Pennington Partners & CO. LLC Makes New $438,000 Investment in Chevron Co. (NYSE:CVX)

Pennington Partners & CO. LLC purchased a new stake in Chevron Co. (NYSE:CVX - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 3,026 shares of the oil and gas company's stock, valued at approximately $438,000.

A number of other hedge funds have also modified their holdings of the business. TFB Advisors LLC grew its stake in shares of Chevron by 2.4% during the fourth quarter. TFB Advisors LLC now owns 2,840 shares of the oil and gas company's stock worth $411,000 after purchasing an additional 66 shares in the last quarter. W.H. Cornerstone Investments Inc. raised its position in shares of 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 worth $677,000 after acquiring an additional 66 shares in the last quarter. Parkside Financial Bank & Trust raised its position in shares of 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 boosted its holdings in Chevron by 0.5% in the fourth 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 increased its stake in Chevron by 14.9% in the fourth quarter. Western Pacific Wealth Management LP now owns 517 shares of the oil and gas company's stock valued at $75,000 after purchasing an additional 67 shares during the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CVX has been the subject of a number of research reports. Royal Bank of Canada reiterated an "outperform" rating and issued a $175.00 price objective on shares of Chevron in a research note on Monday, February 3rd. Truist Financial decreased their price target on Chevron from $164.00 to $160.00 and set a "hold" rating on the stock in a research note on Tuesday, February 4th. UBS Group lowered their price target on shares of Chevron from $194.00 to $185.00 and set a "buy" rating on the stock in a research report on Monday, April 7th. Scotiabank downgraded shares of Chevron from a "sector outperform" rating to a "sector perform" rating and cut their target price for the company from $160.00 to $143.00 in a research note on Friday, April 11th. Finally, Wells Fargo & Company decreased their target price on shares of Chevron from $184.00 to $173.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 15th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $165.27.

Insider Buying and Selling

In other news, VP Jeff B. Gustavson sold 9,325 shares of Chevron stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $152.50, for a total transaction 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 trade represents a 89.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.20% of the stock is owned by corporate insiders.

Chevron Trading Up 1.7 %

CVX stock traded up $2.27 during trading on Friday, reaching $138.53. 12,386,040 shares of the stock traded hands, compared to its average volume of 7,969,291. The business's 50 day moving average price is $149.76 and its 200-day moving average price is $152.56. The firm has a market capitalization of $243.90 billion, a PE ratio of 14.25, a P/E/G ratio of 1.46 and a beta of 0.93. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80. Chevron Co. has a 52-week low of $132.04 and a 52-week high of $168.96.

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

Chevron Dividend Announcement

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

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.