Elmwood Wealth Management Inc. Sells 258 Shares of Chevron Co. (NYSE:CVX)

Elmwood Wealth Management Inc. lowered its position in shares of Chevron Co. (NYSE:CVX) by 7.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,151 shares of the oil and gas company’s stock after selling 258 shares during the quarter. Elmwood Wealth Management Inc.’s holdings in Chevron were worth $470,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. NCM Capital Management LLC lifted its holdings in shares of Chevron by 1.2% during the 1st quarter. NCM Capital Management LLC now owns 5,570 shares of the oil and gas company’s stock valued at $909,000 after buying an additional 65 shares during the period. Sweet Financial Partners LLC increased its position in Chevron by 0.7% during the third quarter. Sweet Financial Partners LLC now owns 8,761 shares of the oil and gas company’s stock valued at $1,477,000 after acquiring an additional 65 shares during the last quarter. Strategic Investment Advisors MI lifted its holdings in Chevron by 3.8% in the third quarter. Strategic Investment Advisors MI now owns 1,758 shares of the oil and gas company’s stock valued at $296,000 after acquiring an additional 65 shares during the period. Alera Investment Advisors LLC boosted its position in Chevron by 1.0% in the third quarter. Alera Investment Advisors LLC now owns 6,486 shares of the oil and gas company’s stock worth $1,094,000 after purchasing an additional 67 shares during the last quarter. Finally, Global Trust Asset Management LLC grew its stake in shares of Chevron by 1.0% during the 3rd quarter. Global Trust Asset Management LLC now owns 6,852 shares of the oil and gas company’s stock valued at $1,155,000 after purchasing an additional 67 shares during the period. Institutional investors own 72.42% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on CVX shares. Jefferies Financial Group upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $184.00 price objective on the stock in a research note on Monday, January 8th. Piper Sandler dropped their price target on shares of Chevron from $188.00 to $180.00 and set an “overweight” rating on the stock in a research note on Thursday, March 14th. DZ Bank lowered Chevron from a “buy” rating to a “hold” rating and set a $160.00 price objective for the company. in a research note on Tuesday, February 6th. TD Cowen cut Chevron from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $170.00 to $150.00 in a report on Tuesday, January 23rd. Finally, Mizuho boosted their price target on Chevron from $195.00 to $200.00 and gave the company a “buy” rating in a report on Wednesday, March 20th. Six analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, Chevron has an average rating of “Moderate Buy” and a consensus price target of $183.55.

Chevron Stock Performance

Shares of NYSE CVX opened at $156.83 on Tuesday. The company has a market cap of $291.28 billion, a P/E ratio of 13.87, a P/E/G ratio of 2.40 and a beta of 1.12. Chevron Co. has a 52-week low of $139.62 and a 52-week high of $172.54. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.01 and a current ratio of 1.27. The firm’s fifty day moving average is $155.03 and its two-hundred day moving average is $151.92.

Chevron (NYSE:CVX) last issued its earnings results on Friday, February 2nd. The oil and gas company reported $3.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.19 by $0.26. Chevron had a return on equity of 15.24% and a net margin of 10.63%. The firm had revenue of $47.18 billion for the quarter, compared to analysts’ expectations of $50.93 billion. During the same period in the previous year, the firm posted $4.09 earnings per share. The business’s revenue was down 16.5% compared to the same quarter last year. As a group, analysts anticipate that Chevron Co. will post 13.24 EPS for the current fiscal year.

Chevron Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 11th. Stockholders of record on Friday, February 16th were given a dividend of $1.63 per share. This is an increase from Chevron’s previous quarterly dividend of $1.51. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.16%. The ex-dividend date of this dividend was Thursday, February 15th. Chevron’s dividend payout ratio is currently 57.39%.

Insider Activity at Chevron

In other news, VP Alana K. Knowles sold 2,800 shares of the company’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $160.09, for a total transaction of $448,252.00. Following the sale, the vice president now directly owns 276 shares in the company, valued at approximately $44,184.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.18% of the stock is currently owned by insiders.

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.