Pathway Financial Advisers LLC Sells 3,874,360 Shares of Chevron Co. (NYSE:CVX)

Pathway Financial Advisers LLC lowered its stake in Chevron Co. (NYSE:CVX) by 99.3% during the 4th quarter, HoldingsChannel.com reports. The fund owned 26,985 shares of the oil and gas company’s stock after selling 3,874,360 shares during the quarter. Chevron makes up 1.3% of Pathway Financial Advisers LLC’s portfolio, making the stock its 23rd biggest holding. Pathway Financial Advisers LLC’s holdings in Chevron were worth $3,908,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in CVX. Investment Partners Asset Management Inc. boosted its stake in shares of Chevron by 33.3% during the 4th quarter. Investment Partners Asset Management Inc. now owns 3,219 shares of the oil and gas company’s stock valued at $466,000 after purchasing an additional 805 shares in the last quarter. G&S Capital LLC lifted its holdings in Chevron by 1.6% in the fourth quarter. G&S Capital LLC now owns 29,663 shares of the oil and gas company’s stock worth $4,296,000 after buying an additional 473 shares during the period. Howard Bailey Securities LLC bought a new stake in Chevron during the 4th quarter valued at approximately $202,000. Hemington Wealth Management grew its holdings in shares of Chevron by 18.7% during the 4th quarter. Hemington Wealth Management now owns 1,732 shares of the oil and gas company’s stock worth $250,000 after acquiring an additional 273 shares during the period. Finally, TFC Financial Management Inc. raised its position in shares of Chevron by 118.8% in the 4th quarter. TFC Financial Management Inc. now owns 2,477 shares of the oil and gas company’s stock worth $359,000 after acquiring an additional 1,345 shares in the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Chevron

In other Chevron news, VP Jeff B. Gustavson sold 9,325 shares of the company’s stock in a transaction dated 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 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 filing with the SEC, which is available through this hyperlink. 0.20% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have issued reports on CVX shares. Royal Bank of Canada reiterated an “outperform” rating and issued a $175.00 price objective on shares of Chevron in a report on Monday, February 3rd. Piper Sandler lowered their price target on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a research report on Thursday, December 19th. Barclays decreased their target price on shares of Chevron from $174.00 to $171.00 and set an “overweight” rating for the company in a research note on Wednesday, February 5th. Citigroup upgraded Chevron from a “neutral” rating to a “buy” rating and upped their price target for the stock from $145.00 to $185.00 in a research note on Tuesday, November 26th. Finally, UBS Group lowered their price objective on Chevron from $195.00 to $194.00 and set a “buy” rating for the company in a research note on Monday, February 3rd. Four equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $174.13.

Chevron Stock Performance

Shares of CVX opened at $154.91 on Thursday. The firm has a market capitalization of $278.39 billion, a P/E ratio of 15.94, a PEG ratio of 1.39 and a beta of 1.11. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80. The business has a fifty day moving average of $151.92 and a 200 day moving average of $150.84. Chevron Co. has a one year low of $135.37 and a one year high of $167.11.

Chevron (NYSE:CVX) last issued 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 return on equity of 11.44% and a net margin of 8.71%. During the same quarter in the prior year, the firm posted $3.45 earnings per share. As a group, sell-side analysts anticipate that Chevron Co. will post 10.84 EPS for the current year.

Chevron Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 10th. Stockholders of record on Friday, February 14th will be paid a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 4.42%. This is a positive change from Chevron’s previous quarterly dividend of $1.63. The ex-dividend date of this dividend is Friday, February 14th. Chevron’s dividend payout ratio is 67.08%.

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.