Chesapeake Wealth Management Sells 478 Shares of Chevron Co. (NYSE:CVX)

Chesapeake Wealth Management reduced its stake in shares of Chevron Co. (NYSE:CVX) by 3.0% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 15,454 shares of the oil and gas company’s stock after selling 478 shares during the period. Chesapeake Wealth Management’s holdings in Chevron were worth $2,238,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in CVX. Rational Advisors LLC purchased a new stake in shares of Chevron in the 3rd quarter valued at $29,000. Legacy Investment Solutions LLC bought a new stake in Chevron in the third quarter worth $29,000. Darwin Wealth Management LLC purchased a new stake in Chevron during the third quarter valued at about $30,000. RPg Family Wealth Advisory LLC bought a new position in shares of Chevron during the third quarter valued at about $31,000. Finally, Krane Funds Advisors LLC purchased a new position in shares of Chevron in the third quarter worth about $47,000. Institutional investors own 72.42% of the company’s stock.

Insider Buying and Selling

In related news, CEO Michael K. Wirth sold 164,600 shares of Chevron stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $160.13, for a total value 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. This trade represents a 97.47 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.20% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

CVX has been the topic of several recent research reports. Piper Sandler reduced 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. Bank of America started coverage on shares of Chevron in a report on Thursday, October 17th. They issued a “buy” rating and a $168.00 target price on the stock. Wells Fargo & Company increased their price target on shares of Chevron from $171.00 to $188.00 and gave the company an “overweight” rating in a research report on Monday, December 9th. Barclays upped their price objective on shares of Chevron from $168.00 to $174.00 and gave the company an “overweight” rating in a research note on Monday, November 4th. Finally, Citigroup raised Chevron from a “neutral” rating to a “buy” rating and raised their target price for the stock from $145.00 to $185.00 in a research note on Tuesday, November 26th. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $175.27.

Chevron Stock Down 2.0 %

CVX stock opened at $158.16 on Wednesday. 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 business has a 50 day moving average of $154.03 and a 200 day moving average of $151.04. Chevron Co. has a twelve month low of $135.37 and a twelve month high of $167.11. The firm has a market cap of $284.23 billion, a PE ratio of 17.38, a price-to-earnings-growth ratio of 1.46 and a beta of 1.12.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.47 by $0.04. The firm had revenue of $50.67 billion during the quarter, compared to analyst estimates of $48.86 billion. Chevron had a return on equity of 13.15% and a net margin of 8.44%. Chevron’s quarterly revenue was down 6.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.05 EPS. On average, research analysts forecast that Chevron Co. will post 10.21 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th were issued a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.12%. The ex-dividend date was Monday, November 18th. Chevron’s payout ratio is 71.65%.

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.