Chevron Co. (NYSE:CVX) Shares Sold by Pendal Group Ltd

Posted by Defense World Staff on Mar 30th, 2023

Pendal Group Ltd lessened its stake in shares of Chevron Co. (NYSE:CVX – Get Rating) by 9.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,876 shares of the oil and gas company’s stock after selling 385 shares during the quarter. Pendal Group Ltd’s holdings in Chevron were worth $696,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. New England Asset Management Inc. increased its position in shares of Chevron by 106.3% during the 3rd quarter. New England Asset Management Inc. now owns 4,439,965 shares of the oil and gas company’s stock valued at $637,889,000 after purchasing an additional 2,288,050 shares during the period. Legal & General Group Plc raised its position in 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 acquiring an additional 1,899,104 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in 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 valued at $1,731,739,000 after acquiring an additional 847,841 shares during the last quarter. Neuberger Berman Group LLC boosted its position in shares of Chevron by 28.3% during the 3rd quarter. Neuberger Berman Group LLC now owns 3,477,683 shares of the oil and gas company’s stock valued at $499,801,000 after purchasing an additional 767,699 shares in the last quarter. Finally, California Public Employees Retirement System grew its stake in shares of Chevron by 18.3% in the 3rd quarter. California Public Employees Retirement System now owns 4,550,363 shares of the oil and gas company’s stock worth $653,751,000 after purchasing an additional 703,646 shares during the last quarter. Institutional investors own 69.37% of the company’s stock.

Insider Buying and Selling at Chevron

In other news, VP Rhonda J. Morris sold 19,666 shares of the stock in a transaction on Tuesday, February 7th. The shares were sold at an average price of $170.00, for a total transaction of $3,343,220.00. Following the transaction, the vice president now owns 3,967 shares in the company, valued at approximately $674,390. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.32% of the company’s stock.

Chevron Trading Up 0.9 %

Chevron stock opened at $160.86 on Thursday. The company has a quick ratio of 1.23, a current ratio of 1.47 and a debt-to-equity ratio of 0.13. Chevron Co. has a 12 month low of $132.54 and a 12 month high of $189.68. The company’s fifty day simple moving average is $165.90 and its 200-day simple moving average is $169.45. The stock has a market cap of $306.71 billion, a P/E ratio of 8.80, a P/E/G ratio of 0.75 and a beta of 1.16.

Chevron (NYSE:CVX – Get Rating) last issued its 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 firm had revenue of $56.47 billion during the quarter, compared to analyst estimates of $53.97 billion. Chevron had a return on equity of 23.52% and a net margin of 14.40%. The business’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 earned $2.56 earnings per share. As a group, sell-side analysts forecast that Chevron Co. will post 14.55 EPS for the current fiscal year.

Chevron declared that its board has approved a stock buyback program on Wednesday, January 25th that allows the company to buyback $75.00 billion in outstanding shares. This buyback authorization allows the oil and gas company to repurchase up to 21.7% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Chevron Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 10th. Investors of record on Thursday, February 16th were given a dividend of $1.51 per share. This represents a $6.04 annualized dividend and a yield of 3.75%. The ex-dividend date of this dividend was Wednesday, February 15th. This is a positive change from Chevron’s previous quarterly dividend of $1.42. Chevron’s dividend payout ratio (DPR) is presently 33.04%.

Wall Street Analysts Forecast Growth

CVX has been the subject of several recent research reports. BNP Paribas lowered shares of Chevron from a “neutral” rating to an “underperform” rating and set a $190.00 target price for the company. in a research note on Wednesday, December 14th. HSBC raised their price objective on Chevron to $187.00 in a research note on Friday, December 2nd. Morgan Stanley cut their target price on Chevron from $195.00 to $192.00 and set an “equal weight” rating on the stock in a research report on Monday. Mizuho reiterated a “neutral” rating and issued a $206.00 price target on shares of Chevron in a research report on Friday, March 17th. Finally, Truist Financial boosted their price objective on Chevron from $169.00 to $179.00 and gave the stock a “hold” rating in a report on Tuesday, January 31st. One analyst has rated the stock with a sell rating, ten have issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, Chevron currently has a consensus rating of “Hold” and an average target price of $189.33.

Chevron Company Profile

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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.