Chevron Co. (NYSE:CVX) Shares Sold by Summit Wealth Partners LLC

Summit Wealth Partners LLC cut its stake in shares of Chevron Co. (NYSE:CVX) by 3.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,079 shares of the oil and gas company’s stock after selling 75 shares during the quarter. Summit Wealth Partners LLC’s holdings in Chevron were worth $301,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. International Assets Investment Management LLC increased its position in Chevron by 19,404.1% during the 3rd quarter. International Assets Investment Management LLC now owns 4,901,390 shares of the oil and gas company’s stock worth $7,218,280,000 after purchasing an additional 4,876,260 shares in the last quarter. Pathway Financial Advisers LLC increased its position in Chevron by 15,750.1% during the 3rd quarter. Pathway Financial Advisers LLC now owns 3,901,345 shares of the oil and gas company’s stock worth $574,551,000 after purchasing an additional 3,876,731 shares in the last quarter. Pacer Advisors Inc. increased its position in Chevron by 949.6% during the 3rd quarter. Pacer Advisors Inc. now owns 3,819,963 shares of the oil and gas company’s stock worth $562,566,000 after purchasing an additional 3,456,008 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Chevron by 11.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 31,108,760 shares of the oil and gas company’s stock worth $4,581,137,000 after purchasing an additional 3,203,899 shares in the last quarter. Finally, State Street Corp increased its position in Chevron by 0.6% during the 3rd quarter. State Street Corp now owns 159,105,244 shares of the oil and gas company’s stock worth $23,431,429,000 after purchasing an additional 874,962 shares in the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have issued reports on CVX. Citigroup raised Chevron from a “neutral” rating to a “buy” rating and raised their price target for the stock from $145.00 to $185.00 in a research note on Tuesday, November 26th. DZ Bank raised Chevron from a “hold” rating to a “buy” rating and set a $170.00 price target on the stock in a research note on Tuesday, November 5th. Wells Fargo & Company decreased their price target on Chevron from $188.00 to $184.00 and set an “overweight” rating on the stock in a research note on Monday. Raymond James decreased their price target on Chevron from $180.00 to $175.00 and set an “outperform” rating on the stock in a research note on Monday. Finally, Scotiabank reduced their price objective on Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $174.13.

Insider Transactions at Chevron

In other Chevron news, CEO Michael K. Wirth sold 164,600 shares of the company’s stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $160.13, for a total value of $26,357,398.00. Following the transaction, the chief executive officer now directly owns 4,280 shares of the company’s stock, valued at $685,356.40. This represents a 97.47 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.20% of the stock is owned by insiders.

Chevron Trading Down 0.1 %

Shares of Chevron stock opened at $153.01 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 firm has a market cap of $274.98 billion, a price-to-earnings ratio of 15.74, a price-to-earnings-growth ratio of 1.29 and a beta of 1.11. The business has a fifty day simple moving average of $152.79 and a 200-day simple moving average of $150.89. Chevron Co. has a fifty-two week low of $135.37 and a fifty-two week high of $167.11.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, January 31st. The oil and gas company reported $2.06 earnings per share 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 last year, the business posted $3.45 earnings per share. On average, equities analysts forecast that Chevron Co. will post 11.45 EPS for the current fiscal year.

Chevron Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 10th. Stockholders of record on Friday, February 14th will be given a dividend of $1.71 per share. The ex-dividend date is Friday, February 14th. This is a positive change from Chevron’s previous quarterly dividend of $1.63. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.47%. Chevron’s payout ratio is 67.08%.

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.