Argyle Capital Management Inc. Trims Stake in Chevron Co. (NYSE:CVX)

Argyle Capital Management Inc. lowered its holdings in Chevron Co. (NYSE:CVX) by 15.2% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 26,322 shares of the oil and gas company’s stock after selling 4,700 shares during the quarter. Chevron accounts for 1.6% of Argyle Capital Management Inc.’s holdings, making the stock its 15th largest holding. Argyle Capital Management Inc.’s holdings in Chevron were worth $3,926,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. CX Institutional raised its stake in Chevron by 6.0% during the 3rd quarter. CX Institutional now owns 14,911 shares of the oil and gas company’s stock valued at $2,514,000 after acquiring an additional 848 shares during the last quarter. Whitcomb & Hess Inc. acquired a new stake in shares of Chevron during the third quarter worth $215,000. Ballast Inc. boosted its holdings in shares of Chevron by 19.1% during the third quarter. Ballast Inc. now owns 1,983 shares of the oil and gas company’s stock worth $334,000 after purchasing an additional 318 shares during the last quarter. Culbertson A N & Co. Inc. boosted its holdings in shares of Chevron by 1.9% during the third quarter. Culbertson A N & Co. Inc. now owns 50,018 shares of the oil and gas company’s stock worth $8,434,000 after purchasing an additional 951 shares during the last quarter. Finally, Hennessy Advisors Inc. raised its position in shares of Chevron by 4.4% in the 3rd quarter. Hennessy Advisors Inc. now owns 64,932 shares of the oil and gas company’s stock worth $10,949,000 after buying an additional 2,707 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Insider Activity

In other Chevron news, VP Alana K. Knowles sold 2,800 shares of the business’s stock in a transaction 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 sale, the vice president now directly owns 276 shares of the company’s stock, valued at approximately $44,184.84. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.18% of the company’s stock.

Chevron Price Performance

Shares of NYSE:CVX traded up $0.61 on Friday, reaching $165.89. 9,736,350 shares of the company traded hands, compared to its average volume of 7,082,480. Chevron Co. has a fifty-two week low of $139.62 and a fifty-two week high of $171.70. The company’s 50 day moving average is $156.58 and its 200-day moving average is $151.66. The stock has a market capitalization of $308.10 billion, a PE ratio of 15.26, a P/E/G ratio of 2.44 and a beta of 1.12. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.27 and a quick ratio of 1.01.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, April 26th. The oil and gas company reported $2.93 EPS for the quarter, beating analysts’ consensus estimates of $2.84 by $0.09. Chevron had a return on equity of 15.24% and a net margin of 10.63%. The company had revenue of $48.72 billion during the quarter, compared to the consensus estimate of $48.42 billion. During the same quarter in the prior year, the firm earned $3.55 EPS. The company’s quarterly revenue was down 4.1% compared to the same quarter last year. As a group, analysts anticipate that Chevron Co. will post 13.58 earnings per share for the current fiscal year.

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 10th. Stockholders of record on Friday, May 17th will be given a dividend of $1.63 per share. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 3.93%. Chevron’s dividend payout ratio (DPR) is presently 59.98%.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Piper Sandler raised their price objective on Chevron from $180.00 to $204.00 and gave the company an “overweight” rating in a research report on Thursday, April 18th. Scotiabank raised Chevron from a “sector perform” rating to a “sector outperform” rating and upped their target price for the company from $170.00 to $195.00 in a report on Thursday, April 11th. Royal Bank of Canada upped their target price on Chevron from $185.00 to $190.00 and gave the company an “outperform” rating in a report on Monday, February 5th. DZ Bank lowered 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. Finally, Barclays started coverage on Chevron in a research report on Wednesday, April 10th. They set an “overweight” rating and a $203.00 price objective for the company. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $184.75.

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.