Elmwood Wealth Management Inc. Cuts Holdings in Chevron Co. (NYSE:CVX)

Elmwood Wealth Management Inc. lowered its position in Chevron Co. (NYSE:CVX) by 7.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,151 shares of the oil and gas company’s stock after selling 258 shares during the quarter. Elmwood Wealth Management Inc.’s holdings in Chevron were worth $470,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in CVX. Picton Mahoney Asset Management acquired a new position in shares of Chevron during the 3rd quarter valued at $26,000. Valley Forge Investment Consultants Inc. ADV lifted its stake in shares of Chevron by 80.0% during the third quarter. Valley Forge Investment Consultants Inc. ADV now owns 180 shares of the oil and gas company’s stock worth $30,000 after purchasing an additional 80 shares in the last quarter. DHJJ Financial Advisors Ltd. purchased a new stake in shares of Chevron in the third quarter worth about $35,000. Valued Wealth Advisors LLC acquired a new stake in shares of Chevron in the fourth quarter valued at about $33,000. Finally, Worth Asset Management LLC purchased a new stake in shares of Chevron during the 1st quarter valued at about $36,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Insider Transactions at Chevron

In related news, VP Alana K. Knowles sold 2,800 shares of the business’s stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $160.09, for a total transaction of $448,252.00. Following the completion of the transaction, the vice president now owns 276 shares in the company, valued at approximately $44,184.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.18% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Royal Bank of Canada boosted their target price 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. Jefferies Financial Group upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $184.00 price objective on the stock in a report on Monday, January 8th. Wells Fargo & Company raised their target price on Chevron from $185.00 to $198.00 and gave the company an “overweight” rating in a research note on Thursday, April 4th. Piper Sandler cut their price target on Chevron from $188.00 to $180.00 and set an “overweight” rating on the stock in a research note on Thursday, March 14th. Finally, Scotiabank upgraded Chevron from a “sector perform” rating to a “sector outperform” rating and raised their price objective for the company from $170.00 to $195.00 in a research note on Thursday, April 11th. Six research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, Chevron currently has an average rating of “Moderate Buy” and an average target price of $183.55.

Chevron Stock Performance

Chevron stock opened at $156.83 on Tuesday. The company has a market cap of $291.28 billion, a PE ratio of 13.87, a P/E/G ratio of 2.40 and a beta of 1.12. Chevron Co. has a 12 month low of $139.62 and a 12 month high of $172.54. The company has a fifty day moving average price of $155.03 and a two-hundred day moving average price of $151.92. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.27 and a quick ratio of 1.01.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, February 2nd. The oil and gas company reported $3.45 EPS for the quarter, beating the consensus estimate of $3.19 by $0.26. Chevron had a net margin of 10.63% and a return on equity of 15.24%. The business had revenue of $47.18 billion during the quarter, compared to analyst estimates of $50.93 billion. During the same period in the previous year, the business posted $4.09 EPS. The company’s quarterly revenue was down 16.5% on a year-over-year basis. Research analysts expect that Chevron Co. will post 13.24 earnings per share for the current year.

Chevron Increases Dividend

The business also recently announced 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 a positive change from Chevron’s previous quarterly dividend of $1.51. This represents a $6.52 annualized dividend and a dividend yield of 4.16%. Chevron’s dividend 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.