First Financial Bankshares Inc Raises Stake in Chevron Co. (NYSE:CVX)

First Financial Bankshares Inc increased its stake in Chevron Co. (NYSE:CVX) by 0.2% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 619,822 shares of the oil and gas company’s stock after buying an additional 1,282 shares during the period. Chevron comprises 1.9% of First Financial Bankshares Inc’s investment portfolio, making the stock its 12th biggest holding. First Financial Bankshares Inc’s holdings in Chevron were worth $89,775,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Generali Investments Management Co LLC purchased a new position in shares of Chevron in the 4th quarter worth about $2,523,000. GM Advisory Group LLC lifted its holdings in Chevron by 1.4% during the fourth quarter. GM Advisory Group LLC now owns 19,621 shares of the oil and gas company’s stock valued at $2,842,000 after purchasing an additional 277 shares during the last quarter. Vinva Investment Management Ltd lifted its holdings in Chevron by 7.4% during the fourth quarter. Vinva Investment Management Ltd now owns 86,477 shares of the oil and gas company’s stock valued at $12,372,000 after purchasing an additional 5,924 shares during the last quarter. Bestgate Wealth Advisors LLC purchased a new stake in Chevron during the fourth quarter valued at about $228,000. Finally, Bank of Marin lifted its holdings in Chevron by 14.1% during the fourth quarter. Bank of Marin now owns 5,902 shares of the oil and gas company’s stock valued at $855,000 after purchasing an additional 730 shares during the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on CVX. Barclays dropped their price objective on shares of Chevron from $174.00 to $171.00 and set an “overweight” rating on the stock in a report on Wednesday, February 5th. Piper Sandler dropped their price objective on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. Royal Bank of Canada reiterated an “outperform” rating and set a $175.00 price target on shares of Chevron in a research report on Monday, February 3rd. Truist Financial decreased their price target on Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a research report on Tuesday, February 4th. Finally, UBS Group decreased their price target on Chevron from $195.00 to $194.00 and set a “buy” rating on the stock in a research report on Monday, February 3rd. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $174.13.

Chevron Stock Up 1.3 %

CVX stock opened at $160.81 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 company’s 50 day moving average is $155.49 and its 200 day moving average is $152.23. The stock has a market cap of $283.12 billion, a price-to-earnings ratio of 16.54, a price-to-earnings-growth ratio of 1.46 and a beta of 1.08. Chevron Co. has a 1-year low of $135.37 and a 1-year high of $167.11.

Chevron (NYSE:CVX) last issued its earnings results 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 return on equity of 11.44% and a net margin of 8.71%. During the same period in the previous year, the business posted $3.45 earnings per share. Sell-side analysts predict that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 10th. Shareholders of record on Friday, February 14th were paid a $1.71 dividend. The ex-dividend date was Friday, February 14th. This represents a $6.84 annualized dividend and a yield of 4.25%. This is a positive change from Chevron’s previous quarterly dividend of $1.63. Chevron’s dividend payout ratio is currently 70.37%.

Insiders Place Their Bets

In other Chevron news, VP Jeff B. Gustavson sold 9,325 shares of the company’s stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $152.50, for a total value of $1,422,062.50. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.20% of the stock is owned by 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.