Chevron Co. (NYSE:CVX) Stake Raised by Red Spruce Capital LLC

Red Spruce Capital LLC grew its holdings in shares of Chevron Co. (NYSE:CVX) by 11.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,983 shares of the oil and gas company’s stock after buying an additional 848 shares during the period. Red Spruce Capital LLC’s holdings in Chevron were worth $1,156,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in CVX. Mill Creek Capital Advisors LLC raised its holdings in Chevron by 3.2% during the second quarter. Mill Creek Capital Advisors LLC now owns 4,214 shares of the oil and gas company’s stock worth $659,000 after purchasing an additional 131 shares in the last quarter. Wescott Financial Advisory Group LLC increased its holdings in shares of Chevron by 14.3% in the second quarter. Wescott Financial Advisory Group LLC now owns 3,277 shares of the oil and gas company’s stock valued at $513,000 after buying an additional 411 shares in the last quarter. Zurich Insurance Group Ltd FI bought a new position in shares of Chevron in the second quarter valued at $57,992,000. Fred Alger Management LLC increased its holdings in shares of Chevron by 7.4% in the second quarter. Fred Alger Management LLC now owns 64,073 shares of the oil and gas company’s stock valued at $10,022,000 after buying an additional 4,435 shares in the last quarter. Finally, Merewether Investment Management LP bought a new position in shares of Chevron in the second quarter valued at $45,941,000. Institutional investors own 72.42% of the company’s stock.

Analyst Ratings Changes

CVX has been the topic of several research reports. Scotiabank dropped their price target on Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. UBS Group lifted their price objective on shares of Chevron from $194.00 to $195.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Barclays lifted their price objective on shares of Chevron from $168.00 to $174.00 and gave the stock an “overweight” rating in a research report on Monday, November 4th. Wells Fargo & Company lifted their price objective on shares of Chevron from $171.00 to $188.00 and gave the stock an “overweight” rating in a research report on Monday, December 9th. Finally, Bank of America began coverage on shares of Chevron in a research report on Thursday, October 17th. They set a “buy” rating and a $168.00 price objective on the stock. Four investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, Chevron presently has a consensus rating of “Moderate Buy” and an average price target of $175.27.

Chevron Trading Down 1.2 %

Shares of NYSE:CVX opened at $156.39 on Thursday. The stock has a market capitalization of $281.05 billion, a PE ratio of 17.19, a P/E/G ratio of 1.39 and a beta of 1.12. Chevron Co. has a 1 year low of $135.37 and a 1 year high of $167.11. The firm has a fifty day moving average price of $154.09 and a 200 day moving average price of $151.07. 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 (NYSE:CVX) last issued its quarterly earnings data on Friday, November 1st. The oil and gas company reported $2.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.47 by $0.04. The firm had revenue of $50.67 billion during the quarter, compared to analysts’ expectations of $48.86 billion. Chevron had a net margin of 8.44% and a return on equity of 13.15%. Chevron’s revenue for the quarter was down 6.3% on a year-over-year basis. During the same period in the prior year, the company posted $3.05 earnings per share. Analysts expect that Chevron Co. will post 10.18 EPS for the current fiscal year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th were given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 4.17%. The ex-dividend date of this dividend was Monday, November 18th. Chevron’s dividend payout ratio is 71.65%.

Insiders Place Their Bets

In other Chevron news, CEO Michael K. Wirth sold 164,600 shares of the business’s stock in a transaction 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 completion of the transaction, the chief executive officer now owns 4,280 shares of the company’s stock, valued at $685,356.40. The trade was a 97.47 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.20% of the company’s stock.

Chevron 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.