Norway Savings Bank Sells 200 Shares of Chevron Co. (NYSE:CVX)

Norway Savings Bank trimmed its holdings in Chevron Co. (NYSE:CVX) by 0.9% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 22,965 shares of the oil and gas company’s stock after selling 200 shares during the quarter. Chevron comprises approximately 1.8% of Norway Savings Bank’s portfolio, making the stock its 17th biggest position. Norway Savings Bank’s holdings in Chevron were worth $3,326,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of CVX. Rational Advisors LLC bought a new position in Chevron during the third quarter valued at approximately $29,000. Legacy Investment Solutions LLC purchased a new position in Chevron in the third quarter worth about $29,000. Darwin Wealth Management LLC bought a new stake in shares of Chevron during the 3rd quarter valued at about $30,000. RPg Family Wealth Advisory LLC purchased a new position in shares of Chevron in the third quarter worth approximately $31,000. Finally, Cyrus J. Lawrence LLC grew its position 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 valued at $39,000 after buying an additional 100 shares during the period. Institutional investors own 72.42% of the company’s stock.

Chevron Stock Up 1.5 %

NYSE:CVX traded up $2.27 during midday trading on Tuesday, reaching $149.53. 4,877,479 shares of the stock traded hands, compared to its average volume of 5,899,240. Chevron Co. has a 12-month low of $135.37 and a 12-month high of $167.11. The business has a 50-day moving average of $153.60 and a two-hundred day moving average of $151.14. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. The stock has a market capitalization of $268.72 billion, a PE ratio of 16.43, a price-to-earnings-growth ratio of 2.93 and a beta of 1.12.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share for the quarter, topping analysts’ consensus estimates of $2.47 by $0.04. The business had revenue of $50.67 billion for the quarter, compared to analyst estimates of $48.86 billion. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The company’s revenue was down 6.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.05 earnings per share. On average, equities analysts forecast that Chevron Co. will post 10.5 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Monday, November 18th were paid a $1.63 dividend. 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 4.36%. Chevron’s dividend payout ratio (DPR) is 71.65%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CVX. Scotiabank cut their price objective on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. Wells Fargo & Company boosted their price objective on Chevron from $171.00 to $188.00 and gave the company an “overweight” rating in a research report on Monday, December 9th. Piper Sandler lowered their price target on Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. Citigroup upgraded Chevron from a “neutral” rating to a “buy” rating and raised their price objective for the company from $145.00 to $185.00 in a research report on Tuesday, November 26th. Finally, Mizuho decreased their price target on shares of Chevron from $205.00 to $189.00 and set an “outperform” rating on the stock in a research note on Monday, September 16th. Four investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $175.19.

Insider Buying and Selling

In other news, CEO Michael K. Wirth sold 164,600 shares of the company’s stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $160.13, for a total value of $26,357,398.00. Following the sale, the chief executive officer now owns 4,280 shares in the company, valued at $685,356.40. This represents a 97.47 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.20% 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; 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.