Sandy Cove Advisors LLC Cuts Stock Holdings in Chevron Co. (NYSE:CVX)

Sandy Cove Advisors LLC lowered its position in Chevron Co. (NYSE:CVX) by 5.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,121 shares of the oil and gas company’s stock after selling 115 shares during the quarter. Sandy Cove Advisors LLC’s holdings in Chevron were worth $335,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Renaissance Investment Group LLC grew its holdings in shares of Chevron by 12.7% during the fourth quarter. Renaissance Investment Group LLC now owns 6,187 shares of the oil and gas company’s stock worth $923,000 after buying an additional 697 shares during the last quarter. Camelot Portfolios LLC acquired a new position in shares of Chevron in the fourth quarter valued at approximately $254,000. Kapstone Financial Advisors LLC raised its stake in shares of Chevron by 5.3% during the fourth quarter. Kapstone Financial Advisors LLC now owns 4,216 shares of the oil and gas company’s stock worth $626,000 after purchasing an additional 211 shares during the last quarter. Lane & Associates LLC acquired a new stake in shares of Chevron during the first quarter worth $345,000. Finally, Guyasuta Investment Advisors Inc. increased its stake in Chevron by 1.7% in the 4th quarter. Guyasuta Investment Advisors Inc. now owns 216,593 shares of the oil and gas company’s stock valued at $32,307,000 after buying an additional 3,603 shares during the period. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Chevron

In other news, Director Enrique Hernandez, Jr. sold 2,549 shares of Chevron stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $165.24, for a total transaction of $421,196.76. Following the completion of the sale, the director now directly owns 27,725 shares in the company, valued at $4,581,279. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Chevron news, VP Jeff B. Gustavson sold 3,750 shares of Chevron stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $160.23, for a total value of $600,862.50. Following the completion of the sale, the vice president now owns 477 shares in the company, valued at approximately $76,429.71. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Enrique Hernandez, Jr. sold 2,549 shares of the company’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $165.24, for a total transaction of $421,196.76. Following the transaction, the director now directly owns 27,725 shares of the company’s stock, valued at approximately $4,581,279. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 19,546 shares of company stock worth $3,176,223. Corporate insiders own 0.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Raymond James lifted their target price on shares of Chevron from $170.00 to $174.00 and gave the company an “outperform” rating in a report on Monday, April 15th. Wells Fargo & Company lifted their price objective on Chevron from $198.00 to $206.00 and gave the company an “overweight” rating in a report on Tuesday, April 30th. UBS Group raised their price target on Chevron from $185.00 to $197.00 and gave the company a “buy” rating in a report on Tuesday, April 9th. Scotiabank raised Chevron from a “sector perform” rating to a “sector outperform” rating and upped their price objective for the stock from $170.00 to $195.00 in a report on Thursday, April 11th. Finally, Truist Financial increased their price objective on Chevron from $156.00 to $166.00 and gave the stock a “hold” rating in a research report on Friday, May 10th. Five investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $186.95.

Chevron Trading Up 0.1 %

Shares of CVX opened at $156.42 on Monday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.23 and a quick ratio of 0.93. Chevron Co. has a 1-year low of $139.62 and a 1-year high of $171.70. The stock has a market cap of $288.28 billion, a price-to-earnings ratio of 14.39, a price-to-earnings-growth ratio of 2.38 and a beta of 1.10. The firm has a 50 day simple moving average of $159.22 and a 200-day simple moving average of $154.78.

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 return on equity of 14.40% and a net margin of 10.21%. The company had revenue of $48.72 billion during the quarter, compared to the consensus estimate of $48.42 billion. During the same quarter last year, the business posted $3.55 earnings per share. Chevron’s revenue was down 4.1% compared to the same quarter last year. Equities analysts forecast that Chevron Co. will post 13.15 EPS for the current fiscal year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 10th. Investors of record on Friday, May 17th were paid a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 4.17%. The ex-dividend date was Thursday, May 16th. Chevron’s payout ratio is 59.98%.

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.