K2 Financial Inc. Purchases Shares of 2,694 Chevron Co. (NYSE:CVX)

K2 Financial Inc. purchased a new stake in Chevron Co. (NYSE:CVX) in the 4th quarter, HoldingsChannel.com reports. The institutional investor purchased 2,694 shares of the oil and gas company’s stock, valued at approximately $418,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. BBR Partners LLC increased its position in shares of Chevron by 2.0% during the fourth quarter. BBR Partners LLC now owns 19,436 shares of the oil and gas company’s stock worth $2,815,000 after buying an additional 382 shares during the period. Bay Colony Advisory Group Inc d b a Bay Colony Advisors increased its position in shares of Chevron by 6.2% during the fourth quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 15,813 shares of the oil and gas company’s stock worth $2,290,000 after buying an additional 918 shares during the period. Ashton Thomas Private Wealth LLC increased its position in shares of Chevron by 73.8% during the fourth quarter. Ashton Thomas Private Wealth LLC now owns 92,056 shares of the oil and gas company’s stock worth $13,333,000 after buying an additional 39,088 shares during the period. Strategic Family Wealth Counselors L.L.C. acquired a new stake in shares of Chevron during the fourth quarter worth $204,000. Finally, Callan Family Office LLC increased its position in shares of Chevron by 286.8% during the fourth quarter. Callan Family Office LLC now owns 24,561 shares of the oil and gas company’s stock worth $3,557,000 after buying an additional 18,212 shares during the period. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently weighed in on CVX. Citigroup upgraded shares of Chevron from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $145.00 to $185.00 in a research report on Tuesday, November 26th. UBS Group decreased their price objective on shares of Chevron from $195.00 to $194.00 and set a “buy” rating for the company in a research report on Monday, February 3rd. Raymond James cut their target price on shares of Chevron from $180.00 to $175.00 and set an “outperform” rating on the stock in a research note on Monday, February 3rd. Truist Financial cut their target price on shares of Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a research note on Tuesday, February 4th. Finally, Wells Fargo & Company cut their target price on shares of Chevron from $188.00 to $184.00 and set an “overweight” rating on the stock in a research note on Monday, February 3rd. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, Chevron has a consensus rating of “Moderate Buy” and a consensus target price of $174.13.

Chevron Stock Up 1.4 %

Chevron stock opened at $152.94 on Friday. Chevron Co. has a 1-year low of $135.37 and a 1-year high of $167.11. The firm has a market capitalization of $269.27 billion, a price-to-earnings ratio of 15.73, a price-to-earnings-growth ratio of 1.46 and a beta of 1.08. The firm’s fifty day moving average price is $153.83 and its two-hundred day moving average price is $151.62. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, January 31st. The oil and gas company reported $2.06 earnings per share for the quarter, missing analysts’ consensus estimates 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 quarter in the prior year, the business earned $3.45 earnings per share. On average, equities research analysts predict that Chevron Co. will post 10.79 earnings per share for the current fiscal year.

Chevron Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 10th. Stockholders of record on Friday, February 14th will be issued a $1.71 dividend. The ex-dividend date of this dividend is Friday, February 14th. This represents a $6.84 annualized dividend and a dividend yield of 4.47%. This is an increase from Chevron’s previous quarterly dividend of $1.63. Chevron’s dividend payout ratio is currently 70.37%.

Insider Activity

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 value of $1,422,062.50. Following the completion of the sale, 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 SEC, which is available at this hyperlink. 0.20% of the stock is currently owned by corporate 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.