Tocqueville Asset Management L.P. Lowers Stock Holdings in Chevron Co. (NYSE:CVX)

Tocqueville Asset Management L.P. lessened its holdings in Chevron Co. (NYSE:CVX) by 0.3% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 227,162 shares of the oil and gas company’s stock after selling 792 shares during the period. Tocqueville Asset Management L.P.’s holdings in Chevron were worth $32,902,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Charles Schwab Investment Management Inc. boosted its position in shares of Chevron by 11.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 31,108,760 shares of the oil and gas company’s stock worth $4,581,137,000 after acquiring an additional 3,203,899 shares during the last quarter. State Street Corp boosted its holdings in shares of Chevron by 0.6% during the 3rd quarter. State Street Corp now owns 159,105,244 shares of the oil and gas company’s stock valued at $23,431,429,000 after purchasing an additional 874,962 shares during the last quarter. LPL Financial LLC grew its position in shares of Chevron by 5.7% during the third quarter. LPL Financial LLC now owns 3,147,686 shares of the oil and gas company’s stock valued at $463,560,000 after purchasing an additional 171,089 shares in the last quarter. Nicholas Company Inc. increased its holdings in shares of Chevron by 4.3% in the fourth quarter. Nicholas Company Inc. now owns 80,025 shares of the oil and gas company’s stock worth $11,591,000 after purchasing an additional 3,280 shares during the last quarter. Finally, Dale Q Rice Investment Management Ltd purchased a new stake in shares of Chevron in the fourth quarter worth about $594,000. 72.42% of the stock is owned by institutional investors.

Chevron Price Performance

Shares of CVX stock opened at $158.69 on Tuesday. The stock has a 50 day moving average price of $155.26 and a 200 day moving average price of $152.14. The firm has a market capitalization of $279.38 billion, a P/E ratio of 16.33, a P/E/G ratio of 1.46 and a beta of 1.08. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. Chevron Co. has a 52-week low of $135.37 and a 52-week high of $167.11.

Chevron (NYSE:CVX) last released 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 return on equity of 11.44% and a net margin of 8.71%. During the same period in the prior year, the company earned $3.45 EPS. As a group, sell-side 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. Stockholders of record on Friday, February 14th were given a dividend of $1.71 per share. The ex-dividend date was Friday, February 14th. This is a positive change from Chevron’s previous quarterly dividend of $1.63. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.31%. Chevron’s dividend payout ratio (DPR) is 70.37%.

Insider Activity

In other news, VP Jeff B. Gustavson sold 9,325 shares of the firm’s stock in a transaction on Friday, February 7th. The stock was sold at an average price of $152.50, for a total transaction of $1,422,062.50. Following the transaction, the vice president now owns 1,057 shares in the company, valued at approximately $161,192.50. This trade represents a 89.82 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.20% of the company’s stock.

Wall Street Analysts Forecast Growth

CVX has been the subject of several research analyst reports. Truist Financial cut their price target on Chevron from $164.00 to $160.00 and set a “hold” rating for the company in a report on Tuesday, February 4th. Royal Bank of Canada restated an “outperform” rating and issued a $175.00 price target on shares of Chevron in a research report on Monday, February 3rd. Citigroup upgraded shares of Chevron from a “neutral” rating to a “buy” rating and increased their price objective for the company from $145.00 to $185.00 in a research report on Tuesday, November 26th. UBS Group reduced their target price on shares of Chevron from $195.00 to $194.00 and set a “buy” rating on the stock in a report on Monday, February 3rd. Finally, Wells Fargo & Company dropped their price target on Chevron from $188.00 to $184.00 and set an “overweight” rating for the company in a research report on Monday, February 3rd. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, Chevron presently has a consensus rating of “Moderate Buy” and an average target price of $174.13.

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.