Chevron Co. (NYSE:CVX) Shares Sold by Pinnacle Financial Partners Inc

Pinnacle Financial Partners Inc lowered its position in Chevron Co. (NYSE:CVX) by 1.0% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 203,361 shares of the oil and gas company’s stock after selling 1,970 shares during the period. Pinnacle Financial Partners Inc’s holdings in Chevron were worth $29,490,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in CVX. McAdam LLC boosted its stake in Chevron by 1.9% in the 3rd quarter. McAdam LLC now owns 3,672 shares of the oil and gas company’s stock worth $541,000 after buying an additional 68 shares during the last quarter. Greystone Financial Group LLC boosted its stake in Chevron by 2.5% in the 3rd quarter. Greystone Financial Group LLC now owns 54,676 shares of the oil and gas company’s stock worth $8,052,000 after buying an additional 1,348 shares during the last quarter. Boyd Watterson Asset Management LLC OH boosted its stake in Chevron by 1.5% in the 3rd quarter. Boyd Watterson Asset Management LLC OH now owns 18,973 shares of the oil and gas company’s stock worth $2,794,000 after buying an additional 281 shares during the last quarter. Asset Planning Services Inc. LA ADV boosted its stake in Chevron by 1.8% in the 3rd quarter. Asset Planning Services Inc. LA ADV now owns 43,765 shares of the oil and gas company’s stock worth $6,445,000 after buying an additional 775 shares during the last quarter. Finally, PSI Advisors LLC boosted its stake in Chevron by 1.9% in the 3rd quarter. PSI Advisors LLC now owns 12,946 shares of the oil and gas company’s stock worth $1,907,000 after buying an additional 243 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Insider Buying and Selling

In related news, VP Jeff B. Gustavson sold 9,325 shares of the stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $152.50, for a total value of $1,422,062.50. Following the completion of the sale, the vice president now directly owns 1,057 shares of the company’s stock, valued at approximately $161,192.50. This represents a 89.82 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.20% of the company’s stock.

Chevron Price Performance

Shares of CVX opened at $156.92 on Friday. Chevron Co. has a 12 month low of $135.37 and a 12 month high of $167.11. The company has a market cap of $282.00 billion, a P/E ratio of 16.14, a PEG ratio of 1.46 and a beta of 1.11. The stock has a fifty day moving average price of $151.97 and a 200 day moving average price of $150.99. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80.

Chevron (NYSE:CVX) last released its quarterly 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 period last year, the business posted $3.45 earnings per share. On average, research analysts forecast that Chevron Co. will post 10.79 earnings per share for the current year.

Chevron Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 10th. Investors of record on Friday, February 14th will be paid a $1.71 dividend. This is an increase from Chevron’s previous quarterly dividend of $1.63. This represents a $6.84 annualized dividend and a yield of 4.36%. The ex-dividend date is Friday, February 14th. Chevron’s dividend payout ratio is currently 70.37%.

Analysts Set New Price Targets

CVX has been the topic of several research analyst reports. Truist Financial reduced their price objective on Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a research note on Tuesday, February 4th. Piper Sandler reduced their price objective on Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. Barclays reduced their price target on Chevron from $174.00 to $171.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 5th. Raymond James reduced their price target on Chevron from $180.00 to $175.00 and set an “outperform” rating on the stock in a research report on Monday, February 3rd. Finally, UBS Group reduced their price target on Chevron from $195.00 to $194.00 and set a “buy” rating on the stock in a research report on Monday, February 3rd. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, Chevron presently has a consensus rating of “Moderate Buy” and an average price target of $174.13.

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.