Peirce Capital Management LLC Cuts Stock Position in Chevron Co. (NYSE:CVX)

Peirce Capital Management LLC lowered its stake in Chevron Co. (NYSE:CVX) by 14.3% during the fourth quarter, Holdings Channel.com reports. The fund owned 3,131 shares of the oil and gas company’s stock after selling 521 shares during the quarter. Chevron comprises 0.2% of Peirce Capital Management LLC’s investment portfolio, making the stock its 23rd biggest position. Peirce Capital Management LLC’s holdings in Chevron were worth $453,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Lantz Financial LLC raised its position in shares of Chevron by 2.7% in the second quarter. Lantz Financial LLC now owns 23,334 shares of the oil and gas company’s stock valued at $3,650,000 after buying an additional 623 shares during the last quarter. Regal Partners Ltd purchased a new position in Chevron in the 2nd quarter worth approximately $4,287,000. Founders Financial Securities LLC boosted its holdings in shares of Chevron by 1.9% during the 2nd quarter. Founders Financial Securities LLC now owns 15,213 shares of the oil and gas company’s stock worth $2,380,000 after purchasing an additional 284 shares during the last quarter. Archer Investment Corp grew its position in shares of Chevron by 3.9% in the second quarter. Archer Investment Corp now owns 11,080 shares of the oil and gas company’s stock valued at $1,733,000 after purchasing an additional 420 shares in the last quarter. Finally, FSB Premier Wealth Management Inc. increased its holdings in shares of Chevron by 32.5% in the second quarter. FSB Premier Wealth Management Inc. now owns 3,654 shares of the oil and gas company’s stock valued at $572,000 after purchasing an additional 896 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Insider Activity at Chevron

In other Chevron 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 transaction of $26,357,398.00. Following the completion of the sale, the chief executive officer now directly owns 4,280 shares of the company’s stock, valued at $685,356.40. The trade was a 97.47 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.20% of the stock is currently owned by company insiders.

Chevron Trading Up 1.4 %

Chevron stock traded up $2.07 during midday trading on Thursday, reaching $146.91. 4,944,977 shares of the stock traded hands, compared to its average volume of 7,800,825. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. The firm has a market cap of $264.01 billion, a PE ratio of 16.14, a price-to-earnings-growth ratio of 2.93 and a beta of 1.10. The company has a 50-day simple moving average of $153.81 and a two-hundred day simple moving average of $151.30. Chevron Co. has a 12-month low of $135.37 and a 12-month high of $167.11.

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

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th were paid a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 4.44%. The ex-dividend date of this dividend was Monday, November 18th. Chevron’s payout ratio is currently 71.65%.

Wall Street Analyst Weigh In

CVX has been the subject of several analyst reports. Piper Sandler dropped their target price on Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Barclays upped their price objective on shares of Chevron from $168.00 to $174.00 and gave the company an “overweight” rating in a report on Monday, November 4th. Scotiabank decreased their target price on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Mizuho cut their price target on shares of Chevron from $205.00 to $189.00 and set an “outperform” rating for the company in a report on Monday, September 16th. Finally, Royal Bank of Canada lifted their price target on shares of Chevron from $170.00 to $175.00 and gave the company an “outperform” rating in a research report on Monday, November 4th. Four investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $175.19.

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.