Granite Bay Wealth Management LLC Acquires 20,569 Shares of Chevron Co. (NYSE:CVX)

Granite Bay Wealth Management LLC grew its holdings in Chevron Co. (NYSE:CVXFree Report) by 23.3% in the fourth quarter, Holdings Channel reports. The firm owned 108,692 shares of the oil and gas company’s stock after buying an additional 20,569 shares during the quarter. Granite Bay Wealth Management LLC’s holdings in Chevron were worth $16,423,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of CVX. Moneta Group Investment Advisors LLC grew its position in Chevron by 104,997.3% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 24,490,824 shares of the oil and gas company’s stock worth $4,395,858,000 after purchasing an additional 24,467,521 shares during the period. Norges Bank purchased a new position in shares of Chevron in the 4th quarter worth $3,058,235,000. Imprint Wealth LLC increased its position in Chevron by 15,457.0% during the second quarter. Imprint Wealth LLC now owns 5,378,354 shares of the oil and gas company’s stock valued at $537,835,000 after acquiring an additional 5,343,782 shares during the last quarter. Morgan Stanley lifted its holdings in Chevron by 12.7% in the fourth quarter. Morgan Stanley now owns 32,906,060 shares of the oil and gas company’s stock valued at $5,906,309,000 after acquiring an additional 3,711,923 shares during the period. Finally, International Assets Investment Management LLC grew its stake in shares of Chevron by 15,548.2% during the 4th quarter. International Assets Investment Management LLC now owns 3,202,411 shares of the oil and gas company’s stock valued at $4,776,720,000 after purchasing an additional 3,181,946 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Price Performance

Shares of CVX stock opened at $158.96 on Monday. The stock has a 50 day moving average price of $154.92 and a 200 day moving average price of $152.01. Chevron Co. has a 52-week low of $139.62 and a 52-week high of $172.88. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.01 and a current ratio of 1.27. The firm has a market capitalization of $295.23 billion, a P/E ratio of 13.99, a P/E/G ratio of 2.40 and a beta of 1.12.

Chevron (NYSE:CVXGet Free Report) last released its earnings results on Friday, February 2nd. The oil and gas company reported $3.45 earnings per share for the quarter, topping analysts’ consensus estimates of $3.19 by $0.26. The business had revenue of $47.18 billion for the quarter, compared to analyst estimates of $50.93 billion. Chevron had a return on equity of 15.24% and a net margin of 10.63%. The business’s revenue was down 16.5% compared to the same quarter last year. During the same quarter last year, the firm posted $4.09 earnings per share. As a group, sell-side analysts predict that Chevron Co. will post 13.24 earnings per share for the current year.

Chevron Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 11th. Shareholders of record on Friday, February 16th were paid a $1.63 dividend. This is an increase from Chevron’s previous quarterly dividend of $1.51. This represents a $6.52 dividend on an annualized basis and a yield of 4.10%. The ex-dividend date was Thursday, February 15th. Chevron’s dividend payout ratio is currently 57.39%.

Insider Transactions at Chevron

In related news, VP Alana K. Knowles sold 2,800 shares of the stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $160.09, for a total value of $448,252.00. Following the transaction, the vice president now owns 276 shares of the company’s stock, valued at $44,184.84. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.18% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CVX. UBS Group boosted their target price on shares of Chevron from $185.00 to $197.00 and gave the company a “buy” rating in a research report on Tuesday, April 9th. Scotiabank upgraded Chevron from a “sector perform” rating to a “sector outperform” rating and lifted their target price for the company from $170.00 to $195.00 in a research report on Thursday. TD Cowen cut Chevron from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $170.00 to $150.00 in a research report on Tuesday, January 23rd. Mizuho boosted their price objective on Chevron from $195.00 to $200.00 and gave the company a “buy” rating in a research note on Wednesday, March 20th. Finally, The Goldman Sachs Group reissued a “buy” rating on shares of Chevron in a report on Monday, April 1st. Six equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, Chevron has an average rating of “Moderate Buy” and an average target price of $183.60.

View Our Latest Research Report on CVX

Chevron Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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