Ceredex Value Advisors LLC Decreases Holdings in Chevron Co. (NYSE:CVX)

Ceredex Value Advisors LLC lowered its stake in shares of Chevron Co. (NYSE:CVX) by 10.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 332,855 shares of the oil and gas company’s stock after selling 40,469 shares during the period. Ceredex Value Advisors LLC’s holdings in Chevron were worth $48,211,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the stock. McIlrath & Eck LLC raised its holdings in shares of Chevron by 5.8% during the third quarter. McIlrath & Eck LLC now owns 1,434 shares of the oil and gas company’s stock valued at $211,000 after acquiring an additional 78 shares during the last quarter. Westside Investment Management Inc. increased its position in shares of Chevron by 9.0% during the third quarter. Westside Investment Management Inc. now owns 3,405 shares of the oil and gas company’s stock worth $503,000 after purchasing an additional 281 shares in the last quarter. Diamant Asset Management Inc. increased its position in shares of Chevron by 6.2% during the third quarter. Diamant Asset Management Inc. now owns 5,510 shares of the oil and gas company’s stock worth $811,000 after purchasing an additional 320 shares in the last quarter. Wealthquest Corp raised its stake in Chevron by 2.3% in the 3rd quarter. Wealthquest Corp now owns 5,222 shares of the oil and gas company’s stock valued at $782,000 after purchasing an additional 118 shares during the last quarter. Finally, Te Ahumairangi Investment Management Ltd lifted its holdings in Chevron by 4.5% in the 3rd quarter. Te Ahumairangi Investment Management Ltd now owns 22,219 shares of the oil and gas company’s stock valued at $3,254,000 after purchasing an additional 950 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on CVX shares. BNP Paribas lowered shares of Chevron to a “cautious” rating in a report on Tuesday. Wells Fargo & Company dropped their price objective on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a research note on Tuesday. Scotiabank lowered Chevron from a “sector outperform” rating to a “sector perform” rating and dropped their price target for the company from $160.00 to $143.00 in a research report on Friday, April 11th. Piper Sandler lowered their price objective on Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. Finally, UBS Group cut their target price on Chevron from $194.00 to $185.00 and set a “buy” rating for the company in a research note on Monday, April 7th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $169.50.

Insider Activity

In related news, VP Jeff B. Gustavson sold 9,325 shares of the company’s stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $152.50, for a total transaction of $1,422,062.50. Following the sale, the vice president now directly owns 1,057 shares of the company’s stock, valued at $161,192.50. This represents a 89.82 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.20% of the company’s stock.

Chevron Stock Down 0.6 %

Shares of CVX opened at $134.55 on Wednesday. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. The firm has a market cap of $236.88 billion, a P/E ratio of 13.84, a price-to-earnings-growth ratio of 1.46 and a beta of 0.93. The company’s 50-day moving average price is $154.64 and its 200 day moving average price is $153.69. Chevron Co. has a 12-month low of $132.04 and a 12-month high of $168.96.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share (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 quarter in the previous year, the company earned $3.45 earnings per share. On average, sell-side analysts forecast that Chevron Co. will post 10.79 earnings per share for the current year.

Chevron Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Friday, February 14th were given a dividend of $1.71 per share. This is a positive change from Chevron’s previous quarterly dividend of $1.63. This represents a $6.84 annualized dividend and a dividend yield of 5.08%. The ex-dividend date was Friday, February 14th. Chevron’s dividend payout ratio (DPR) is currently 70.37%.

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.