Granite Bay Wealth Management LLC Has $16.42 Million Position in Chevron Co. (NYSE:CVX)

Granite Bay Wealth Management LLC lifted its holdings in shares of Chevron Co. (NYSE:CVX) by 23.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 108,692 shares of the oil and gas company’s stock after buying an additional 20,569 shares during the period. Granite Bay Wealth Management LLC’s holdings in Chevron were worth $16,423,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of CVX. Picton Mahoney Asset Management bought a new position in shares of Chevron in the 3rd quarter valued at about $26,000. Valley Forge Investment Consultants Inc. ADV lifted its stake in Chevron by 80.0% in the 3rd quarter. Valley Forge Investment Consultants Inc. ADV now owns 180 shares of the oil and gas company’s stock valued at $30,000 after purchasing an additional 80 shares during the last quarter. Valued Wealth Advisors LLC bought a new position in Chevron during the fourth quarter worth about $33,000. DHJJ Financial Advisors Ltd. bought a new stake in Chevron in the third quarter valued at approximately $35,000. Finally, Worth Asset Management LLC bought a new position in shares of Chevron during the 1st quarter worth approximately $36,000. Institutional investors and hedge funds own 72.42% of the company’s stock.

Chevron Stock Performance

NYSE:CVX opened at $158.96 on Monday. The company has a quick ratio of 1.01, a current ratio of 1.27 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $295.23 billion, a PE ratio of 13.99, a price-to-earnings-growth ratio of 2.40 and a beta of 1.12. Chevron Co. has a twelve month low of $139.62 and a twelve month high of $172.88. The stock’s 50-day simple moving average is $154.92 and its 200 day simple moving average is $152.01.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, February 2nd. The oil and gas company reported $3.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.19 by $0.26. The company had revenue of $47.18 billion for the quarter, compared to analyst estimates of $50.93 billion. Chevron had a net margin of 10.63% and a return on equity of 15.24%. The firm’s revenue was down 16.5% on a year-over-year basis. During the same period in the previous year, the firm posted $4.09 EPS. On average, analysts anticipate that Chevron Co. will post 13.24 EPS for the current fiscal year.

Chevron Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 11th. Investors of record on Friday, February 16th were paid a $1.63 dividend. This is a boost from Chevron’s previous quarterly dividend of $1.51. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $6.52 annualized dividend and a dividend yield of 4.10%. Chevron’s payout ratio is currently 57.39%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on CVX shares. UBS Group increased their price target on Chevron from $185.00 to $197.00 and gave the company a “buy” rating in a research note on Tuesday, April 9th. DZ Bank downgraded shares of Chevron from a “buy” rating to a “hold” rating and set a $160.00 target price for the company. in a report on Tuesday, February 6th. Barclays started coverage on shares of Chevron in a research note on Wednesday, April 10th. They issued an “overweight” rating and a $203.00 price target on the stock. The Goldman Sachs Group restated a “buy” rating on shares of Chevron in a report on Monday, April 1st. Finally, Piper Sandler lowered their target price on Chevron from $188.00 to $180.00 and set an “overweight” rating on the stock in a research note on Thursday, March 14th. Six investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $183.60.

Insider Buying and Selling

In other Chevron news, VP Alana K. Knowles sold 2,800 shares of the firm’s stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $160.09, for a total transaction of $448,252.00. Following the completion of the transaction, the vice president now owns 276 shares in the company, valued at approximately $44,184.84. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.18% of the stock is owned by corporate 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.