Abacus Planning Group Inc. Sells 1,681 Shares of Chevron Co. (NYSE:CVX)

Abacus Planning Group Inc. lowered its holdings in shares of Chevron Co. (NYSE:CVX) by 22.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,859 shares of the oil and gas company’s stock after selling 1,681 shares during the period. Abacus Planning Group Inc.’s holdings in Chevron were worth $924,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the business. Anderson Hoagland & Co. bought a new stake in Chevron during the first quarter worth about $262,000. Purus Wealth Management LLC boosted its stake in Chevron by 6.0% during the first quarter. Purus Wealth Management LLC now owns 3,768 shares of the oil and gas company’s stock worth $594,000 after acquiring an additional 212 shares in the last quarter. High Net Worth Advisory Group LLC boosted its stake in Chevron by 22.7% during the first quarter. High Net Worth Advisory Group LLC now owns 12,150 shares of the oil and gas company’s stock worth $1,917,000 after acquiring an additional 2,251 shares in the last quarter. Fort Pitt Capital Group LLC boosted its stake in Chevron by 8.0% during the first quarter. Fort Pitt Capital Group LLC now owns 114,539 shares of the oil and gas company’s stock worth $18,067,000 after acquiring an additional 8,486 shares in the last quarter. Finally, Compton Wealth Advisory Group LLC boosted its stake in Chevron by 2.2% during the first quarter. Compton Wealth Advisory Group LLC now owns 13,326 shares of the oil and gas company’s stock worth $2,102,000 after acquiring an additional 287 shares in the last quarter. Institutional investors own 72.42% of the company’s stock.

Chevron Stock Up 2.6 %

CVX opened at $159.28 on Tuesday. The company has a current ratio of 1.23, a quick ratio of 0.93 and a debt-to-equity ratio of 0.13. Chevron Co. has a 1-year low of $139.62 and a 1-year high of $171.70. The company has a market capitalization of $293.55 billion, a PE ratio of 14.65, a PEG ratio of 2.36 and a beta of 1.12. The firm’s 50 day simple moving average is $159.28 and its two-hundred day simple moving average is $154.41.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, April 26th. The oil and gas company reported $2.93 earnings per share for the quarter, topping the consensus estimate of $2.84 by $0.09. Chevron had a net margin of 10.21% and a return on equity of 14.40%. The business had revenue of $48.72 billion for the quarter, compared to the consensus estimate of $48.42 billion. During the same period last year, the firm earned $3.55 earnings per share. The company’s quarterly revenue was down 4.1% on a year-over-year basis. As a group, equities analysts forecast that Chevron Co. will post 13.15 EPS for the current year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 10th. Shareholders of record on Friday, May 17th were given a $1.63 dividend. The ex-dividend date was Thursday, May 16th. This represents a $6.52 annualized dividend and a yield of 4.09%. Chevron’s payout ratio is presently 59.98%.

Analysts Set New Price Targets

Several brokerages have issued reports on CVX. Piper Sandler lifted their target price on shares of Chevron from $180.00 to $204.00 and gave the stock an “overweight” rating in a report on Thursday, April 18th. Scotiabank raised shares of Chevron from a “sector perform” rating to a “sector outperform” rating and lifted their target price for the stock from $170.00 to $195.00 in a report on Thursday, April 11th. TD Cowen lifted their target price on shares of Chevron from $155.00 to $160.00 and gave the stock a “hold” rating in a report on Monday, April 29th. Barclays began coverage on shares of Chevron in a report on Wednesday, April 10th. They issued an “overweight” rating and a $203.00 target price for the company. Finally, The Goldman Sachs Group reaffirmed a “buy” rating on shares of Chevron in a report on Monday, April 1st. Five research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Chevron has an average rating of “Moderate Buy” and an average target price of $186.95.

Insiders Place Their Bets

In other Chevron news, VP Jeff B. Gustavson sold 3,750 shares of the stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $160.23, for a total value of $600,862.50. Following the transaction, the vice president now directly owns 477 shares in the company, valued at $76,429.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Enrique Hernandez, Jr. sold 2,549 shares of the stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $161.00, for a total value of $410,389.00. Following the completion of the sale, the director now directly owns 7,647 shares of the company’s stock, valued at $1,231,167. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Jeff B. Gustavson sold 3,750 shares of the stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $160.23, for a total transaction of $600,862.50. Following the completion of the sale, the vice president now directly owns 477 shares of the company’s stock, valued at $76,429.71. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 19,546 shares of company stock worth $3,176,223. Company insiders own 0.20% of the company’s stock.

Chevron Company 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.