Martingale Asset Management L P Sells 5,500 Shares of Chevron Co. (NYSE:CVX)

Martingale Asset Management L P reduced its stake in Chevron Co. (NYSE:CVX - Free Report) by 3.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 177,759 shares of the oil and gas company's stock after selling 5,500 shares during the period. Martingale Asset Management L P's holdings in Chevron were worth $25,747,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Life Planning Partners Inc purchased a new position in Chevron during the fourth quarter valued at approximately $25,000. IMG Wealth Management Inc. purchased a new position in shares of Chevron during the 4th quarter valued at $25,000. Mizuho Securities Co. Ltd. purchased a new stake in shares of Chevron in the fourth quarter worth $29,000. Fairway Wealth LLC boosted its stake in Chevron by 75.9% during the fourth quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company's stock valued at $30,000 after buying an additional 88 shares during the period. Finally, New Wave Wealth Advisors LLC bought a new position in Chevron in the 4th quarter worth about $39,000. Hedge funds and other institutional investors own 72.42% of the company's stock.

Insiders Place Their Bets

In related news, VP Jeff B. Gustavson sold 9,325 shares of the company's stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $152.50, for a total value of $1,422,062.50. Following the sale, the vice president now owns 1,057 shares in the company, valued at $161,192.50. This represents a 89.82 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.20% of the stock is owned by corporate insiders.

Chevron Trading Up 0.4 %

Shares of CVX traded up $0.51 during mid-day trading on Friday, hitting $135.49. 17,212,215 shares of the company's stock traded hands, compared to its average volume of 7,878,733. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $238.54 billion, a P/E ratio of 13.94, a PEG ratio of 1.46 and a beta of 0.93. The business's 50-day moving average price is $155.34 and its 200-day moving average price is $153.90. Chevron Co. has a 1 year low of $132.04 and a 1 year high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings data on Friday, January 31st. The oil and gas company reported $2.06 EPS for the quarter, missing the consensus estimate of $2.42 by ($0.36). Chevron had a return on equity of 11.44% and a net margin of 8.71%. During the same quarter in the prior year, the business earned $3.45 earnings per share. As a group, sell-side analysts forecast that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Friday, February 14th were given a dividend of $1.71 per share. The ex-dividend date of this dividend was Friday, February 14th. This is a positive change from Chevron's previous quarterly dividend of $1.63. This represents a $6.84 annualized dividend and a dividend yield of 5.05%. Chevron's payout ratio is currently 70.37%.

Analysts Set New Price Targets

Several research analysts recently weighed in on CVX shares. Royal Bank of Canada restated an "outperform" rating and issued a $175.00 price objective on shares of Chevron in a research report on Monday, February 3rd. Scotiabank downgraded shares of Chevron from a "sector outperform" rating to a "sector perform" rating and dropped their price objective for the stock from $160.00 to $143.00 in a report on Friday. Barclays reduced their target price on Chevron from $174.00 to $171.00 and set an "overweight" rating on the stock in a research note on Wednesday, February 5th. UBS Group dropped their price target on Chevron from $194.00 to $185.00 and set a "buy" rating for the company in a research note on Monday, April 7th. Finally, Wells Fargo & Company decreased their price objective on Chevron from $188.00 to $184.00 and set an "overweight" rating on the stock in a report on Monday, February 3rd. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, Chevron currently has a consensus rating of "Moderate Buy" and a consensus target price of $172.20.

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.