Palisade Asset Management LLC Acquires 2,821 Shares of Chevron Co. (NYSE:CVX)

Palisade Asset Management LLC boosted its stake in shares of Chevron Co. (NYSE:CVX) by 3.2% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 92,111 shares of the oil and gas company’s stock after acquiring an additional 2,821 shares during the quarter. Chevron makes up approximately 1.5% of Palisade Asset Management LLC’s holdings, making the stock its 20th biggest holding. Palisade Asset Management LLC’s holdings in Chevron were worth $13,739,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CVX. Windsor Advisory Group LLC grew its position in shares of Chevron by 24.0% during the 3rd quarter. Windsor Advisory Group LLC now owns 3,720 shares of the oil and gas company’s stock worth $627,000 after buying an additional 720 shares during the period. Renaissance Investment Group LLC lifted its position in Chevron by 12.7% in the 4th quarter. Renaissance Investment Group LLC now owns 6,187 shares of the oil and gas company’s stock valued at $923,000 after acquiring an additional 697 shares in the last quarter. Altrius Capital Management Inc increased its holdings in Chevron by 2.1% during the 3rd quarter. Altrius Capital Management Inc now owns 21,333 shares of the oil and gas company’s stock worth $3,597,000 after purchasing an additional 434 shares in the last quarter. Camelot Portfolios LLC bought a new position in Chevron during the 4th quarter worth about $254,000. Finally, Kapstone Financial Advisors LLC increased its holdings in Chevron by 5.3% during the 4th quarter. Kapstone Financial Advisors LLC now owns 4,216 shares of the oil and gas company’s stock worth $626,000 after purchasing an additional 211 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Analyst Ratings Changes

CVX has been the subject of a number of research reports. Raymond James increased their target price on Chevron from $170.00 to $174.00 and gave the stock an “outperform” rating in a report on Monday, April 15th. Wells Fargo & Company increased their price objective on shares of Chevron from $198.00 to $206.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 30th. Royal Bank of Canada increased their price objective on shares of Chevron from $185.00 to $190.00 and gave the stock an “outperform” rating in a research note on Monday, February 5th. Barclays initiated coverage on shares of Chevron in a research note on Wednesday, April 10th. They set an “overweight” rating and a $203.00 price objective for the company. Finally, UBS Group increased their price objective on shares of Chevron from $185.00 to $197.00 and gave the stock a “buy” rating in a research note on Tuesday, April 9th. Six equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, Chevron has a consensus rating of “Moderate Buy” and a consensus price target of $185.35.

Chevron Stock Performance

Chevron stock traded down $0.13 during trading hours on Wednesday, hitting $162.54. The company had a trading volume of 6,615,436 shares, compared to its average volume of 8,421,499. The firm has a market cap of $300.21 billion, a PE ratio of 14.94, a PEG ratio of 2.37 and a beta of 1.11. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.23 and a quick ratio of 0.93. Chevron Co. has a one year low of $139.62 and a one year high of $171.70. The firm has a 50-day moving average of $157.62 and a 200 day moving average of $151.45.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, April 26th. The oil and gas company reported $2.93 earnings per share for the quarter, beating the consensus estimate of $2.84 by $0.09. The firm had revenue of $48.72 billion for the quarter, compared to analysts’ expectations of $48.42 billion. Chevron had a net margin of 10.21% and a return on equity of 14.40%. The business’s revenue was down 4.1% on a year-over-year basis. During the same period in the prior year, the firm earned $3.55 EPS. On average, sell-side analysts expect that Chevron Co. will post 13.53 earnings per share for the current year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 10th. Shareholders of record on Friday, May 17th will be issued a $1.63 dividend. The ex-dividend date is Thursday, May 16th. This represents a $6.52 annualized dividend and a yield of 4.01%. Chevron’s dividend payout ratio is currently 59.98%.

Insider Buying and Selling at Chevron

In other news, Director Enrique Hernandez, Jr. sold 5,098 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $163.50, for a total transaction of $833,523.00. Following the transaction, the director now directly owns 2,549 shares of the company’s stock, valued at $416,761.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Enrique Hernandez, Jr. sold 5,098 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $163.50, for a total transaction of $833,523.00. Following the transaction, the director now directly owns 2,549 shares of the company’s stock, valued at $416,761.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Enrique Hernandez, Jr. sold 2,549 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $161.00, for a total transaction of $410,389.00. Following the transaction, the director now directly owns 7,647 shares in the company, valued at $1,231,167. The disclosure for this sale can be found here. Insiders have sold a total of 13,247 shares of company stock valued at $2,154,164 in the last three months. 0.20% of the stock is currently owned by company insiders.

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.