Fundamentun LLC Lowers Stake in Chevron Co. (NYSE:CVX)

Fundamentun LLC trimmed its position in Chevron Co. (NYSE:CVX – Get Rating) by 4.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 23,841 shares of the oil and gas company’s stock after selling 1,089 shares during the period. Fundamentun LLC’s holdings in Chevron were worth $4,279,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Worth Asset Management LLC acquired a new stake in shares of Chevron in the first quarter worth approximately $36,000. JDM Financial Group LLC purchased a new stake in shares of Chevron during the fourth quarter worth approximately $42,000. Global Wealth Strategies & Associates purchased a new stake in shares of Chevron during the fourth quarter worth approximately $46,000. Hillsdale Investment Management Inc. increased its position in shares of Chevron by 127.3% during the third quarter. Hillsdale Investment Management Inc. now owns 375 shares of the oil and gas company’s stock worth $54,000 after purchasing an additional 210 shares in the last quarter. Finally, Piershale Financial Group Inc. purchased a new stake in shares of Chevron during the fourth quarter worth approximately $72,000. 69.37% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Trading Down 1.3 %

CVX traded down $1.95 during mid-day trading on Friday, hitting $152.34. 33,161,774 shares of the stock were exchanged, compared to its average volume of 7,617,204. The firm’s fifty day moving average is $169.06 and its two-hundred day moving average is $169.44. Chevron Co. has a 1-year low of $132.54 and a 1-year high of $189.68. The company has a current ratio of 1.47, a quick ratio of 1.23 and a debt-to-equity ratio of 0.13. The company has a market cap of $290.46 billion, a PE ratio of 8.33, a PEG ratio of 0.73 and a beta of 1.16.

Chevron (NYSE:CVX – Get Rating) last posted its earnings results on Friday, January 27th. The oil and gas company reported $4.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.16 by ($0.07). Chevron had a return on equity of 23.52% and a net margin of 14.40%. The firm had revenue of $56.47 billion for the quarter, compared to analyst estimates of $53.97 billion. During the same period in the previous year, the company posted $2.56 EPS. Chevron’s revenue was up 17.1% on a year-over-year basis. Equities analysts forecast that Chevron Co. will post 14.73 earnings per share for the current fiscal year.

Chevron announced that its Board of Directors has authorized a stock buyback program on Wednesday, January 25th that authorizes the company to buyback $75.00 billion in outstanding shares. This buyback authorization authorizes the oil and gas company to buy up to 21.7% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Chevron Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 10th. Investors of record on Thursday, February 16th were paid a dividend of $1.51 per share. This is a positive change from Chevron’s previous quarterly dividend of $1.42. The ex-dividend date of this dividend was Wednesday, February 15th. This represents a $6.04 annualized dividend and a yield of 3.96%. Chevron’s dividend payout ratio is presently 33.04%.

Insider Buying and Selling

In other Chevron news, VP Rhonda J. Morris sold 19,666 shares of the company’s stock in a transaction dated Tuesday, February 7th. The stock was sold at an average price of $170.00, for a total transaction of $3,343,220.00. Following the sale, the vice president now owns 3,967 shares in the company, valued at approximately $674,390. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.32% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

CVX has been the subject of several research reports. StockNews.com began coverage on Chevron in a research report on Thursday. They set a “hold” rating for the company. BNP Paribas lowered Chevron from a “neutral” rating to an “underperform” rating and set a $190.00 price objective on the stock. in a research note on Wednesday, December 14th. Truist Financial boosted their price objective on Chevron from $169.00 to $179.00 and gave the stock a “hold” rating in a research note on Tuesday, January 31st. Bank of America lowered Chevron from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $190.00 to $191.00 in a research note on Friday, January 6th. Finally, Raymond James lowered their price objective on Chevron from $215.00 to $212.00 and set an “outperform” rating on the stock in a research note on Monday, January 30th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, Chevron currently has a consensus rating of “Hold” and an average price target of $189.50.

Chevron Profile

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Chevron Corp. engages in the provision of administrative, financial management, and technology support for energy and chemical operations. It operates through the Upstream and Downstream segments. The Upstream segment consists of the exploration, development, and production of crude oil and natural gas, the liquefaction, transportation, and regasification associated with liquefied natural gas, the transporting of crude oil by major international oil export pipelines, the processing, transporting, storage, and marketing of natural gas, and a gas-to-liquids plant.