Evercore Wealth Management LLC Reduces Stake in Chevron Co. (NYSE:CVX)

Evercore Wealth Management LLC cut its holdings in shares of Chevron Co. (NYSE:CVX) by 41.9% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 202,193 shares of the oil and gas company’s stock after selling 145,828 shares during the period. Evercore Wealth Management LLC’s holdings in Chevron were worth $29,286,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Syon Capital LLC increased its position in Chevron by 0.4% during the 4th quarter. Syon Capital LLC now owns 20,729 shares of the oil and gas company’s stock valued at $3,002,000 after purchasing an additional 90 shares during the period. CSM Advisors LLC boosted its stake in shares of Chevron by 18.6% during the 4th quarter. CSM Advisors LLC now owns 107,566 shares of the oil and gas company’s stock valued at $15,578,000 after purchasing an additional 16,855 shares in the last quarter. RBF Capital LLC purchased a new position in shares of Chevron during the fourth quarter valued at about $1,448,000. MGO One Seven LLC raised its stake in Chevron by 7.3% in the fourth quarter. MGO One Seven LLC now owns 25,082 shares of the oil and gas company’s stock worth $3,633,000 after buying an additional 1,714 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its holdings in Chevron by 2.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 13,755,894 shares of the oil and gas company’s stock worth $1,992,406,000 after buying an additional 292,585 shares during the period. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Price Performance

Shares of NYSE CVX opened at $137.26 on Wednesday. The firm has a market cap of $241.66 billion, a P/E ratio of 14.12, a PEG ratio of 1.46 and a beta of 0.93. Chevron Co. has a twelve month low of $132.04 and a twelve month high of $168.96. 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 50 day moving average of $152.74 and a 200 day moving average of $153.22.

Chevron (NYSE:CVX) last posted its quarterly earnings results 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 return on equity of 11.44% and a net margin of 8.71%. During the same period in the previous year, the firm posted $3.45 earnings per share. As a group, research analysts expect that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 10th. Shareholders of record on Friday, February 14th were paid a dividend of $1.71 per share. The ex-dividend date was Friday, February 14th. This represents a $6.84 annualized dividend and a yield of 4.98%. This is a boost from Chevron’s previous quarterly dividend of $1.63. Chevron’s dividend payout ratio is currently 70.37%.

Insider Activity

In related news, VP Jeff B. Gustavson sold 9,325 shares of the 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 transaction, the vice president now owns 1,057 shares in the company, valued at $161,192.50. This represents a 89.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.20% of the company’s stock.

Wall Street Analyst Weigh In

CVX has been the subject of several research reports. BNP Paribas lowered Chevron to a “cautious” rating in a research report on Tuesday, April 15th. Truist Financial decreased their price objective on Chevron from $164.00 to $160.00 and set a “hold” rating for the company in a report on Tuesday, February 4th. Royal Bank of Canada restated an “outperform” rating and set a $175.00 target price on shares of Chevron in a report on Monday, February 3rd. Scotiabank lowered shares of Chevron from a “sector outperform” rating to a “sector perform” rating and decreased their price target for the stock from $160.00 to $143.00 in a research note on Friday, April 11th. Finally, UBS Group dropped their price objective on shares of Chevron from $194.00 to $185.00 and set a “buy” rating on the stock in a research note on Monday, April 7th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and ten have given a buy rating to the company. According to MarketBeat, Chevron has an average rating of “Moderate Buy” and an average price target of $168.31.

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.