Sandhill Capital Partners LLC Cuts Stake in Chevron Co. (NYSE:CVX)

Sandhill Capital Partners LLC reduced its stake in Chevron Co. (NYSE:CVX) by 8.9% during the fourth quarter, HoldingsChannel reports. The fund owned 31,495 shares of the oil and gas company’s stock after selling 3,077 shares during the period. Sandhill Capital Partners LLC’s holdings in Chevron were worth $4,698,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Syon Capital LLC lifted its holdings in shares of Chevron by 18.8% during the fourth quarter. Syon Capital LLC now owns 21,474 shares of the oil and gas company’s stock valued at $3,203,000 after purchasing an additional 3,402 shares in the last quarter. Meritage Portfolio Management lifted its holdings in shares of Chevron by 7.8% during the fourth quarter. Meritage Portfolio Management now owns 27,838 shares of the oil and gas company’s stock valued at $4,152,000 after purchasing an additional 2,003 shares in the last quarter. Lyell Wealth Management LP lifted its holdings in shares of Chevron by 1.8% during the fourth quarter. Lyell Wealth Management LP now owns 52,411 shares of the oil and gas company’s stock valued at $7,818,000 after purchasing an additional 920 shares in the last quarter. Disciplined Equity Management Inc. lifted its holdings in shares of Chevron by 44.4% during the fourth quarter. Disciplined Equity Management Inc. now owns 1,300 shares of the oil and gas company’s stock valued at $194,000 after purchasing an additional 400 shares in the last quarter. Finally, BIP Wealth LLC lifted its holdings in shares of Chevron by 141.5% during the fourth quarter. BIP Wealth LLC now owns 6,397 shares of the oil and gas company’s stock valued at $954,000 after purchasing an additional 3,748 shares in the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Raymond James increased their target price on Chevron from $170.00 to $174.00 and gave the company an “outperform” rating in a report on Monday, April 15th. TD Cowen downgraded Chevron from an “outperform” rating to a “market perform” rating and lowered their target price for the company from $170.00 to $150.00 in a report on Tuesday, January 23rd. UBS Group increased their target price on Chevron from $185.00 to $197.00 and gave the company a “buy” rating in a report on Tuesday, April 9th. Truist Financial lowered their target price on Chevron from $168.00 to $156.00 and set a “hold” rating on the stock in a report on Friday, April 5th. Finally, The Goldman Sachs Group reissued a “buy” rating on shares of Chevron in a report on Monday, April 1st. Six equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $184.75.

Chevron Price Performance

CVX traded up $1.70 on Thursday, hitting $165.27. 9,694,216 shares of the company’s stock traded hands, compared to its average volume of 8,464,199. The company’s 50 day simple moving average is $156.14 and its 200-day simple moving average is $151.75. The firm has a market cap of $306.95 billion, a price-to-earnings ratio of 14.55, a P/E/G ratio of 2.40 and a beta of 1.12. Chevron Co. has a one year low of $139.62 and a one year high of $171.70. The company has a current ratio of 1.27, a quick ratio of 1.01 and a debt-to-equity ratio of 0.13.

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, beating 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 company had revenue of $47.18 billion for the quarter, compared to the consensus estimate of $50.93 billion. During the same quarter last year, the company earned $4.09 EPS. The firm’s quarterly revenue was down 16.5% on a year-over-year basis. As a group, research analysts anticipate that Chevron Co. will post 13.58 EPS for the current year.

Chevron Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 11th. Shareholders of record on Friday, February 16th were paid a $1.63 dividend. This is an increase from Chevron’s previous quarterly dividend of $1.51. The ex-dividend date was Thursday, February 15th. This represents a $6.52 dividend on an annualized basis and a yield of 3.95%. Chevron’s payout ratio is presently 57.39%.

Insiders Place Their Bets

In other Chevron news, VP Alana K. Knowles sold 2,800 shares of Chevron stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $160.09, for a total value of $448,252.00. Following the sale, the vice president now owns 276 shares of the company’s stock, valued at approximately $44,184.84. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.18% of the company’s stock.

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.