CIBC Private Wealth Group LLC Has $260.30 Million Stake in Chevron Co. (NYSE:CVX)

CIBC Private Wealth Group LLC lowered its position in Chevron Co. (NYSE:CVX) by 2.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,731,893 shares of the oil and gas company’s stock after selling 42,439 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in Chevron were worth $260,304,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. United Bank lifted its holdings in Chevron by 8.4% during the 3rd quarter. United Bank now owns 8,095 shares of the oil and gas company’s stock valued at $1,192,000 after purchasing an additional 629 shares during the last quarter. Fred Alger Management LLC lifted its stake in shares of Chevron by 2.0% during the 3rd quarter. Fred Alger Management LLC now owns 65,326 shares of the oil and gas company’s stock worth $9,621,000 after buying an additional 1,253 shares during the last quarter. Arete Wealth Advisors LLC bought a new stake in shares of Chevron during the 3rd quarter worth about $2,370,000. L.M. Kohn & Company raised its holdings in Chevron by 4.1% in the 3rd quarter. L.M. Kohn & Company now owns 7,407 shares of the oil and gas company’s stock valued at $1,091,000 after acquiring an additional 290 shares during the period. Finally, Encompass More Asset Management raised its holdings in Chevron by 70.1% in the 3rd quarter. Encompass More Asset Management now owns 2,974 shares of the oil and gas company’s stock valued at $438,000 after acquiring an additional 1,226 shares during the period. Institutional investors own 72.42% of the company’s stock.

Insiders Place Their Bets

In other news, VP Jeff B. Gustavson sold 9,325 shares of the stock in a transaction dated 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 transaction, the vice president now owns 1,057 shares of the company’s stock, valued at $161,192.50. This represents a 89.82 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.20% of the company’s stock.

Analyst Ratings Changes

CVX has been the topic of several research reports. Wells Fargo & Company decreased their target price on Chevron from $188.00 to $184.00 and set an “overweight” rating on the stock in a research report on Monday, February 3rd. Raymond James lowered their price objective on Chevron from $180.00 to $175.00 and set an “outperform” rating on the stock in a research report on Monday, February 3rd. Piper Sandler dropped their target price on Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. UBS Group decreased their price target on shares of Chevron from $195.00 to $194.00 and set a “buy” 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 note on Tuesday, February 4th. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, Chevron has an average rating of “Moderate Buy” and an average target price of $174.13.

Chevron Trading Down 0.4 %

NYSE CVX opened at $166.06 on Friday. Chevron Co. has a twelve month low of $135.37 and a twelve month high of $168.96. The business’s fifty day moving average is $157.10 and its 200 day moving average is $153.49. 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 company has a market cap of $292.37 billion, a price-to-earnings ratio of 17.08, a price-to-earnings-growth ratio of 1.46 and a beta of 1.08.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, January 31st. The oil and gas company reported $2.06 earnings per share (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 last year, the company posted $3.45 earnings per share. As a group, sell-side analysts expect that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 10th. Shareholders of record on Friday, February 14th were given a dividend of $1.71 per share. The ex-dividend date was Friday, February 14th. This represents a $6.84 dividend on an annualized basis and a yield of 4.12%. This is a boost from Chevron’s previous quarterly dividend of $1.63. Chevron’s dividend payout ratio is 70.37%.

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.