Pullen Investment Management LLC Acquires 13,159 Shares of Chevron Corporation $CVX

Pullen Investment Management LLC boosted its holdings in Chevron Corporation (NYSE:CVX) by 88.8% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 27,977 shares of the oil and gas company’s stock after acquiring an additional 13,159 shares during the quarter. Chevron accounts for approximately 2.4% of Pullen Investment Management LLC’s investment portfolio, making the stock its 7th biggest holding. Pullen Investment Management LLC’s holdings in Chevron were worth $4,345,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vishria Bird Financial Group LLC boosted its position in shares of Chevron by 1.2% during the third quarter. Vishria Bird Financial Group LLC now owns 5,285 shares of the oil and gas company’s stock valued at $821,000 after buying an additional 65 shares during the last quarter. Nexus Investment Management ULC boosted its holdings in Chevron by 0.9% during the 3rd quarter. Nexus Investment Management ULC now owns 7,641 shares of the oil and gas company’s stock worth $1,187,000 after acquiring an additional 65 shares during the last quarter. White Knight Strategic Wealth Advisors LLC grew its stake in shares of Chevron by 3.0% in the 2nd quarter. White Knight Strategic Wealth Advisors LLC now owns 2,230 shares of the oil and gas company’s stock worth $319,000 after acquiring an additional 65 shares in the last quarter. Rakuten Securities Inc. raised its holdings in shares of Chevron by 7.4% in the second quarter. Rakuten Securities Inc. now owns 961 shares of the oil and gas company’s stock valued at $138,000 after purchasing an additional 66 shares during the last quarter. Finally, Analyst IMS Investment Management Services Ltd. lifted its position in shares of Chevron by 1.0% during the second quarter. Analyst IMS Investment Management Services Ltd. now owns 6,751 shares of the oil and gas company’s stock valued at $966,000 after purchasing an additional 67 shares in the last quarter. 72.42% of the stock is owned by institutional investors.

Chevron Trading Up 0.8%

Shares of CVX stock opened at $163.66 on Wednesday. The company has a quick ratio of 0.86, a current ratio of 1.15 and a debt-to-equity ratio of 0.19. The firm has a market cap of $329.53 billion, a P/E ratio of 23.02, a PEG ratio of 10.20 and a beta of 0.70. The company has a 50 day moving average of $152.68 and a 200-day moving average of $153.82. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, October 31st. The oil and gas company reported $1.85 earnings per share for the quarter, beating the consensus estimate of $1.71 by $0.14. The business had revenue of $48.17 billion during the quarter, compared to analyst estimates of $46.99 billion. Chevron had a return on equity of 8.74% and a net margin of 6.57%.Chevron’s revenue was down 1.9% compared to the same quarter last year. During the same period in the prior year, the company earned $2.48 earnings per share. Sell-side analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 10th. Investors of record on Tuesday, November 18th were issued a $1.71 dividend. The ex-dividend date of this dividend was Tuesday, November 18th. This represents a $6.84 annualized dividend and a yield of 4.2%. Chevron’s dividend payout ratio (DPR) is 96.20%.

Insider Transactions at Chevron

In other news, CFO Eimear P. Bonner sold 28,334 shares of Chevron stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $165.05, for a total value of $4,676,526.70. Following the completion of the transaction, the chief financial officer owned 4,366 shares in the company, valued at $720,608.30. This trade represents a 86.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael K. Wirth sold 320,700 shares of the business’s stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $162.99, for a total transaction of $52,270,893.00. Following the completion of the sale, the chief executive officer directly owned 14,450 shares in the company, valued at approximately $2,355,205.50. This trade represents a 95.69% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 631,990 shares of company stock valued at $99,716,808. 0.20% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

CVX has been the subject of a number of recent analyst reports. Piper Sandler reduced their price objective on shares of Chevron from $178.00 to $174.00 and set an “overweight” rating for the company in a research report on Thursday, January 8th. Bank of America reduced their target price on Chevron from $183.00 to $180.00 and set a “buy” rating for the company in a report on Thursday, December 11th. Sanford C. Bernstein increased their price target on Chevron from $170.00 to $172.00 and gave the company a “market perform” rating in a research report on Monday, January 5th. Raymond James Financial reissued an “outperform” rating and issued a $160.00 price objective (down previously from $170.00) on shares of Chevron in a research report on Friday, October 17th. Finally, BMO Capital Markets restated an “outperform” rating on shares of Chevron in a research note on Thursday, January 8th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, nine have given a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $167.14.

About Chevron

Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.