Corton Capital Inc. Decreases Holdings in Chevron Co. (NYSE:CVX)

Corton Capital Inc. reduced its position in Chevron Co. (NYSE:CVX) by 22.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,021 shares of the oil and gas company’s stock after selling 573 shares during the period. Corton Capital Inc.’s holdings in Chevron were worth $293,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the company. IMG Wealth Management Inc. bought a new position in shares of Chevron in the 4th quarter worth approximately $25,000. Mizuho Securities Co. Ltd. purchased a new stake in Chevron during the fourth quarter valued at approximately $29,000. Fairway Wealth LLC raised its position in Chevron by 75.9% in the fourth quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company’s stock worth $30,000 after acquiring an additional 88 shares during the period. Navigoe LLC purchased a new position in shares of Chevron during the 4th quarter worth $33,000. Finally, New Wave Wealth Advisors LLC bought a new stake in shares of Chevron during the 4th quarter valued at $39,000. Institutional investors own 72.42% of the company’s stock.

Insider Activity

In other news, VP Jeff B. Gustavson sold 9,325 shares of the firm’s stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $152.50, for a total value of $1,422,062.50. Following the completion of the sale, the vice president now directly owns 1,057 shares of the company’s stock, valued at $161,192.50. This trade represents a 89.82 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.20% of the company’s stock.

Analysts Set New Price Targets

CVX has been the topic of a number of recent research reports. Raymond James decreased their target price on Chevron from $180.00 to $175.00 and set an “outperform” rating on the stock in a report on Monday, February 3rd. Royal Bank of Canada reaffirmed an “outperform” rating and set a $175.00 price objective on shares of Chevron in a research report on Monday, February 3rd. UBS Group reduced their target price on shares of Chevron from $194.00 to $185.00 and set a “buy” rating for the company in a report on Monday, April 7th. Truist Financial lowered their price target on shares of Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a report on Tuesday, February 4th. Finally, DZ Bank cut shares of Chevron from a “buy” rating to a “sell” rating and set a $130.00 price objective for the company. in a research note on Tuesday. Three analysts have rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $161.25.

Chevron Price Performance

Shares of Chevron stock opened at $135.87 on Wednesday. The firm has a market cap of $239.22 billion, a PE ratio of 13.98, a PEG ratio of 1.46 and a beta of 0.83. The stock has a 50 day moving average of $148.95 and a 200 day moving average of $152.34. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. Chevron Co. has a 12 month low of $132.04 and a 12 month high of $168.96.

Chevron (NYSE:CVX) last posted its earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share for the quarter, beating analysts’ consensus estimates of $2.15 by $0.03. Chevron had a net margin of 8.71% and a return on equity of 11.44%. The firm had revenue of $47.61 billion during the quarter, compared to analyst estimates of $49.05 billion. During the same period last year, the firm posted $2.93 earnings per share. Chevron’s revenue for the quarter was down 2.3% compared to the same quarter last year. On average, research analysts expect that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th will be issued a $1.71 dividend. The ex-dividend date of this dividend is Monday, May 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 5.03%. Chevron’s dividend payout ratio (DPR) is presently 78.17%.

Chevron Company 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.