Advisor Resource Council Cuts Stock Position in Chevron Co. (NYSE:CVX)

Advisor Resource Council trimmed its position in shares of Chevron Co. (NYSE:CVX) by 79.1% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 2,426 shares of the oil and gas company’s stock after selling 9,203 shares during the quarter. Advisor Resource Council’s holdings in Chevron were worth $364,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Kovack Advisors Inc. grew its position in Chevron by 52.3% during the 1st quarter. Kovack Advisors Inc. now owns 68,156 shares of the oil and gas company’s stock worth $10,751,000 after acquiring an additional 23,415 shares during the last quarter. Massachusetts Wealth Management boosted its stake in shares of Chevron by 3.3% during the first quarter. Massachusetts Wealth Management now owns 22,141 shares of the oil and gas company’s stock valued at $3,493,000 after purchasing an additional 700 shares during the period. Mainsail Financial Group LLC grew its holdings in shares of Chevron by 3.6% in the first quarter. Mainsail Financial Group LLC now owns 4,404 shares of the oil and gas company’s stock worth $695,000 after purchasing an additional 151 shares during the last quarter. PCG Wealth Advisors LLC increased its stake in shares of Chevron by 11.1% in the first quarter. PCG Wealth Advisors LLC now owns 1,635 shares of the oil and gas company’s stock worth $258,000 after buying an additional 163 shares during the period. Finally, DB Fitzpatrick & Co Inc bought a new stake in Chevron during the 1st quarter valued at $1,539,000. Institutional investors own 72.42% of the company’s stock.

Chevron Stock Performance

Shares of Chevron stock opened at $156.71 on Friday. Chevron Co. has a 1 year low of $139.62 and a 1 year high of $171.70. The firm’s 50-day moving average is $158.85 and its 200 day moving average is $154.89. The stock has a market cap of $288.81 billion, a price-to-earnings ratio of 14.42, a PEG ratio of 2.38 and a beta of 1.10. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.23 and a quick ratio of 0.93.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, April 26th. The oil and gas company reported $2.93 earnings per share for the quarter, topping the consensus estimate of $2.84 by $0.09. Chevron had a return on equity of 14.40% and a net margin of 10.21%. The firm had revenue of $48.72 billion during the quarter, compared to analysts’ expectations of $48.42 billion. During the same quarter in the previous year, the business earned $3.55 earnings per share. The company’s revenue was down 4.1% on a year-over-year basis. Sell-side analysts anticipate that Chevron Co. will post 13.15 EPS for the current fiscal year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 10th. Stockholders of record on Friday, May 17th were paid a $1.63 dividend. The ex-dividend date was Thursday, May 16th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.16%. Chevron’s dividend payout ratio is presently 59.98%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Barclays assumed coverage on shares of Chevron in a report on Wednesday, April 10th. They issued an “overweight” rating and a $203.00 price target on the stock. TD Cowen lifted their price objective on Chevron from $155.00 to $160.00 and gave the stock a “hold” rating in a research report on Monday, April 29th. HSBC upped their target price on Chevron from $175.00 to $178.00 and gave the company a “buy” rating in a report on Tuesday, April 30th. Truist Financial lifted their price target on shares of Chevron from $156.00 to $166.00 and gave the company a “hold” rating in a report on Friday, May 10th. Finally, Piper Sandler upped their price objective on shares of Chevron from $180.00 to $204.00 and gave the stock an “overweight” rating in a report on Thursday, April 18th. Five investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $186.95.

Insider Activity

In related news, VP Alana K. Knowles sold 2,800 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $165.00, for a total value of $462,000.00. Following the sale, the vice president now owns 276 shares in the company, valued at $45,540. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, VP Alana K. Knowles sold 2,800 shares of the stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $165.00, for a total transaction of $462,000.00. Following the transaction, the vice president now directly owns 276 shares of the company’s stock, valued at approximately $45,540. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Enrique Hernandez, Jr. sold 2,549 shares of Chevron stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $161.00, for a total value of $410,389.00. Following the completion of the sale, the director now directly owns 7,647 shares of the company’s stock, valued at approximately $1,231,167. The disclosure for this sale can be found here. Insiders sold 16,746 shares of company stock valued at $2,727,971 over the last three months. Insiders own 0.20% of the company’s stock.

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.