Ipswich Investment Management Co. Inc. Boosts Stake in Chevron Co. (NYSE:CVX)

Ipswich Investment Management Co. Inc. increased its holdings in shares of Chevron Co. (NYSE:CVX) by 0.4% in the fourth quarter, Holdings Channel reports. The firm owned 41,407 shares of the oil and gas company’s stock after acquiring an additional 176 shares during the period. Chevron accounts for 1.4% of Ipswich Investment Management Co. Inc.’s investment portfolio, making the stock its 21st biggest position. Ipswich Investment Management Co. Inc.’s holdings in Chevron were worth $5,997,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the business. Legacy Investment Solutions LLC acquired a new position in shares of Chevron during the 3rd quarter valued at $29,000. Rational Advisors LLC purchased a new position in Chevron in the third quarter valued at about $29,000. Darwin Wealth Management LLC acquired a new position in shares of Chevron during the third quarter worth about $30,000. RPg Family Wealth Advisory LLC purchased a new stake in shares of Chevron in the third quarter worth about $31,000. Finally, New Wave Wealth Advisors LLC purchased a new stake in shares of Chevron during the 4th quarter valued at about $39,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Insider Activity

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

Chevron Stock Performance

Shares of CVX opened at $156.92 on Friday. The firm has a fifty day moving average of $151.97 and a 200-day moving average of $150.99. The company has a market cap of $282.00 billion, a price-to-earnings ratio of 16.14, a price-to-earnings-growth ratio of 1.46 and a beta of 1.11. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. Chevron Co. has a 1 year low of $135.37 and a 1 year high of $167.11.

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

Chevron Increases Dividend

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

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Barclays decreased their price target on Chevron from $174.00 to $171.00 and set an “overweight” rating for the company in a report on Wednesday, February 5th. Piper Sandler dropped their price target on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. Royal Bank of Canada reiterated an “outperform” rating and issued a $175.00 price objective on shares of Chevron in a report on Monday, February 3rd. DZ Bank upgraded Chevron from a “hold” rating to a “buy” rating and set a $170.00 target price for the company in a research note on Tuesday, November 5th. Finally, UBS Group dropped their price target on shares of Chevron from $195.00 to $194.00 and set a “buy” rating for the company in a research note on Monday, February 3rd. Four 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, the company currently has a consensus rating of “Moderate Buy” and an average target price of $174.13.

About Chevron

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.