion, a PE ratio of 17.75, a PEG ratio of 2.62 and a beta of 1.12. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, November 1st. The oil and gas company reported $2.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.47 by $0.04. The business had revenue of $50.67 billion during the quarter, compared to the consensus estimate of $48.86 billion. Chevron had a return on equity of 13.15% and a net margin of 8.44%. Chevron’s quarterly revenue was down 6.3% on a year-over-year basis. During the same period last year, the company earned $3.05 earnings per share. Research analysts predict that Chevron Co. will post 10.39 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th were given a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.04%. The ex-dividend date of this dividend was Monday, November 18th. Chevron’s dividend payout ratio is presently 71.65%.

Analyst Ratings Changes

A number of brokerages have issued reports on CVX. Wells Fargo & Company raised their price objective on shares of Chevron from $171.00 to $188.00 and gave the company an “overweight” rating in a research note on Monday, December 9th. Truist Financial lifted their price objective on Chevron from $160.00 to $164.00 and gave the stock a “hold” rating in a research note on Monday, January 13th. Citigroup raised Chevron from a “neutral” rating to a “buy” rating and increased their target price for the company from $145.00 to $185.00 in a research note on Tuesday, November 26th. DZ Bank upgraded Chevron from a “hold” rating to a “buy” rating and set a $170.00 target price for the company in a research report on Tuesday, November 5th. Finally, Bank of America assumed coverage on shares of Chevron in a research report on Thursday, October 17th. They issued a “buy” rating and a $168.00 price target on the stock. Four equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $175.27.

Insider Buying and Selling

In other Chevron news, CEO Michael K. Wirth sold 164,600 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 4,280 shares of the company’s stock, valued at $685,356.40. The trade was a 97.47 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 0.20% of the stock is currently owned by corporate insiders.

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.