Huber Capital Management LLC Reduces Stock Position in Chevron Co. (NYSE:CVX)

Huber Capital Management LLC trimmed its position in Chevron Co. (NYSE:CVX) by 30.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 14,300 shares of the oil and gas company’s stock after selling 6,200 shares during the quarter. Huber Capital Management LLC’s holdings in Chevron were worth $2,071,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. IMG Wealth Management Inc. purchased a new stake in shares of Chevron in the 4th quarter valued at $25,000. Legacy Investment Solutions LLC acquired a new stake in Chevron during the 3rd quarter worth about $29,000. Mizuho Securities Co. Ltd. acquired a new stake in Chevron during the fourth quarter worth about $29,000. Fairway Wealth LLC increased its holdings in shares of Chevron by 75.9% during the 4th quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company’s stock valued at $30,000 after purchasing an additional 88 shares in the last quarter. Finally, New Wave Wealth Advisors LLC purchased a new position in Chevron in the fourth quarter valued at $39,000. Institutional investors and hedge funds own 72.42% of the company’s stock.

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 shares were 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 directly owns 1,057 shares in the company, valued at $161,192.50. This trade represents a 89.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.20% of the company’s stock.

Chevron Trading Down 1.1 %

Shares of CVX stock opened at $166.62 on Thursday. Chevron Co. has a twelve month low of $135.37 and a twelve month high of $168.96. The stock has a market cap of $293.35 billion, a price-to-earnings ratio of 17.14, a PEG ratio of 1.46 and a beta of 1.08. The company’s 50-day moving average price is $157.63 and its 200-day moving average price is $154.08. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 last year, the company posted $3.45 EPS. As a group, equities analysts predict 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 was paid on Monday, March 10th. Stockholders of record on Friday, February 14th were issued a dividend of $1.71 per share. The ex-dividend date was Friday, February 14th. This is a boost from Chevron’s previous quarterly dividend of $1.63. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.11%. Chevron’s dividend payout ratio is currently 70.37%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on CVX. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $175.00 price target on shares of Chevron in a report on Monday, February 3rd. Raymond James reduced their target price on Chevron from $180.00 to $175.00 and set an “outperform” rating for the company in a research note on Monday, February 3rd. Barclays dropped their price target on shares of Chevron from $174.00 to $171.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 5th. Piper Sandler decreased their price objective on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. Finally, UBS Group cut their target price 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 investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target 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.