Carret Asset Management LLC Acquires 1,712 Shares of Chevron Co. (NYSE:CVX)

Carret Asset Management LLC grew its holdings in Chevron Co. (NYSE:CVX) by 2.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 82,532 shares of the oil and gas company’s stock after purchasing an additional 1,712 shares during the period. Chevron comprises about 1.5% of Carret Asset Management LLC’s investment portfolio, making the stock its 11th biggest holding. Carret Asset Management LLC’s holdings in Chevron were worth $13,019,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Chevron by 0.3% in the third quarter. Vanguard Group Inc. now owns 161,924,375 shares of the oil and gas company’s stock worth $27,303,688,000 after acquiring an additional 458,080 shares during the period. Berkshire Hathaway Inc grew its holdings in Chevron by 14.4% during the fourth quarter. Berkshire Hathaway Inc now owns 126,093,326 shares of the oil and gas company’s stock valued at $18,808,081,000 after purchasing an additional 15,845,037 shares during the period. Morgan Stanley grew its holdings in Chevron by 7.0% during the third quarter. Morgan Stanley now owns 34,166,899 shares of the oil and gas company’s stock valued at $5,761,223,000 after purchasing an additional 2,244,995 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Chevron by 8.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 26,235,473 shares of the oil and gas company’s stock valued at $3,886,821,000 after purchasing an additional 1,999,332 shares during the period. Finally, Norges Bank bought a new stake in Chevron during the fourth quarter valued at about $2,902,007,000. Institutional investors own 72.42% of the company’s stock.

Insider Activity

In other news, Director Enrique Hernandez, Jr. sold 2,549 shares of the company’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $165.24, for a total transaction of $421,196.76. Following the transaction, the director now owns 27,725 shares of the company’s stock, valued at $4,581,279. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, Director Enrique Hernandez, Jr. sold 2,549 shares of the company’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $165.24, for a total transaction of $421,196.76. Following the transaction, the director now owns 27,725 shares of the company’s stock, valued at $4,581,279. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Jeff B. Gustavson sold 3,750 shares of the company’s 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 approximately $76,429.71. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 16,746 shares of company stock valued at $2,727,971. 0.20% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several analysts have issued reports on CVX shares. Scotiabank raised Chevron from a “sector perform” rating to a “sector outperform” rating and boosted their price target for the company from $170.00 to $195.00 in a report on Thursday, April 11th. Piper Sandler boosted their price objective on Chevron from $180.00 to $204.00 and gave the company an “overweight” rating in a research report on Thursday, April 18th. Wells Fargo & Company boosted their price objective on Chevron from $198.00 to $206.00 and gave the company an “overweight” rating in a research report on Tuesday, April 30th. The Goldman Sachs Group restated a “buy” rating on shares of Chevron in a research report on Monday, April 1st. Finally, TD Cowen boosted their price objective on Chevron from $155.00 to $160.00 and gave the company a “hold” rating in a research report on Monday, April 29th. Five research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $186.95.

Chevron Stock Performance

Shares of NYSE CVX opened at $156.75 on Thursday. The business’s 50 day moving average is $158.99 and its two-hundred day moving average is $154.88. 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 capitalization of $288.89 billion, a P/E ratio of 14.42, a PEG ratio of 2.38 and a beta of 1.10.

Chevron (NYSE:CVX) last issued its quarterly earnings data 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. The company had revenue of $48.72 billion for the quarter, compared to analysts’ expectations of $48.42 billion. Chevron had a return on equity of 14.40% and a net margin of 10.21%. The firm’s revenue for the quarter was down 4.1% on a year-over-year basis. During the same period in the previous year, the firm posted $3.55 earnings per share. As a group, research analysts expect that Chevron Co. will post 13.15 EPS for the current year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 10th. Stockholders of record on Friday, May 17th were paid a dividend of $1.63 per share. The ex-dividend date was Thursday, May 16th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.16%. Chevron’s dividend payout ratio is 59.98%.

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.