Fortitude Family Office LLC Sells 472 Shares of Chevron Co. (NYSE:CVX)

Fortitude Family Office LLC lessened its position in Chevron Co. (NYSE:CVX) by 8.9% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 4,806 shares of the oil and gas company’s stock after selling 472 shares during the period. Fortitude Family Office LLC’s holdings in Chevron were worth $696,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Rational Advisors LLC bought a new stake in shares of Chevron in the 3rd quarter worth approximately $29,000. Legacy Investment Solutions LLC bought a new position in Chevron in the third quarter worth about $29,000. Darwin Wealth Management LLC purchased a new stake in Chevron in the third quarter worth about $30,000. RPg Family Wealth Advisory LLC bought a new stake in Chevron during the 3rd quarter valued at approximately $31,000. Finally, Cyrus J. Lawrence LLC grew its holdings in shares of Chevron by 66.7% during the 2nd quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company’s stock worth $39,000 after acquiring an additional 100 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Insider Activity

In related news, CEO Michael K. Wirth sold 164,600 shares of the business’s stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the completion of the sale, the chief executive officer now directly owns 4,280 shares in the company, valued at approximately $685,356.40. The trade was a 97.47 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.20% of the company’s stock.

Chevron Stock Performance

Shares of NYSE CVX opened at $149.88 on Friday. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. The firm’s 50-day moving average price is $153.68 and its 200-day moving average price is $151.08. Chevron Co. has a 52-week low of $135.37 and a 52-week high of $167.11. The company has a market cap of $269.35 billion, a PE ratio of 16.47, a PEG ratio of 2.93 and a beta of 1.12.

Chevron (NYSE:CVX) last announced its earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share for the quarter, beating analysts’ consensus estimates of $2.47 by $0.04. Chevron had a net margin of 8.44% and a return on equity of 13.15%. The business had revenue of $50.67 billion during the quarter, compared to analyst estimates of $48.86 billion. During the same period in the previous year, the business earned $3.05 EPS. The company’s quarterly revenue was down 6.3% compared to the same quarter last year. As a group, analysts anticipate that Chevron Co. will post 10.5 EPS for the current year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th were paid a dividend of $1.63 per share. The ex-dividend date of this dividend was Monday, November 18th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.35%. Chevron’s dividend payout ratio is currently 71.65%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Piper Sandler dropped their price target on Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. UBS Group upped their target price on shares of Chevron from $194.00 to $195.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. DZ Bank raised shares of Chevron from a “hold” rating to a “buy” rating and set a $170.00 price target for the company in a research report on Tuesday, November 5th. Royal Bank of Canada upped their price objective on shares of Chevron from $170.00 to $175.00 and gave the stock an “outperform” rating in a report on Monday, November 4th. Finally, Mizuho lowered their target price on shares of Chevron from $205.00 to $189.00 and set an “outperform” rating for the company in a report on Monday, September 16th. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $174.60.

Chevron Company 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.