Essex Financial Services Inc. Boosts Stock Holdings in Chevron Co. (NYSE:CVX)

Essex Financial Services Inc. lifted its position in shares of Chevron Co. (NYSE:CVX) by 10.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 47,859 shares of the oil and gas company’s stock after acquiring an additional 4,342 shares during the period. Chevron makes up approximately 0.7% of Essex Financial Services Inc.’s portfolio, making the stock its 29th largest position. Essex Financial Services Inc.’s holdings in Chevron were worth $7,139,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in CVX. Picton Mahoney Asset Management purchased a new position in shares of Chevron during the third quarter valued at approximately $26,000. Valley Forge Investment Consultants Inc. ADV grew its position in Chevron by 80.0% in the 3rd quarter. Valley Forge Investment Consultants Inc. ADV now owns 180 shares of the oil and gas company’s stock worth $30,000 after purchasing an additional 80 shares during the period. Valued Wealth Advisors LLC purchased a new stake in Chevron during the 4th quarter valued at $33,000. Legacy Financial Group LLC bought a new position in shares of Chevron during the 3rd quarter valued at $43,000. Finally, Roble Belko & Company Inc boosted its stake in shares of Chevron by 77.3% in the 4th quarter. Roble Belko & Company Inc now owns 344 shares of the oil and gas company’s stock worth $51,000 after buying an additional 150 shares during the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Price Performance

CVX traded down $2.01 during trading on Wednesday, reaching $159.26. 3,502,242 shares of the company traded hands, compared to its average volume of 8,393,443. The company has a market cap of $295.79 billion, a P/E ratio of 14.69, a PEG ratio of 2.43 and a beta of 1.12. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.01 and a current ratio of 1.27. Chevron Co. has a 12-month low of $139.62 and a 12-month high of $171.70. The firm has a fifty day simple moving average of $156.96 and a 200 day simple moving average of $151.68.

Chevron (NYSE:CVX) last posted its earnings results on Friday, April 26th. The oil and gas company reported $2.93 earnings per share for the quarter, beating the consensus estimate of $2.84 by $0.09. Chevron had a net margin of 10.21% and a return on equity of 14.38%. The company had revenue of $48.72 billion during the quarter, compared to analysts’ expectations of $48.42 billion. During the same period last year, the company posted $3.55 earnings per share. Chevron’s quarterly revenue was down 4.1% on a year-over-year basis. On average, equities analysts forecast that Chevron Co. will post 13.71 EPS for the current year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 10th. Shareholders of record on Friday, May 17th will be paid a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 4.09%. The ex-dividend date is Thursday, May 16th. Chevron’s payout ratio is 59.98%.

Analyst Upgrades and Downgrades

CVX has been the subject of a number of recent research reports. Truist Financial cut their price target on Chevron from $168.00 to $156.00 and set a “hold” rating for the company in a research note on Friday, April 5th. UBS Group boosted their target price on shares of Chevron from $185.00 to $197.00 and gave the company a “buy” rating in a research report on Tuesday, April 9th. The Goldman Sachs Group reiterated a “buy” rating on shares of Chevron in a research report on Monday, April 1st. Piper Sandler boosted their price objective on shares of Chevron from $180.00 to $204.00 and gave the company an “overweight” rating in a research report on Thursday, April 18th. Finally, Mizuho raised their target price on Chevron from $195.00 to $200.00 and gave the stock a “buy” rating in a report on Wednesday, March 20th. Six research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $185.35.

Insider Transactions at Chevron

In other Chevron news, VP Alana K. Knowles sold 2,800 shares of the stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $165.00, for a total transaction of $462,000.00. Following the completion of the transaction, the vice president now owns 276 shares in the company, valued at $45,540. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.18% of the company’s stock.

Chevron Profile

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.