Smith Salley Wealth Management Has $17.77 Million Stake in Chevron Co. (NYSE:CVX)

Smith Salley Wealth Management reduced its holdings in shares of Chevron Co. (NYSE:CVX) by 0.4% in the fourth quarter, HoldingsChannel.com reports. The fund owned 122,656 shares of the oil and gas company’s stock after selling 534 shares during the quarter. Smith Salley Wealth Management’s holdings in Chevron were worth $17,766,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in CVX. Legacy Investment Solutions LLC bought a new stake in Chevron in the third quarter worth approximately $29,000. Rational Advisors LLC bought a new stake in shares of Chevron in the 3rd quarter valued at $29,000. Darwin Wealth Management LLC acquired a new position in shares of Chevron during the 3rd quarter valued at $30,000. RPg Family Wealth Advisory LLC bought a new position in Chevron during the third quarter worth $31,000. Finally, Cyrus J. Lawrence LLC increased its stake in Chevron by 66.7% in the second quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company’s stock valued at $39,000 after purchasing an additional 100 shares in the last quarter. 72.42% of the stock is owned by institutional investors.

Insider Activity

In other Chevron news, CEO Michael K. Wirth sold 164,600 shares of the company’s stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $160.13, for a total value of $26,357,398.00. Following the completion of the sale, the chief executive officer now owns 4,280 shares of the company’s stock, valued at $685,356.40. This represents a 97.47 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. DZ Bank raised shares of Chevron from a “hold” rating to a “buy” rating and set a $170.00 price objective on the stock in a research report on Tuesday, November 5th. Barclays increased their price target on Chevron from $168.00 to $174.00 and gave the stock an “overweight” rating in a report on Monday, November 4th. Bank of America started coverage on Chevron in a report on Thursday, October 17th. They set a “buy” rating and a $168.00 price objective for the company. Scotiabank cut their target price on Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Finally, Piper Sandler decreased their price target on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. Four investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Chevron currently has an average rating of “Moderate Buy” and a consensus target price of $175.27.

Chevron Stock Up 1.4 %

Shares of NYSE CVX opened at $161.54 on Monday. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. The business has a 50-day moving average of $153.93 and a 200-day moving average of $151.05. The firm has a market capitalization of $290.30 billion, a price-to-earnings ratio of 17.75, a PEG ratio of 2.62 and a beta of 1.12. Chevron Co. has a 12 month low of $135.37 and a 12 month high of $167.11.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 EPS for the quarter, topping analysts’ consensus estimates of $2.47 by $0.04. Chevron had a net margin of 8.44% and a return on equity of 13.15%. The firm had revenue of $50.67 billion for the quarter, compared to analyst estimates of $48.86 billion. During the same quarter in the prior year, the firm earned $3.05 EPS. The business’s revenue for the quarter was down 6.3% compared to the same quarter last year. Sell-side analysts expect that Chevron Co. will post 10.39 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th were issued a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.04%. The ex-dividend date was Monday, November 18th. Chevron’s payout ratio is currently 71.65%.

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.