Patten & Patten Inc. TN Has $8.96 Million Stake in Chevron Co. (NYSE:CVX)

Patten & Patten Inc. TN trimmed its stake in shares of Chevron Co. (NYSE:CVXFree Report) by 1.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 60,093 shares of the oil and gas company’s stock after selling 705 shares during the period. Patten & Patten Inc. TN’s holdings in Chevron were worth $8,963,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in CVX. Moneta Group Investment Advisors LLC increased its stake in Chevron by 104,997.3% in the 4th 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. Norges Bank acquired a new stake in Chevron in the 4th quarter valued at $3,058,235,000. Imprint Wealth LLC increased its stake in Chevron by 15,457.0% in the 2nd quarter. Imprint Wealth LLC now owns 5,378,354 shares of the oil and gas company’s stock valued at $537,835,000 after buying an additional 5,343,782 shares during the last quarter. Morgan Stanley increased its stake in Chevron by 12.7% in the 4th quarter. Morgan Stanley now owns 32,906,060 shares of the oil and gas company’s stock valued at $5,906,309,000 after buying an additional 3,711,923 shares during the last quarter. Finally, Lazard Asset Management LLC increased its stake in Chevron by 570.0% in the 4th quarter. Lazard Asset Management LLC now owns 2,813,051 shares of the oil and gas company’s stock valued at $504,913,000 after buying an additional 2,393,200 shares during the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have issued reports on CVX shares. DZ Bank lowered shares of Chevron from a “buy” rating to a “hold” rating and set a $160.00 price target on the stock. in a research note on Tuesday, February 6th. Royal Bank of Canada lifted their price objective on shares of Chevron from $185.00 to $190.00 and gave the company an “outperform” rating in a research report on Monday, February 5th. Mizuho lifted their price objective on shares of Chevron from $195.00 to $200.00 and gave the company a “buy” rating in a research report on Wednesday, March 20th. Scotiabank downgraded shares of Chevron from a “sector outperform” rating to a “sector perform” rating and set a $170.00 price objective for the company. in a research report on Tuesday, January 16th. Finally, TD Cowen downgraded shares of Chevron from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $170.00 to $150.00 in a research report on Tuesday, January 23rd. Seven research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, Chevron has an average rating of “Moderate Buy” and an average target price of $180.39.

Read Our Latest Research Report on Chevron

Chevron Price Performance

Shares of Chevron stock opened at $160.44 on Thursday. Chevron Co. has a twelve month low of $139.62 and a twelve month high of $172.88. The company has a quick ratio of 1.01, a current ratio of 1.27 and a debt-to-equity ratio of 0.13. The company has a 50-day simple moving average of $153.23 and a two-hundred day simple moving average of $152.42. The stock has a market capitalization of $297.98 billion, a price-to-earnings ratio of 14.12, a price-to-earnings-growth ratio of 2.43 and a beta of 1.12.

Chevron (NYSE:CVXGet Free Report) last issued its quarterly earnings data on Friday, February 2nd. The oil and gas company reported $3.45 earnings per share for the quarter, topping 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 analysts’ expectations of $50.93 billion. During the same quarter in the previous year, the company earned $4.09 EPS. The business’s revenue was down 16.5% on a year-over-year basis. Analysts forecast that Chevron Co. will post 13.13 EPS for the current year.

Chevron Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 11th. Stockholders of record on Friday, February 16th were given a $1.63 dividend. The ex-dividend date was Thursday, February 15th. This is a boost from Chevron’s previous quarterly dividend of $1.51. This represents a $6.52 annualized dividend and a dividend yield of 4.06%. Chevron’s payout ratio is presently 57.39%.

Chevron Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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