Manhattan West Asset Management LLC Has $1.91 Million Holdings in Chevron Co. (NYSE:CVX)

Manhattan West Asset Management LLC lowered its holdings in shares of Chevron Co. (NYSE:CVX) by 6.9% during the fourth quarter, Holdings Channel reports. The institutional investor owned 13,212 shares of the oil and gas company’s stock after selling 974 shares during the quarter. Manhattan West Asset Management LLC’s holdings in Chevron were worth $1,914,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Petros Family Wealth LLC acquired a new stake in shares of Chevron during the 4th quarter valued at about $228,000. NFP Retirement Inc. lifted its stake in Chevron by 3.7% during the fourth quarter. NFP Retirement Inc. now owns 10,941 shares of the oil and gas company’s stock worth $1,585,000 after purchasing an additional 391 shares during the period. Sterling Capital Management LLC boosted its holdings in Chevron by 3,711.9% during the fourth quarter. Sterling Capital Management LLC now owns 374,821 shares of the oil and gas company’s stock valued at $54,289,000 after purchasing an additional 364,988 shares in the last quarter. KDK Private Wealth Management LLC bought a new stake in shares of Chevron in the 4th quarter valued at approximately $621,000. Finally, Coign Capital Advisors LLC acquired a new position in shares of Chevron in the 4th quarter worth approximately $578,000. Institutional investors own 72.42% of the company’s stock.

Chevron Stock Performance

Shares of CVX stock opened at $135.49 on Friday. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. Chevron Co. has a 12 month low of $132.04 and a 12 month high of $168.96. The company’s fifty day simple moving average is $155.34 and its 200-day simple moving average is $153.81. The firm has a market cap of $238.54 billion, a PE ratio of 13.94, a P/E/G ratio of 1.46 and a beta of 0.93.

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

Chevron Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Friday, February 14th were paid a dividend of $1.71 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 5.05%. This is a boost from Chevron’s previous quarterly dividend of $1.63. Chevron’s dividend payout ratio is currently 70.37%.

Insider Activity at Chevron

In related news, VP Jeff B. Gustavson sold 9,325 shares of the firm’s 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 directly owns 1,057 shares in the company, valued at approximately $161,192.50. This trade represents a 89.82 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.20% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have issued reports on CVX shares. Scotiabank lowered Chevron from a “sector outperform” rating to a “sector perform” rating and dropped their price objective for the stock from $160.00 to $143.00 in a research note on Friday. Truist Financial dropped their target price on shares of Chevron from $164.00 to $160.00 and set a “hold” rating for the company in a research report on Tuesday, February 4th. Wells Fargo & Company reduced their price target on shares of Chevron from $188.00 to $184.00 and set an “overweight” rating on the stock in a research report on Monday, February 3rd. Royal Bank of Canada reaffirmed an “outperform” rating and set a $175.00 price objective on shares of Chevron in a report on Monday, February 3rd. Finally, Raymond James reduced their target price on Chevron from $180.00 to $175.00 and set an “outperform” rating on the stock in a report on Monday, February 3rd. Five investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $172.20.

Chevron Company 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.