Sierra Summit Advisors LLC Decreases Stock Position in Chevron Co. (NYSE:CVX)

Sierra Summit Advisors LLC trimmed its position in shares of Chevron Co. (NYSE:CVX) by 20.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,710 shares of the oil and gas company’s stock after selling 440 shares during the period. Sierra Summit Advisors LLC’s holdings in Chevron were worth $248,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CVX. United Bank raised its holdings in Chevron by 8.4% in the third quarter. United Bank now owns 8,095 shares of the oil and gas company’s stock valued at $1,192,000 after acquiring an additional 629 shares in the last quarter. Arete Wealth Advisors LLC acquired a new stake in shares of Chevron in the 3rd quarter valued at about $2,370,000. Legacy Investment Solutions LLC acquired a new stake in shares of Chevron in the 3rd quarter valued at about $29,000. Nomura Asset Management Co. Ltd. lifted its position in shares of Chevron by 7.2% during the third quarter. Nomura Asset Management Co. Ltd. now owns 982,888 shares of the oil and gas company’s stock worth $144,750,000 after purchasing an additional 66,286 shares during the last quarter. Finally, SGL Investment Advisors Inc. acquired a new position in Chevron in the third quarter worth about $5,376,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Insider Buying and Selling at Chevron

In other news, VP Jeff B. Gustavson sold 9,325 shares of the company’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $161,192.50. This represents a 89.82 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.20% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

CVX has been the topic of several research reports. Raymond James cut their price objective on Chevron from $180.00 to $175.00 and set an “outperform” rating on the stock in a research note on Monday, February 3rd. Royal Bank of Canada reissued an “outperform” rating and set a $175.00 price target on shares of Chevron in a research report on Monday, February 3rd. Wells Fargo & Company decreased their price objective on shares of Chevron from $188.00 to $184.00 and set an “overweight” rating for the company in a report on Monday, February 3rd. UBS Group dropped their target price on shares of Chevron from $194.00 to $185.00 and set a “buy” rating on the stock in a report on Monday. Finally, Piper Sandler decreased their price target on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $173.53.

Chevron Stock Performance

CVX opened at $139.81 on Tuesday. 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 business’s 50 day moving average is $157.04 and its 200-day moving average is $154.21. The stock has a market cap of $246.15 billion, a PE ratio of 14.38, a price-to-earnings-growth ratio of 1.46 and a beta of 0.93. Chevron Co. has a twelve month low of $135.37 and a twelve month high of $168.96.

Chevron (NYSE:CVX) last announced its earnings results 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 company posted $3.45 EPS. On average, analysts predict that Chevron Co. will post 10.79 earnings per share for the current year.

Chevron Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Friday, February 14th were given a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 4.89%. The ex-dividend date was Friday, February 14th. This is a positive change from Chevron’s previous quarterly dividend of $1.63. Chevron’s dividend payout ratio is currently 70.37%.

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.