Sterneck Capital Management LLC Cuts Holdings in Chevron Co. (NYSE:CVX)

Sterneck Capital Management LLC lowered its stake in Chevron Co. (NYSE:CVX) by 8.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,989 shares of the oil and gas company’s stock after selling 519 shares during the period. Sterneck Capital Management LLC’s holdings in Chevron were worth $867,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also made changes to their positions in the company. Rational Advisors LLC purchased a new position in Chevron in the third quarter worth approximately $29,000. Legacy Investment Solutions LLC acquired a new stake in shares of Chevron in the 3rd quarter valued at $29,000. Darwin Wealth Management LLC purchased a new stake in shares of Chevron during the 3rd quarter worth $30,000. RPg Family Wealth Advisory LLC acquired a new position in shares of Chevron during the third quarter worth $31,000. Finally, Cyrus J. Lawrence LLC increased its holdings in Chevron by 66.7% in the second quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company’s stock valued at $39,000 after buying an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Piper Sandler decreased their price target on Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. UBS Group raised their target price on Chevron from $194.00 to $195.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Barclays upped their price target on Chevron from $168.00 to $174.00 and gave the company an “overweight” rating in a report on Monday, November 4th. Mizuho cut their price objective on shares of Chevron from $205.00 to $189.00 and set an “outperform” rating on the stock in a report on Monday, September 16th. Finally, Truist Financial upped their target price on shares of Chevron from $155.00 to $160.00 and gave the company a “hold” rating in a report on Friday, December 6th. Four equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, Chevron presently has an average rating of “Moderate Buy” and an average price target of $175.19.

Insider Activity at Chevron

In related news, CEO Michael K. Wirth sold 164,600 shares of the stock in a transaction dated 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 transaction, the chief executive officer now directly owns 4,280 shares of the company’s stock, valued at $685,356.40. This represents a 97.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.20% of the stock is currently owned by insiders.

Chevron Price Performance

Shares of NYSE:CVX opened at $149.58 on Wednesday. Chevron Co. has a one year low of $135.37 and a one year high of $167.11. The stock has a market capitalization of $268.81 billion, a price-to-earnings ratio of 16.44, a PEG ratio of 2.93 and a beta of 1.12. The company has a 50-day simple moving average of $153.63 and a 200-day simple moving average of $151.10. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, November 1st. The oil and gas company reported $2.51 EPS for the quarter, beating the consensus estimate of $2.47 by $0.04. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The firm had revenue of $50.67 billion during the quarter, compared to the consensus estimate of $48.86 billion. During the same period in the prior year, the business earned $3.05 EPS. The firm’s revenue was down 6.3% compared to the same quarter last year. On average, analysts predict that Chevron Co. will post 10.5 EPS for the current year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Monday, November 18th were issued a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 4.36%. The ex-dividend date was Monday, November 18th. Chevron’s dividend payout ratio is presently 71.65%.

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.