Atlas Legacy Advisors LLC Makes New Investment in Chevron Co. (NYSE:CVX)

Atlas Legacy Advisors LLC bought a new stake in Chevron Co. (NYSE:CVX) in the 4th quarter, HoldingsChannel reports. The institutional investor bought 3,944 shares of the oil and gas company’s stock, valued at approximately $571,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Allspring Global Investments Holdings LLC boosted its holdings in shares of Chevron by 14.0% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 223,561 shares of the oil and gas company’s stock worth $32,924,000 after buying an additional 27,483 shares during the last quarter. Whittier Trust Co. of Nevada Inc. raised its position in Chevron by 1.5% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 183,558 shares of the oil and gas company’s stock worth $27,032,000 after acquiring an additional 2,671 shares during the period. Plimoth Trust Co. LLC grew its position in shares of Chevron by 0.5% during the 3rd quarter. Plimoth Trust Co. LLC now owns 38,533 shares of the oil and gas company’s stock valued at $5,675,000 after acquiring an additional 199 shares during the period. Community Financial Services Group LLC increased its stake in shares of Chevron by 3.4% during the 3rd quarter. Community Financial Services Group LLC now owns 14,320 shares of the oil and gas company’s stock worth $2,109,000 after purchasing an additional 473 shares during the last quarter. Finally, Waterway Wealth Management LLC raised its holdings in shares of Chevron by 5.3% in the 3rd quarter. Waterway Wealth Management LLC now owns 7,077 shares of the oil and gas company’s stock worth $1,042,000 after purchasing an additional 358 shares during the period. 72.42% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Citigroup raised Chevron from a “neutral” rating to a “buy” rating and increased their price objective for the company from $145.00 to $185.00 in a report on Tuesday, November 26th. DZ Bank raised Chevron from a “hold” rating to a “buy” rating and set a $170.00 price objective for the company in a report on Tuesday, November 5th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $175.00 price objective on shares of Chevron in a report on Monday, February 3rd. Truist Financial reduced their target price on shares of Chevron from $164.00 to $160.00 and set a “hold” rating for the company in a research note on Tuesday, February 4th. Finally, Barclays cut their price objective on shares of Chevron from $174.00 to $171.00 and set an “overweight” rating for the company in a report on Wednesday, February 5th. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $174.13.

Chevron Price Performance

Shares of NYSE CVX opened at $156.23 on Wednesday. The firm has a market capitalization of $280.76 billion, a P/E ratio of 16.07, a P/E/G ratio of 1.43 and a beta of 1.11. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. The stock’s 50-day simple moving average is $151.80 and its two-hundred day simple moving average is $150.81. Chevron Co. has a twelve month low of $135.37 and a twelve month high of $167.11.

Chevron (NYSE:CVX) last announced its earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share for the quarter, missing analysts’ consensus estimates of $2.42 by ($0.36). Chevron had a net margin of 8.71% and a return on equity of 11.44%. During the same quarter in the previous year, the company earned $3.45 earnings per share. As a group, equities analysts anticipate that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 10th. Stockholders of record on Friday, February 14th will be issued a dividend of $1.71 per share. 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 4.38%. The ex-dividend date of this dividend is Friday, February 14th. Chevron’s payout ratio is currently 70.37%.

Insider Buying and Selling

In other Chevron news, VP Jeff B. Gustavson sold 9,325 shares of Chevron stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $152.50, for a total transaction of $1,422,062.50. Following the completion of the sale, the vice president now owns 1,057 shares of the company’s stock, valued at $161,192.50. The trade was a 89.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.20% of the stock is owned by company insiders.

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.