Maridea Wealth Management LLC Acquires New Shares in Chevron Co. (NYSE:CVX)

Maridea Wealth Management LLC bought a new position in Chevron Co. (NYSE:CVX) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 2,194 shares of the oil and gas company’s stock, valued at approximately $318,000.

Several other hedge funds and other institutional investors have also bought and sold shares of CVX. Life Planning Partners Inc bought a new stake in Chevron in the 4th quarter worth approximately $25,000. IMG Wealth Management Inc. purchased a new position in shares of Chevron in the 4th quarter worth $25,000. Legacy Investment Solutions LLC bought a new stake in shares of Chevron in the third quarter worth $29,000. Mizuho Securities Co. Ltd. purchased a new stake in Chevron during the fourth quarter valued at $29,000. Finally, Fairway Wealth LLC lifted its holdings in Chevron by 75.9% in the fourth quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company’s stock valued at $30,000 after acquiring an additional 88 shares during the period. Institutional investors own 72.42% of the company’s stock.

Insider Activity at Chevron

In related news, VP Jeff B. Gustavson sold 9,325 shares of the stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $152.50, for a total value of $1,422,062.50. Following the completion of 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.20% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CVX. Royal Bank of Canada reaffirmed an “outperform” rating and set a $175.00 price target on shares of Chevron in a research report on Monday, February 3rd. UBS Group decreased their price target on shares of Chevron from $195.00 to $194.00 and set a “buy” rating on the stock in a research report on Monday, February 3rd. Wells Fargo & Company cut their price objective on shares of Chevron from $188.00 to $184.00 and set an “overweight” rating for the company in a research report on Monday, February 3rd. Truist Financial decreased their target price on Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a report on Tuesday, February 4th. Finally, Piper Sandler cut their price target on Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $174.13.

Chevron Stock Performance

CVX opened at $166.06 on Friday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. The stock has a market capitalization of $292.37 billion, a price-to-earnings ratio of 17.08, a PEG ratio of 1.46 and a beta of 1.08. The company has a fifty day moving average of $157.10 and a 200 day moving average of $153.49. Chevron Co. has a fifty-two week low of $135.37 and a fifty-two week high of $168.96.

Chevron (NYSE:CVX) last issued its earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share (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 period in the prior year, the firm earned $3.45 earnings per share. As a group, sell-side analysts forecast that Chevron Co. will post 10.79 earnings per share for the current fiscal year.

Chevron Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Friday, February 14th were given a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 4.12%. The ex-dividend date was Friday, February 14th. This is a boost from Chevron’s previous quarterly dividend of $1.63. Chevron’s payout ratio is currently 70.37%.

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.