Spinnaker Investment Group LLC Boosts Holdings in Chevron Co. (NYSE:CVX)

Spinnaker Investment Group LLC boosted its position in shares of Chevron Co. (NYSE:CVX) by 8.7% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 2,420 shares of the oil and gas company’s stock after purchasing an additional 193 shares during the quarter. Spinnaker Investment Group LLC’s holdings in Chevron were worth $351,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of CVX. Legacy Investment Solutions LLC bought a new stake in shares of Chevron during the third quarter valued at approximately $29,000. Rational Advisors LLC purchased a new stake in Chevron during the 3rd quarter valued at $29,000. Darwin Wealth Management LLC bought a new stake in shares of Chevron in the 3rd quarter worth $30,000. RPg Family Wealth Advisory LLC purchased a new position in shares of Chevron in the third quarter worth $31,000. Finally, Livelsberger Financial Advisory bought a new position in shares of Chevron during the third quarter valued at $47,000. 72.42% of the stock is currently owned by institutional investors.

Chevron Trading Down 0.3 %

Chevron stock opened at $155.62 on Friday. Chevron Co. has a 12-month low of $135.37 and a 12-month high of $167.11. The firm has a market capitalization of $279.66 billion, a price-to-earnings ratio of 17.10, a P/E/G ratio of 1.37 and a beta of 1.12. The firm has a 50 day moving average of $153.93 and a 200 day moving average of $151.14. 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 announced 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. Chevron had a net margin of 8.44% and a return on equity of 13.15%. The firm had revenue of $50.67 billion during the quarter, compared to analysts’ expectations of $48.86 billion. During the same period in the prior year, the company posted $3.05 earnings per share. The company’s revenue for the quarter was down 6.3% compared to the same quarter last year. As a group, research analysts predict that Chevron Co. will post 10.18 earnings per share for the current year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th were issued a dividend of $1.63 per share. The ex-dividend date was Monday, November 18th. This represents a $6.52 dividend on an annualized basis and a yield of 4.19%. Chevron’s dividend payout ratio is presently 71.65%.

Insider Activity

In related news, CEO Michael K. Wirth sold 164,600 shares of Chevron stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the sale, the chief executive officer now owns 4,280 shares of the company’s stock, valued at approximately $685,356.40. This trade represents a 97.47 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on CVX. Royal Bank of Canada lifted their price objective on Chevron from $170.00 to $175.00 and gave the stock an “outperform” rating in a report on Monday, November 4th. Citigroup raised shares of Chevron from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $145.00 to $185.00 in a report on Tuesday, November 26th. Piper Sandler lowered their price objective on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. Scotiabank cut their target price 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. Finally, Wells Fargo & Company increased their price target on Chevron from $171.00 to $188.00 and gave the company an “overweight” rating in a report on Monday, December 9th. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, Chevron has a consensus rating of “Moderate Buy” and a consensus price target of $175.27.

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.