Patten & Patten Inc. TN Has $8.46 Million Holdings in Chevron Co. (NYSE:CVX)

Patten & Patten Inc. TN decreased its position in shares of Chevron Co. (NYSE:CVX) by 2.8% during the 4th quarter, HoldingsChannel reports. The fund owned 58,412 shares of the oil and gas company’s stock after selling 1,697 shares during the period. Patten & Patten Inc. TN’s holdings in Chevron were worth $8,460,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of CVX. Life Planning Partners Inc acquired a new stake in shares of Chevron during the fourth quarter valued at about $25,000. Legacy Investment Solutions LLC bought a new position in Chevron in the 3rd quarter valued at approximately $29,000. Darwin Wealth Management LLC acquired a new stake in Chevron during the 3rd quarter worth approximately $30,000. Fairway Wealth LLC grew its holdings in Chevron by 75.9% during the 4th quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company’s stock worth $30,000 after acquiring an additional 88 shares during the last quarter. Finally, RPg Family Wealth Advisory LLC acquired a new position in Chevron in the 3rd quarter valued at approximately $31,000. Institutional investors own 72.42% of the company’s stock.

Chevron Trading Up 2.3 %

NYSE:CVX opened at $157.10 on Friday. Chevron Co. has a 12 month low of $135.37 and a 12 month high of $167.11. 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 stock has a market capitalization of $276.59 billion, a price-to-earnings ratio of 16.16, a PEG ratio of 1.46 and a beta of 1.08. The firm has a fifty day simple moving average of $155.03 and a two-hundred day simple moving average of $152.02.

Chevron (NYSE:CVX) last issued its earnings results on Friday, January 31st. The oil and gas company reported $2.06 EPS 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 last year, the company earned $3.45 earnings per share. Analysts expect that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Friday, February 14th were issued a dividend of $1.71 per share. This is an increase from Chevron’s previous quarterly dividend of $1.63. The ex-dividend date was Friday, February 14th. This represents a $6.84 annualized dividend and a dividend yield of 4.35%. Chevron’s payout ratio is currently 70.37%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on CVX shares. Royal Bank of Canada reiterated an “outperform” rating and set a $175.00 price target on shares of Chevron in a report on Monday, February 3rd. Wells Fargo & Company reduced their price target on Chevron from $188.00 to $184.00 and set an “overweight” rating on the stock in a research report on Monday, February 3rd. Piper Sandler lowered their price objective on Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a research report on Thursday, December 19th. Citigroup upgraded Chevron from a “neutral” rating to a “buy” rating and upped their target price for the company from $145.00 to $185.00 in a report on Tuesday, November 26th. Finally, UBS Group lowered their price target on shares of Chevron from $195.00 to $194.00 and set a “buy” rating for the company in a report 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. Based on data from MarketBeat, Chevron has an average rating of “Moderate Buy” and a consensus price target of $174.13.

Insider Buying and Selling

In related news, VP Jeff B. Gustavson sold 9,325 shares of the company’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 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 position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.20% of the stock is owned by company insiders.

Chevron 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.