Corundum Group Inc. lifted its holdings in Chevron Co. (NYSE:CVX – Get Rating) by 2.0% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 6,231 shares of the oil and gas company’s stock after purchasing an additional 124 shares during the quarter. Corundum Group Inc.’s holdings in Chevron were worth $1,118,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of CVX. Worth Asset Management LLC bought a new stake in shares of Chevron in the 1st quarter worth about $36,000. JDM Financial Group LLC bought a new position in shares of Chevron in the 4th quarter valued at about $42,000. Hillsdale Investment Management Inc. increased its stake in Chevron by 127.3% during the third quarter. Hillsdale Investment Management Inc. now owns 375 shares of the oil and gas company’s stock worth $54,000 after acquiring an additional 210 shares during the last quarter. CarsonAllaria Wealth Management Ltd. raised its position in Chevron by 65.9% during the third quarter. CarsonAllaria Wealth Management Ltd. now owns 423 shares of the oil and gas company’s stock valued at $61,000 after purchasing an additional 168 shares during the period. Finally, Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. lifted its stake in shares of Chevron by 275.0% in the 3rd quarter. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. now owns 600 shares of the oil and gas company’s stock valued at $86,000 after purchasing an additional 440 shares during the last quarter. Institutional investors own 69.37% of the company’s stock.
Insider Buying and Selling
In other Chevron news, VP Rhonda J. Morris sold 19,666 shares of Chevron stock in a transaction dated Tuesday, February 7th. The stock was sold at an average price of $170.00, for a total value of $3,343,220.00. Following the transaction, the vice president now owns 3,967 shares in the company, valued at $674,390. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.32% of the stock is currently owned by company insiders.
Chevron Stock Performance
Chevron (NYSE:CVX – Get Rating) last announced its quarterly earnings results on Friday, January 27th. The oil and gas company reported $4.09 earnings per share for the quarter, missing the consensus estimate of $4.16 by ($0.07). The business had revenue of $56.47 billion during the quarter, compared to analysts’ expectations of $53.97 billion. Chevron had a return on equity of 23.52% and a net margin of 14.40%. Chevron’s revenue for the quarter was up 17.1% on a year-over-year basis. During the same period in the previous year, the company posted $2.56 EPS. As a group, equities research analysts forecast that Chevron Co. will post 14.73 EPS for the current fiscal year.
Chevron declared that its board has approved a stock repurchase program on Wednesday, January 25th that permits the company to buyback $75.00 billion in shares. This buyback authorization permits the oil and gas company to reacquire up to 21.7% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
Chevron Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, March 10th. Stockholders of record on Thursday, February 16th were issued a $1.51 dividend. The ex-dividend date of this dividend was Wednesday, February 15th. This is an increase from Chevron’s previous quarterly dividend of $1.42. This represents a $6.04 dividend on an annualized basis and a dividend yield of 3.79%. Chevron’s dividend payout ratio (DPR) is currently 33.04%.
Analysts Set New Price Targets
CVX has been the topic of several analyst reports. Piper Sandler cut their target price on Chevron from $206.00 to $199.00 and set an “overweight” rating on the stock in a research report on Monday, December 19th. BNP Paribas downgraded shares of Chevron from a “neutral” rating to an “underperform” rating and set a $190.00 target price on the stock. in a research note on Wednesday, December 14th. Cowen lowered their target price on shares of Chevron from $185.00 to $170.00 and set an “outperform” rating for the company in a report on Friday, February 24th. Morgan Stanley cut their price target on shares of Chevron from $197.00 to $195.00 and set an “equal weight” rating on the stock in a report on Monday, January 30th. Finally, Barclays boosted their target price on Chevron from $196.00 to $212.00 and gave the company an “overweight” rating in a research report on Tuesday, January 3rd. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, Chevron has a consensus rating of “Hold” and a consensus price target of $189.50.
Chevron Profile
Chevron Corp. engages in the provision of administrative, financial management, and technology support for energy and chemical operations. It operates through the Upstream and Downstream segments. The Upstream segment consists of the exploration, development, and production of crude oil and natural gas, the liquefaction, transportation, and regasification associated with liquefied natural gas, the transporting of crude oil by major international oil export pipelines, the processing, transporting, storage, and marketing of natural gas, and a gas-to-liquids plant.
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