Trinity Legacy Partners LLC lowered its stake in Chevron Co. (NYSE:CVX – Get Rating) by 2.6% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 31,980 shares of the oil and gas company’s stock after selling 847 shares during the quarter. Chevron accounts for about 2.3% of Trinity Legacy Partners LLC’s portfolio, making the stock its 12th biggest holding. Trinity Legacy Partners LLC’s holdings in Chevron were worth $5,740,000 as of its most recent filing with the SEC.
Other institutional investors have also recently added to or reduced their stakes in the company. Worth Asset Management LLC acquired a new stake in Chevron during the 1st quarter worth $36,000. Hillsdale Investment Management Inc. boosted its stake in Chevron by 127.3% during the 3rd quarter. Hillsdale Investment Management Inc. now owns 375 shares of the oil and gas company’s stock worth $54,000 after purchasing an additional 210 shares during the last quarter. CarsonAllaria Wealth Management Ltd. boosted its stake in Chevron by 65.9% during the 3rd quarter. CarsonAllaria Wealth Management Ltd. now owns 423 shares of the oil and gas company’s stock worth $61,000 after purchasing an additional 168 shares during the last quarter. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. boosted its stake in Chevron by 275.0% during the 3rd quarter. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. now owns 600 shares of the oil and gas company’s stock worth $86,000 after purchasing an additional 440 shares during the last quarter. Finally, Moisand Fitzgerald Tamayo LLC boosted its position in shares of Chevron by 15.5% during the 3rd quarter. Moisand Fitzgerald Tamayo LLC now owns 610 shares of the oil and gas company’s stock valued at $88,000 after acquiring an additional 82 shares during the last quarter. Institutional investors and hedge funds own 69.37% of the company’s stock.
Insider Activity at Chevron
In other news, VP Rhonda J. Morris sold 19,666 shares of the stock in a transaction that occurred on Tuesday, February 7th. The stock was sold at an average price of $170.00, for a total value of $3,343,220.00. Following the completion of the sale, the vice president now directly owns 3,967 shares of the company’s stock, valued at $674,390. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.32% of the stock is currently owned by corporate insiders.
Chevron Stock Down 1.3 %
Chevron (NYSE:CVX – Get Rating) last announced its quarterly earnings results on Friday, January 27th. The oil and gas company reported $4.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.16 by ($0.07). The business had revenue of $56.47 billion during the quarter, compared to analyst estimates of $53.97 billion. Chevron had a net margin of 14.40% and a return on equity of 23.52%. The business’s revenue for the quarter was up 17.1% compared to the same quarter last year. During the same period last year, the company earned $2.56 earnings per share. On average, equities research analysts anticipate that Chevron Co. will post 14.87 EPS for the current fiscal year.
Chevron announced that its board has approved a stock buyback program on Wednesday, January 25th that authorizes the company to buyback $75.00 billion in shares. This buyback authorization authorizes the oil and gas company to reacquire up to 21.7% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.
Chevron Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, March 10th. Investors of record on Thursday, February 16th were issued a $1.51 dividend. This represents a $6.04 dividend on an annualized basis and a yield of 3.96%. This is an increase from Chevron’s previous quarterly dividend of $1.42. The ex-dividend date was Wednesday, February 15th. Chevron’s dividend payout ratio is 33.04%.
Wall Street Analysts Forecast Growth
CVX has been the topic of several recent research reports. Wells Fargo & Company lowered their price target on shares of Chevron from $204.00 to $199.00 and set an “overweight” rating on the stock in a research report on Thursday, March 2nd. Raymond James reduced their price objective on shares of Chevron from $215.00 to $212.00 and set an “outperform” rating on the stock in a report on Monday, January 30th. StockNews.com assumed coverage on shares of Chevron in a report on Thursday. They issued a “hold” rating on the stock. Morgan Stanley reduced their price objective on shares of Chevron from $197.00 to $195.00 and set an “equal weight” rating on the stock in a report on Monday, January 30th. Finally, Citigroup boosted their price objective on shares of Chevron from $155.00 to $180.00 in a report on Tuesday, November 22nd. One research analyst has rated the stock with a sell rating, ten have given a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Chevron currently has a consensus rating of “Hold” and a consensus price target of $189.50.
Chevron Corp. engages in the provision of administrative, financial management, and technology support for energy and chemical operations. It operates through the Upstream and Downstream segments. The Upstream segment consists of the exploration, development, and production of crude oil and natural gas, the liquefaction, transportation, and regasification associated with liquefied natural gas, the transporting of crude oil by major international oil export pipelines, the processing, transporting, storage, and marketing of natural gas, and a gas-to-liquids plant.
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