CCM Investment Advisers LLC Sells 3,743 Shares of Chevron Co. (NYSE:CVX)

CCM Investment Advisers LLC trimmed its holdings in shares of Chevron Co. (NYSE:CVX) by 5.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 69,462 shares of the oil and gas company’s stock after selling 3,743 shares during the quarter. CCM Investment Advisers LLC’s holdings in Chevron were worth $11,333,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Morgan Stanley increased its holdings in Chevron by 12.7% during the fourth quarter. Morgan Stanley now owns 32,906,060 shares of the oil and gas company’s stock valued at $5,906,309,000 after buying an additional 3,711,923 shares during the period. Moneta Group Investment Advisors LLC increased its holdings in Chevron by 104,997.3% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 24,490,824 shares of the oil and gas company’s stock valued at $4,395,858,000 after buying an additional 24,467,521 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Chevron by 76.5% during the first quarter. Charles Schwab Investment Management Inc. now owns 23,667,484 shares of the oil and gas company’s stock valued at $3,839,241,000 after buying an additional 10,257,980 shares during the period. Norges Bank purchased a new position in Chevron during the fourth quarter valued at approximately $3,058,235,000. Finally, Price T Rowe Associates Inc. MD increased its holdings in Chevron by 6.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 14,844,054 shares of the oil and gas company’s stock valued at $2,421,958,000 after buying an additional 948,045 shares during the period. 68.87% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Truist Financial lifted their price target on shares of Chevron from $163.00 to $165.00 and gave the stock a “hold” rating in a report on Monday, July 31st. Piper Sandler cut their price target on shares of Chevron from $196.00 to $188.00 in a report on Tuesday, June 13th. Morgan Stanley lifted their price target on shares of Chevron from $197.00 to $198.00 and gave the stock an “equal weight” rating in a report on Friday, August 18th. Citigroup cut their price target on shares of Chevron from $180.00 to $170.00 in a report on Tuesday, July 11th. Finally, The Goldman Sachs Group raised shares of Chevron from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $166.00 to $187.00 in a report on Monday, July 31st. Seven analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $190.28.

Chevron Trading Up 1.9 %

NYSE CVX opened at $166.81 on Wednesday. The company has a market capitalization of $311.48 billion, a PE ratio of 10.58, a P/E/G ratio of 0.89 and a beta of 1.18. The company has a fifty day moving average of $160.07 and a 200 day moving average of $160.05. Chevron Co. has a 1 year low of $140.46 and a 1 year high of $189.68. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.43 and a quick ratio of 1.13.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, July 28th. The oil and gas company reported $3.08 earnings per share for the quarter, topping analysts’ consensus estimates of $2.95 by $0.13. The business had revenue of $48.90 billion during the quarter, compared to the consensus estimate of $48 billion. Chevron had a net margin of 13.54% and a return on equity of 19.48%. The company’s revenue was down 28.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $5.82 earnings per share. Research analysts forecast that Chevron Co. will post 13.19 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 11th. Shareholders of record on Friday, August 18th were given a $1.51 dividend. The ex-dividend date was Thursday, August 17th. This represents a $6.04 dividend on an annualized basis and a dividend yield of 3.62%. Chevron’s dividend payout ratio (DPR) is currently 38.30%.

Insiders Place Their Bets

In other news, CFO Pierre R. Breber sold 25,000 shares of the business’s stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $164.00, for a total transaction of $4,100,000.00. Following the completion of the sale, the chief financial officer now owns 6,021 shares of the company’s stock, valued at $987,444. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, VP Jeff B. Gustavson sold 3,750 shares of the business’s stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $160.88, for a total transaction of $603,300.00. Following the completion of the sale, the vice president now owns 1,718 shares of the company’s stock, valued at $276,391.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Pierre R. Breber sold 25,000 shares of the business’s stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $164.00, for a total transaction of $4,100,000.00. Following the sale, the chief financial officer now directly owns 6,021 shares of the company’s stock, valued at approximately $987,444. The disclosure for this sale can be found here. 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; liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and processing, transportation, storage, and marketing of natural gas, as well as a gas-to-liquids plant.