Thompson Investment Management Inc. decreased its holdings in Chevron Co. (NYSE:CVX – Get Rating) by 5.5% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 29,216 shares of the oil and gas company’s stock after selling 1,685 shares during the period. Thompson Investment Management Inc.’s holdings in Chevron were worth $5,244,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors also recently bought and sold shares of CVX. Worth Asset Management LLC acquired a new position in shares of Chevron during the first quarter worth $36,000. JDM Financial Group LLC acquired a new position in shares of Chevron during the fourth quarter worth $42,000. Global Wealth Strategies & Associates acquired a new position in shares of Chevron during the fourth quarter worth $46,000. Hillsdale Investment Management Inc. increased its position in shares of 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 purchasing an additional 210 shares in the last quarter. Finally, CarsonAllaria Wealth Management Ltd. increased its position in shares of Chevron by 65.9% during the third quarter. CarsonAllaria Wealth Management Ltd. now owns 423 shares of the oil and gas company’s stock worth $61,000 after purchasing an additional 168 shares in the last quarter. Institutional investors own 69.37% of the company’s stock.
Chevron Stock Up 0.5 %
CVX stock opened at $163.16 on Friday. The company has a market cap of $311.09 billion, a price-to-earnings ratio of 8.93, a PEG ratio of 0.78 and a beta of 1.16. The company has a current ratio of 1.47, a quick ratio of 1.23 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 firm has a 50-day moving average of $165.22 and a two-hundred day moving average of $169.40.
Chevron declared that its Board of Directors has approved a stock buyback plan 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 reacquire up to 21.7% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.
Chevron Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 10th. Shareholders of record on Thursday, February 16th were issued a $1.51 dividend. This is an increase 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 dividend on an annualized basis and a yield of 3.70%. Chevron’s dividend payout ratio is presently 33.04%.
Insider Buying and Selling at Chevron
In other news, VP Rhonda J. Morris sold 19,666 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the vice president now owns 3,967 shares in the company, valued at approximately $674,390. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.32% of the stock is owned by insiders.
Wall Street Analyst Weigh In
Several equities analysts recently issued reports on CVX shares. Cowen cut their target price on Chevron from $185.00 to $170.00 and set an “outperform” rating on the stock in a research report on Friday, February 24th. Piper Sandler lowered their price target on shares of Chevron from $206.00 to $199.00 and set an “overweight” rating on the stock in a report on Monday, December 19th. HSBC upped their price target on shares of Chevron to $187.00 in a report on Friday, December 2nd. Mizuho reissued a “neutral” rating and set a $206.00 target price on shares of Chevron in a research note on Friday, March 17th. Finally, Wells Fargo & Company lowered their target price on shares of Chevron from $204.00 to $199.00 and set an “overweight” rating on the stock in a research note on Thursday, March 2nd. One research analyst has rated the stock with a sell rating, ten have given a hold rating and nine have issued a buy rating to the company. According to MarketBeat, Chevron currently has an average rating of “Hold” and a consensus target price of $189.33.
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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