Elk River Wealth Management LLC Sells 350 Shares of Chevron Co. (NYSE:CVX)

Elk River Wealth Management LLC lowered its position in Chevron Co. (NYSE:CVX) by 5.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,872 shares of the oil and gas company’s stock after selling 350 shares during the period. Elk River Wealth Management LLC’s holdings in Chevron were worth $876,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Chevron by 0.3% during the third quarter. Vanguard Group Inc. now owns 161,924,375 shares of the oil and gas company’s stock valued at $27,303,688,000 after acquiring an additional 458,080 shares in the last quarter. Morgan Stanley grew its holdings in shares of Chevron by 7.0% during the third quarter. Morgan Stanley now owns 34,166,899 shares of the oil and gas company’s stock valued at $5,761,223,000 after buying an additional 2,244,995 shares during the last quarter. Moneta Group Investment Advisors LLC grew its holdings in shares of Chevron by 104,997.3% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 24,490,824 shares of the oil and gas company’s stock valued at $4,395,858,000 after buying an additional 24,467,521 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Chevron by 1.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 24,236,141 shares of the oil and gas company’s stock valued at $4,059,834,000 after buying an additional 368,898 shares during the last quarter. Finally, Northern Trust Corp grew its holdings in shares of Chevron by 2.6% during the third quarter. Northern Trust Corp now owns 22,705,118 shares of the oil and gas company’s stock valued at $3,828,537,000 after buying an additional 569,850 shares during the last quarter. Institutional investors own 72.42% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Jefferies Financial Group upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $184.00 target price for the company in a research report on Monday, January 8th. TD Cowen downgraded shares of Chevron from an “outperform” rating to a “market perform” rating and decreased their price objective for the stock from $170.00 to $150.00 in a research report on Tuesday, January 23rd. Mizuho upped their price objective on shares of Chevron from $195.00 to $200.00 and gave the stock a “buy” rating in a research report on Wednesday, March 20th. UBS Group decreased their price objective on shares of Chevron from $194.00 to $185.00 and set a “buy” rating for the company in a research report on Thursday, December 14th. Finally, Royal Bank of Canada upped their price objective on shares of Chevron from $185.00 to $190.00 and gave the stock an “outperform” rating in a research report on Monday, February 5th. Seven research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, Chevron currently has a consensus rating of “Moderate Buy” and a consensus target price of $180.39.

Chevron Price Performance

Shares of NYSE CVX traded up $0.33 during midday trading on Wednesday, hitting $155.60. The company had a trading volume of 3,380,962 shares, compared to its average volume of 8,715,036. The company has a quick ratio of 1.01, a current ratio of 1.27 and a debt-to-equity ratio of 0.13. Chevron Co. has a twelve month low of $139.62 and a twelve month high of $172.88. The business has a 50-day simple moving average of $151.11 and a two-hundred day simple moving average of $152.73. The firm has a market capitalization of $288.99 billion, a price-to-earnings ratio of 13.67, a price-to-earnings-growth ratio of 2.40 and a beta of 1.12.

Chevron (NYSE:CVX) last announced its earnings results on Friday, February 2nd. The oil and gas company reported $3.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.19 by $0.26. The company had revenue of $47.18 billion during the quarter, compared to analysts’ expectations of $50.93 billion. Chevron had a net margin of 10.63% and a return on equity of 15.24%. The firm’s quarterly revenue was down 16.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $4.09 earnings per share. Equities research analysts anticipate that Chevron Co. will post 13.04 earnings per share for the current year.

Chevron Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 11th. Stockholders of record on Friday, February 16th were issued a dividend of $1.63 per share. The ex-dividend date was Thursday, February 15th. This is an increase from Chevron’s previous quarterly dividend of $1.51. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.19%. Chevron’s payout ratio is 57.39%.

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.