Merit Financial Group LLC raised its stake in shares of Chevron Co. (NYSE:CVX – Get Rating) by 10.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 48,196 shares of the oil and gas company’s stock after purchasing an additional 4,664 shares during the period. Merit Financial Group LLC’s holdings in Chevron were worth $8,651,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Northern Trust Corp raised its position in Chevron by 1.5% during the second quarter. Northern Trust Corp now owns 25,219,717 shares of the oil and gas company’s stock valued at $3,651,311,000 after purchasing an additional 371,458 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Chevron by 1.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 14,697,160 shares of the oil and gas company’s stock worth $2,393,138,000 after buying an additional 189,762 shares during the period. Legal & General Group Plc raised its holdings in shares of Chevron by 16.3% in the second quarter. Legal & General Group Plc now owns 13,569,692 shares of the oil and gas company’s stock worth $1,964,620,000 after buying an additional 1,899,104 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Chevron by 7.6% in the third quarter. Dimensional Fund Advisors LP now owns 12,052,751 shares of the oil and gas company’s stock worth $1,731,739,000 after buying an additional 847,841 shares during the period. Finally, FMR LLC raised its holdings in shares of Chevron by 62.3% in the second quarter. FMR LLC now owns 11,343,585 shares of the oil and gas company’s stock worth $1,642,325,000 after buying an additional 4,354,660 shares during the period. 69.37% of the stock is currently owned by hedge funds and other institutional investors.
Chevron Stock Down 1.0 %
Shares of NYSE CVX opened at $154.52 on Friday. The company has a current ratio of 1.47, a quick ratio of 1.23 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $294.62 billion, a PE ratio of 8.45, a price-to-earnings-growth ratio of 0.76 and a beta of 1.16. The stock’s fifty day simple moving average is $167.48 and its two-hundred day simple moving average is $169.32. Chevron Co. has a 12-month low of $132.54 and a 12-month high of $189.68.
Chevron Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 10th. Stockholders of record on Thursday, February 16th were given a $1.51 dividend. This is a boost from Chevron’s previous quarterly dividend of $1.42. The ex-dividend date was Wednesday, February 15th. This represents a $6.04 dividend on an annualized basis and a dividend yield of 3.91%. Chevron’s dividend payout ratio (DPR) is presently 33.04%.
Chevron announced that its board has authorized a share buyback program on Wednesday, January 25th that allows the company to repurchase $75.00 billion in shares. This repurchase authorization allows the oil and gas company to buy up to 21.7% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.
Analyst Upgrades and Downgrades
CVX has been the topic of several recent analyst reports. BNP Paribas downgraded Chevron from a “neutral” rating to an “underperform” rating and set a $190.00 price target on the stock. in a report on Wednesday, December 14th. StockNews.com initiated coverage on Chevron in a report on Thursday, March 16th. They issued a “hold” rating on the stock. Cowen reduced their price target on Chevron from $185.00 to $170.00 and set an “outperform” rating on the stock in a report on Friday, February 24th. Barclays increased their price objective on Chevron from $196.00 to $212.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 3rd. Finally, Truist Financial increased their price objective on Chevron from $169.00 to $179.00 and gave the stock a “hold” rating in a research note on Tuesday, January 31st. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $189.50.
Insider Transactions at Chevron
In other news, VP Rhonda J. Morris sold 19,666 shares of the firm’s stock in a transaction on 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 completion of the sale, the vice president now owns 3,967 shares of the company’s stock, valued at approximately $674,390. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.32% of the company’s stock.
Chevron Company 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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