Czech National Bank trimmed its stake in shares of Chevron Co. (NYSE:CVX – Get Rating) by 0.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 208,312 shares of the oil and gas company’s stock after selling 949 shares during the quarter. Chevron accounts for 1.0% of Czech National Bank’s portfolio, making the stock its 16th largest holding. Czech National Bank’s holdings in Chevron were worth $37,390,000 as of its most recent SEC filing.
Other institutional investors also recently added to or reduced their stakes in the company. Renaissance Technologies LLC boosted its holdings in shares of Chevron by 600.7% in the 2nd quarter. Renaissance Technologies LLC now owns 5,786,295 shares of the oil and gas company’s stock worth $837,740,000 after acquiring an additional 4,960,475 shares in the last quarter. New England Asset Management Inc. boosted its holdings in shares of Chevron by 106.3% in the 3rd quarter. New England Asset Management Inc. now owns 4,439,965 shares of the oil and gas company’s stock worth $637,889,000 after acquiring an additional 2,288,050 shares in the last quarter. Legal & General Group Plc boosted its holdings in shares of Chevron by 16.3% in the 2nd 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 acquiring an additional 1,899,104 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Chevron by 7.6% in the 3rd 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 acquiring an additional 847,841 shares in the last quarter. Finally, Neuberger Berman Group LLC boosted its holdings in shares of Chevron by 28.3% in the 3rd quarter. Neuberger Berman Group LLC now owns 3,477,683 shares of the oil and gas company’s stock worth $499,801,000 after acquiring an additional 767,699 shares in the last quarter. 69.37% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
CVX has been the topic of several recent analyst reports. Raymond James reduced their target price on Chevron from $215.00 to $212.00 and set an “outperform” rating on the stock in a report on Monday, January 30th. Mizuho reissued a “neutral” rating and issued a $206.00 target price on shares of Chevron in a report on Friday, March 17th. Barclays boosted their target price on Chevron from $196.00 to $212.00 and gave the stock an “overweight” rating in a report on Tuesday, January 3rd. Morgan Stanley dropped their price objective on shares of Chevron from $197.00 to $195.00 and set an “equal weight” rating for the company in a research report on Monday, January 30th. Finally, Wells Fargo & Company dropped their price objective on shares of Chevron from $204.00 to $199.00 and set an “overweight” rating for the company in a research report on Thursday, March 2nd. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, Chevron currently has an average rating of “Hold” and an average price target of $189.50.
Chevron Price 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 (EPS) for the quarter, missing the consensus estimate of $4.16 by ($0.07). Chevron had a net margin of 14.40% and a return on equity of 23.52%. The firm had revenue of $56.47 billion during the quarter, compared to analyst estimates of $53.97 billion. During the same period last year, the firm earned $2.56 EPS. Chevron’s quarterly revenue was up 17.1% on a year-over-year basis. On average, equities research analysts forecast that Chevron Co. will post 14.73 earnings per share for the current year.
Chevron Increases Dividend
The company 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. This is a positive change from Chevron’s previous quarterly dividend of $1.42. The ex-dividend date of this dividend was Wednesday, February 15th. This represents a $6.04 annualized dividend and a dividend yield of 3.87%. Chevron’s payout ratio is 33.04%.
Chevron declared that its Board of Directors has authorized a share buyback program on Wednesday, January 25th that authorizes the company to repurchase $75.00 billion in shares. This repurchase authorization authorizes the oil and gas company to purchase up to 21.7% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.
Insider Activity
In other news, VP Rhonda J. Morris sold 19,666 shares of the business’s stock in a transaction on Tuesday, February 7th. The shares were sold at an average price of $170.00, for a total value of $3,343,220.00. Following the completion of the transaction, the vice president now owns 3,967 shares of the company’s stock, valued at approximately $674,390. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.32% of the stock is owned by company insiders.
About Chevron
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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