Palisade Asset Management LLC Raises Stock Position in Chevron Co. (NYSE:CVX)

Palisade Asset Management LLC lifted its stake in Chevron Co. (NYSE:CVX) by 2.7% in the 3rd quarter, HoldingsChannel reports. The firm owned 95,388 shares of the oil and gas company’s stock after buying an additional 2,504 shares during the quarter. Chevron accounts for 1.4% of Palisade Asset Management LLC’s portfolio, making the stock its 22nd biggest position. Palisade Asset Management LLC’s holdings in Chevron were worth $14,048,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of CVX. Kingsview Wealth Management LLC lifted its stake in shares of Chevron by 14.9% in the 3rd quarter. Kingsview Wealth Management LLC now owns 115,187 shares of the oil and gas company’s stock valued at $16,964,000 after purchasing an additional 14,928 shares during the period. Cerity Partners LLC raised its holdings in Chevron by 3.7% in the third quarter. Cerity Partners LLC now owns 1,153,440 shares of the oil and gas company’s stock worth $169,867,000 after purchasing an additional 41,178 shares in the last quarter. Great Valley Advisor Group Inc. raised its holdings in Chevron by 7.5% in the third quarter. Great Valley Advisor Group Inc. now owns 65,895 shares of the oil and gas company’s stock worth $9,705,000 after purchasing an additional 4,605 shares in the last quarter. Waddell & Associates LLC boosted its holdings in shares of Chevron by 4.9% during the 3rd quarter. Waddell & Associates LLC now owns 9,407 shares of the oil and gas company’s stock valued at $1,385,000 after buying an additional 441 shares in the last quarter. Finally, Leelyn Smith LLC increased its stake in shares of Chevron by 6.4% in the 3rd quarter. Leelyn Smith LLC now owns 16,229 shares of the oil and gas company’s stock worth $2,390,000 after acquiring an additional 979 shares in the last quarter. Institutional investors own 72.42% of the company’s stock.

Insider Buying and Selling at Chevron

In other news, CEO Michael K. Wirth sold 164,600 shares of Chevron 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 transaction, the chief executive officer now owns 4,280 shares in the company, valued at $685,356.40. This trade represents a 97.47 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.20% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on CVX. Mizuho cut their price objective on shares of Chevron from $205.00 to $189.00 and set an “outperform” rating on the stock in a report on Monday, September 16th. Truist Financial upped their price target on Chevron from $150.00 to $155.00 and gave the stock a “hold” rating in a research note on Monday, November 4th. Wells Fargo & Company lowered their price objective on Chevron from $196.00 to $169.00 and set an “overweight” rating for the company in a research note on Friday, September 27th. Barclays increased their target price on Chevron from $168.00 to $174.00 and gave the stock an “overweight” rating in a research note on Monday, November 4th. Finally, DZ Bank raised Chevron from a “hold” rating to a “buy” rating and set a $170.00 price target for the company in a research report on Tuesday, November 5th. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Chevron currently has a consensus rating of “Moderate Buy” and a consensus target price of $174.93.

Chevron Stock Up 0.5 %

Shares of Chevron stock opened at $162.36 on Friday. Chevron Co. has a twelve month low of $135.37 and a twelve month high of $167.11. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. The company’s 50 day moving average is $151.58 and its 200 day moving average is $152.69. The company has a market cap of $291.78 billion, a price-to-earnings ratio of 17.84, a price-to-earnings-growth ratio of 3.56 and a beta of 1.09.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share for the quarter, beating the consensus estimate of $2.47 by $0.04. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The firm had revenue of $50.67 billion for the quarter, compared to analysts’ expectations of $48.86 billion. During the same period in the prior year, the firm earned $3.05 EPS. The company’s revenue was down 6.3% compared to the same quarter last year. Research analysts anticipate that Chevron Co. will post 10.55 EPS for the current year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th will be given a $1.63 dividend. The ex-dividend date of this dividend is Monday, November 18th. This represents a $6.52 annualized dividend and a yield of 4.02%. Chevron’s payout ratio is 71.65%.

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.