Thrive Wealth Management LLC Lowers Stock Holdings in Chevron Co. (NYSE:CVX)

Thrive Wealth Management LLC cut its holdings in Chevron Co. (NYSE:CVX) by 8.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 8,462 shares of the oil and gas company’s stock after selling 757 shares during the quarter. Thrive Wealth Management LLC’s holdings in Chevron were worth $1,226,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in CVX. Fairscale Capital LLC acquired a new position in shares of Chevron during the 2nd quarter worth approximately $100,000. Discovery Capital Management LLC CT purchased a new position in Chevron in the second quarter worth approximately $30,705,000. Cyrus J. Lawrence LLC increased its stake in Chevron by 66.7% during the second quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company’s stock worth $39,000 after acquiring an additional 100 shares during the last quarter. Commonwealth Financial Services LLC raised its position in Chevron by 2.9% in the second quarter. Commonwealth Financial Services LLC now owns 3,359 shares of the oil and gas company’s stock valued at $518,000 after purchasing an additional 96 shares during the period. Finally, Certified Advisory Corp lifted its stake in shares of Chevron by 6.1% in the 2nd quarter. Certified Advisory Corp now owns 17,211 shares of the oil and gas company’s stock valued at $2,692,000 after purchasing an additional 985 shares during the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO Michael K. Wirth sold 164,600 shares of the firm’s stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the transaction, the chief executive officer now directly owns 4,280 shares in the company, valued at approximately $685,356.40. This trade represents a 97.47 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.20% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on CVX shares. Citigroup raised shares of Chevron from a “neutral” rating to a “buy” rating and upped their target price for the company from $145.00 to $185.00 in a research report on Tuesday, November 26th. Wells Fargo & Company upped their price target on Chevron from $171.00 to $188.00 and gave the stock an “overweight” rating in a research note on Monday, December 9th. Scotiabank decreased their target price on Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. Bank of America began coverage on Chevron in a research report on Thursday, October 17th. They issued a “buy” rating and a $168.00 target price for the company. Finally, Raymond James increased their price target on shares of Chevron from $175.00 to $180.00 and gave the stock an “outperform” rating in a research report on Friday. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, Chevron has an average rating of “Moderate Buy” and a consensus price target of $175.27.

Chevron Trading Up 1.4 %

Shares of Chevron stock opened at $161.54 on Tuesday. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. The company has a fifty day simple moving average of $153.93 and a 200-day simple moving average of $151.01. The stock has a market cap of $290.30 billion, a price-to-earnings ratio of 17.75, a PEG ratio of 2.62 and a beta of 1.12. Chevron Co. has a 12-month low of $135.37 and a 12-month high of $167.11.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, November 1st. The oil and gas company reported $2.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.47 by $0.04. Chevron had a net margin of 8.44% and a return on equity of 13.15%. The company had revenue of $50.67 billion during the quarter, compared to the consensus estimate of $48.86 billion. During the same quarter in the prior year, the firm posted $3.05 earnings per share. Chevron’s revenue for the quarter was down 6.3% on a year-over-year basis. On average, equities analysts forecast that Chevron Co. will post 10.39 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Monday, November 18th were paid a dividend of $1.63 per share. The ex-dividend date of this dividend was Monday, November 18th. This represents a $6.52 dividend on an annualized basis and a yield of 4.04%. Chevron’s dividend payout ratio is presently 71.65%.

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.