Balentine LLC Trims Stock Position in Chevron Co. (NYSE:CVX)

Balentine LLC cut its holdings in shares of Chevron Co. (NYSE:CVX) by 37.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 31,993 shares of the oil and gas company’s stock after selling 19,314 shares during the quarter. Balentine LLC’s holdings in Chevron were worth $4,772,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in CVX. Associated Banc Corp grew its stake in Chevron by 2.3% during the 4th quarter. Associated Banc Corp now owns 163,587 shares of the oil and gas company’s stock valued at $24,401,000 after purchasing an additional 3,728 shares in the last quarter. Coldstream Capital Management Inc. raised its stake in Chevron by 12.0% during the 4th quarter. Coldstream Capital Management Inc. now owns 50,916 shares of the oil and gas company’s stock valued at $7,595,000 after acquiring an additional 5,439 shares in the last quarter. Paragon Private Wealth Management LLC raised its stake in Chevron by 12.3% during the 4th quarter. Paragon Private Wealth Management LLC now owns 5,626 shares of the oil and gas company’s stock valued at $839,000 after acquiring an additional 615 shares in the last quarter. Gladstone Institutional Advisory LLC raised its stake in Chevron by 0.4% during the 4th quarter. Gladstone Institutional Advisory LLC now owns 32,227 shares of the oil and gas company’s stock valued at $4,807,000 after acquiring an additional 118 shares in the last quarter. Finally, Motco raised its stake in Chevron by 37.3% during the 4th quarter. Motco now owns 89,963 shares of the oil and gas company’s stock valued at $13,419,000 after acquiring an additional 24,434 shares in the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, VP Alana K. Knowles sold 2,800 shares of the stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $165.00, for a total transaction of $462,000.00. Following the completion of the sale, the vice president now directly owns 276 shares of the company’s stock, valued at approximately $45,540. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, Director Enrique Hernandez, Jr. sold 2,549 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $165.24, for a total transaction of $421,196.76. Following the completion of the transaction, the director now directly owns 27,725 shares of the company’s stock, valued at approximately $4,581,279. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Alana K. Knowles sold 2,800 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $165.00, for a total transaction of $462,000.00. Following the transaction, the vice president now directly owns 276 shares of the company’s stock, valued at $45,540. The disclosure for this sale can be found here. Insiders sold a total of 15,796 shares of company stock valued at $2,575,361 in the last ninety days. 0.20% of the stock is owned by insiders.

Chevron Stock Performance

Chevron stock traded up $0.06 during trading hours on Tuesday, hitting $161.20. The stock had a trading volume of 768,773 shares, compared to its average volume of 8,169,426. The company has a 50-day moving average of $159.91 and a two-hundred day moving average of $152.25. The company has a quick ratio of 0.93, a current ratio of 1.23 and a debt-to-equity ratio of 0.13. The company has a market cap of $297.74 billion, a PE ratio of 14.83, a price-to-earnings-growth ratio of 2.40 and a beta of 1.11. Chevron Co. has a fifty-two week low of $139.62 and a fifty-two week high of $171.70.

Chevron (NYSE:CVX) last issued its earnings results on Friday, April 26th. The oil and gas company reported $2.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.84 by $0.09. Chevron had a return on equity of 14.40% and a net margin of 10.21%. The business had revenue of $48.72 billion during the quarter, compared to analysts’ expectations of $48.42 billion. During the same period in the prior year, the firm posted $3.55 EPS. Chevron’s quarterly revenue was down 4.1% compared to the same quarter last year. On average, equities research analysts anticipate that Chevron Co. will post 13.57 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 10th. Shareholders of record on Friday, May 17th will be given a $1.63 dividend. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $6.52 dividend on an annualized basis and a yield of 4.04%. Chevron’s payout ratio is 59.98%.

Analysts Set New Price Targets

CVX has been the topic of several research analyst reports. Piper Sandler lifted their price target on Chevron from $180.00 to $204.00 and gave the company an “overweight” rating in a research report on Thursday, April 18th. HSBC lifted their price target on Chevron from $175.00 to $178.00 and gave the company a “buy” rating in a research report on Tuesday, April 30th. Truist Financial lifted their target price on Chevron from $156.00 to $166.00 and gave the stock a “hold” rating in a report on Friday, May 10th. UBS Group lifted their target price on Chevron from $185.00 to $197.00 and gave the stock a “buy” rating in a report on Tuesday, April 9th. Finally, The Goldman Sachs Group reiterated a “buy” rating on shares of Chevron in a report on Monday, April 1st. Six research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, Chevron has a consensus rating of “Moderate Buy” and a consensus target price of $186.10.

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.