Sawgrass Asset Management LLC Trims Stock Position in Chevron Co. (NYSE:CVX)

Sawgrass Asset Management LLC cut its stake in Chevron Co. (NYSE:CVX) by 3.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,873 shares of the oil and gas company’s stock after selling 272 shares during the quarter. Sawgrass Asset Management LLC’s holdings in Chevron were worth $1,174,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in Chevron by 0.3% in the 3rd quarter. Vanguard Group Inc. now owns 161,924,375 shares of the oil and gas company’s stock worth $27,303,688,000 after acquiring an additional 458,080 shares during the last quarter. Morgan Stanley grew its position in Chevron by 7.0% during the third quarter. Morgan Stanley now owns 34,166,899 shares of the oil and gas company’s stock valued at $5,761,223,000 after buying an additional 2,244,995 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Chevron by 8.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 26,235,473 shares of the oil and gas company’s stock worth $3,886,821,000 after acquiring an additional 1,999,332 shares during the period. Northern Trust Corp increased its stake in shares of Chevron by 2.6% in the 3rd quarter. Northern Trust Corp now owns 22,705,118 shares of the oil and gas company’s stock valued at $3,828,537,000 after purchasing an additional 569,850 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its holdings in Chevron by 0.4% in the 3rd quarter. Ameriprise Financial Inc. now owns 14,814,522 shares of the oil and gas company’s stock worth $2,499,684,000 after purchasing an additional 62,254 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Insiders Place Their Bets

In other news, Director Enrique Hernandez, Jr. sold 5,098 shares of the business’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $163.50, for a total value of $833,523.00. Following the completion of the transaction, the director now directly owns 2,549 shares of the company’s stock, valued at $416,761.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, VP Alana K. Knowles sold 2,800 shares of the stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $165.00, for a total transaction of $462,000.00. Following the transaction, the vice president now directly 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 accessible through this link. Also, Director Enrique Hernandez, Jr. sold 5,098 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $163.50, for a total transaction of $833,523.00. Following the completion of the sale, the director now owns 2,549 shares of the company’s stock, valued at $416,761.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 13,247 shares of company stock worth $2,154,164. 0.20% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have commented on CVX. DZ Bank cut Chevron from a “buy” rating to a “hold” rating and set a $160.00 target price for the company. in a report on Tuesday, February 6th. Wells Fargo & Company upped their target price on Chevron from $198.00 to $206.00 and gave the company an “overweight” rating in a report on Tuesday, April 30th. Truist Financial reduced their target price on shares of Chevron from $168.00 to $156.00 and set a “hold” rating on the stock in a research note on Friday, April 5th. Royal Bank of Canada increased their price objective on Chevron from $185.00 to $190.00 and gave the stock an “outperform” rating in a research report on Monday, February 5th. Finally, Mizuho increased their price target on Chevron from $195.00 to $200.00 and gave the stock a “buy” rating in a report on Wednesday, March 20th. Six equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, Chevron has an average rating of “Moderate Buy” and an average price target of $185.35.

Chevron Stock Performance

CVX stock traded down $0.13 during trading on Wednesday, hitting $162.54. The company had a trading volume of 6,704,983 shares, compared to its average volume of 8,445,787. Chevron Co. has a 1-year low of $139.62 and a 1-year high of $171.70. The company has a quick ratio of 0.93, a current ratio of 1.23 and a debt-to-equity ratio of 0.13. The firm has a 50-day moving average price of $157.62 and a 200-day moving average price of $151.45. The firm has a market cap of $300.21 billion, a PE ratio of 14.95, a price-to-earnings-growth ratio of 2.37 and a beta of 1.11.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, April 26th. The oil and gas company reported $2.93 EPS for the quarter, beating analysts’ consensus estimates of $2.84 by $0.09. The firm had revenue of $48.72 billion during the quarter, compared to the consensus estimate of $48.42 billion. Chevron had a net margin of 10.21% and a return on equity of 14.40%. The firm’s revenue was down 4.1% compared to the same quarter last year. During the same quarter last year, the firm earned $3.55 earnings per share. On average, analysts expect that Chevron Co. will post 13.53 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 10th. Investors of record on Friday, May 17th will be paid a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 4.01%. The ex-dividend date of this dividend is Thursday, May 16th. Chevron’s payout ratio is currently 59.98%.

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.