Golden State Wealth Management LLC Makes New $1.10 Million Investment in Chevron Co. (NYSE:CVX)

Golden State Wealth Management LLC acquired a new position in Chevron Co. (NYSE:CVX) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 7,596 shares of the oil and gas company’s stock, valued at approximately $1,100,000.

A number of other institutional investors also recently made changes to their positions in CVX. Hoxton Planning & Management LLC boosted its holdings in shares of Chevron by 42.6% during the third quarter. Hoxton Planning & Management LLC now owns 2,136 shares of the oil and gas company’s stock worth $315,000 after purchasing an additional 638 shares during the period. Future Financial Wealth Managment LLC bought a new stake in shares of Chevron in the 3rd quarter worth approximately $64,000. CWM LLC increased its stake in shares of Chevron by 4.2% during the third quarter. CWM LLC now owns 256,705 shares of the oil and gas company’s stock valued at $37,805,000 after buying an additional 10,337 shares during the period. Sanibel Captiva Trust Company Inc. raised its holdings in shares of Chevron by 7.4% during the third quarter. Sanibel Captiva Trust Company Inc. now owns 162,730 shares of the oil and gas company’s stock valued at $23,965,000 after acquiring an additional 11,149 shares in the last quarter. Finally, Patten Group Inc. lifted its stake in Chevron by 9.0% in the third quarter. Patten Group Inc. now owns 24,245 shares of the oil and gas company’s stock worth $3,571,000 after acquiring an additional 1,995 shares during the period. Hedge funds and other 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 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. 0.20% of the stock is currently owned by corporate insiders.

Chevron Trading Down 0.7 %

Shares of NYSE:CVX opened at $151.86 on Friday. Chevron Co. has a 1 year low of $135.37 and a 1 year high of $167.11. The stock’s fifty day moving average price is $152.60 and its 200-day moving average price is $150.90. The company has a market cap of $272.90 billion, a P/E ratio of 15.62, a PEG ratio of 1.29 and a beta of 1.11. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, January 31st. The oil and gas company reported $2.06 EPS for the quarter, missing analysts’ consensus estimates of $2.42 by ($0.36). Chevron had a return on equity of 11.44% and a net margin of 8.71%. During the same quarter in the prior year, the business earned $3.45 earnings per share. Sell-side analysts expect that Chevron Co. will post 11.45 earnings per share for the current year.

Chevron Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 10th. Stockholders of record on Friday, February 14th will be paid a $1.71 dividend. This is an increase from Chevron’s previous quarterly dividend of $1.63. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.50%. The ex-dividend date is Friday, February 14th. Chevron’s dividend payout ratio (DPR) is 67.08%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on CVX shares. DZ Bank raised shares of Chevron from a “hold” rating to a “buy” rating and set a $170.00 target price for the company in a research report on Tuesday, November 5th. Citigroup upgraded Chevron from a “neutral” rating to a “buy” rating and upped their target price for the stock from $145.00 to $185.00 in a report on Tuesday, November 26th. Piper Sandler lowered their target price on Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. Truist Financial reduced their price target on Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a research note on Tuesday. Finally, UBS Group lowered their price objective on Chevron from $195.00 to $194.00 and set a “buy” rating for the company in a research report on Monday. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Chevron has an average rating of “Moderate Buy” and an average price target of $174.13.

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.