1248 Management LLC Purchases New Stake in Chevron Co. (NYSE:CVX)

1248 Management LLC purchased a new stake in shares of Chevron Co. (NYSE:CVX - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 16,330 shares of the oil and gas company's stock, valued at approximately $2,365,000. Chevron accounts for about 1.0% of 1248 Management LLC's holdings, making the stock its 18th largest position.

Several other institutional investors have also recently made changes to their positions in the company. TFB Advisors LLC raised its position in shares of Chevron by 2.4% in the 4th quarter. TFB Advisors LLC now owns 2,840 shares of the oil and gas company's stock valued at $411,000 after purchasing an additional 66 shares in the last quarter. W.H. Cornerstone Investments Inc. boosted its stake in Chevron by 1.4% during the 4th quarter. W.H. Cornerstone Investments Inc. now owns 4,672 shares of the oil and gas company's stock valued at $677,000 after acquiring an additional 66 shares during the last quarter. Parkside Financial Bank & Trust grew its holdings in Chevron by 0.4% during the 4th quarter. Parkside Financial Bank & Trust now owns 15,240 shares of the oil and gas company's stock worth $2,207,000 after acquiring an additional 66 shares in the last quarter. Meridian Financial Partners LLC raised its stake in shares of Chevron by 0.5% in the 4th quarter. Meridian Financial Partners LLC now owns 13,416 shares of the oil and gas company's stock valued at $1,943,000 after purchasing an additional 67 shares in the last quarter. Finally, Western Pacific Wealth Management LP lifted its position in shares of Chevron by 14.9% during the fourth quarter. Western Pacific Wealth Management LP now owns 517 shares of the oil and gas company's stock worth $75,000 after purchasing an additional 67 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company's stock.

Chevron Price Performance

NYSE:CVX traded up $2.27 during midday trading on Friday, hitting $138.53. 12,386,040 shares of the stock were exchanged, compared to its average volume of 7,969,291. The business has a 50-day moving average price of $149.76 and a two-hundred day moving average price of $152.56. 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 company has a market capitalization of $243.90 billion, a price-to-earnings ratio of 14.25, a P/E/G ratio of 1.46 and a beta of 0.93. Chevron Co. has a one year low of $132.04 and a one year high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings data on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share for the quarter, beating the consensus estimate of $2.15 by $0.03. The business had revenue of $47.61 billion during the quarter, compared to analyst estimates of $49.05 billion. Chevron had a return on equity of 11.44% and a net margin of 8.71%. The company's revenue was down 2.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.93 earnings per share. Sell-side analysts predict that Chevron Co. will post 10.79 EPS for the current year.

Chevron Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th will be paid a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 4.94%. Chevron's dividend payout ratio is currently 70.37%.

Insider Buying and Selling

In other news, VP Jeff B. Gustavson sold 9,325 shares of the company's stock in a transaction on Friday, February 7th. The stock was 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 of the company's stock, valued at $161,192.50. This represents a 89.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.20% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Royal Bank of Canada reiterated an "outperform" rating and issued a $175.00 target price on shares of Chevron in a research report on Monday, February 3rd. Raymond James dropped their target price on shares of Chevron from $180.00 to $175.00 and set an "outperform" rating on the stock in a report on Monday, February 3rd. Truist Financial decreased their price target on shares of Chevron from $164.00 to $160.00 and set a "hold" rating for the company in a report on Tuesday, February 4th. Wells Fargo & Company dropped their price objective on shares of Chevron from $184.00 to $173.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 15th. Finally, Barclays downgraded Chevron from an "overweight" rating to an "equal weight" rating and decreased their target price for the company from $171.00 to $152.00 in a research note on Wednesday, April 23rd. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $165.27.

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.