Marcum Wealth LLC Reduces Holdings in Chevron Co. (NYSE:CVX)

Marcum Wealth LLC reduced its stake in Chevron Co. (NYSE:CVX) by 2.3% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 17,557 shares of the oil and gas company’s stock after selling 405 shares during the quarter. Marcum Wealth LLC’s holdings in Chevron were worth $2,543,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Traveka Wealth LLC purchased a new position in shares of Chevron in the fourth quarter worth $371,000. Unique Wealth LLC lifted its position in Chevron by 38.1% during the 4th quarter. Unique Wealth LLC now owns 2,209 shares of the oil and gas company’s stock worth $320,000 after acquiring an additional 610 shares during the period. FNY Investment Advisers LLC purchased a new stake in Chevron during the 4th quarter valued at about $1,835,000. BCS Wealth Management acquired a new position in shares of Chevron in the fourth quarter valued at about $748,000. Finally, AdvisorNet Financial Inc lifted its holdings in shares of Chevron by 2.2% during the fourth quarter. AdvisorNet Financial Inc now owns 11,895 shares of the oil and gas company’s stock worth $1,723,000 after purchasing an additional 252 shares during the period. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. DZ Bank upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $170.00 price target on the stock in a report on Tuesday, November 5th. Citigroup raised shares of Chevron from a “neutral” rating to a “buy” rating and raised their target price for the stock from $145.00 to $185.00 in a report on Tuesday, November 26th. Royal Bank of Canada upped their price target on shares of Chevron from $170.00 to $175.00 and gave the company an “outperform” rating in a report on Monday, November 4th. Wells Fargo & Company boosted their price objective on Chevron from $171.00 to $188.00 and gave the company an “overweight” rating in a report on Monday, December 9th. Finally, Bank of America assumed coverage on Chevron in a report on Thursday, October 17th. They set a “buy” rating and a $168.00 target price on the stock. 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, the company currently has an average rating of “Moderate Buy” and a consensus target price of $174.87.

Insider Transactions at Chevron

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

Chevron Stock Up 1.3 %

CVX stock opened at $155.07 on Tuesday. Chevron Co. has a 52 week low of $135.37 and a 52 week 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 firm has a 50-day simple moving average of $153.71 and a 200-day simple moving average of $150.94. The stock has a market capitalization of $278.67 billion, a P/E ratio of 17.04, a P/E/G ratio of 2.93 and a beta of 1.12.

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

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th were paid a dividend of $1.63 per share. The ex-dividend date was Monday, November 18th. This represents a $6.52 annualized dividend and a yield of 4.20%. Chevron’s dividend payout ratio (DPR) is presently 71.65%.

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.