Matrix Trust Co grew its stake in shares of Chevron Co. (NYSE:CVX – Get Rating) by 14.7% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 6,639 shares of the oil and gas company’s stock after buying an additional 850 shares during the period. Matrix Trust Co’s holdings in Chevron were worth $1,192,000 as of its most recent filing with the SEC.
Other large investors have also made changes to their positions in the company. Worth Asset Management LLC acquired a new position in shares of Chevron during the first quarter valued at about $36,000. JDM Financial Group LLC acquired a new position in shares of Chevron during the fourth quarter valued at about $42,000. Global Wealth Strategies & Associates acquired a new position in Chevron in the fourth quarter worth about $46,000. Orion Capital Management LLC raised its position in Chevron by 32.9% in the fourth quarter. Orion Capital Management LLC now owns 295 shares of the oil and gas company’s stock worth $53,000 after purchasing an additional 73 shares in the last quarter. Finally, Hillsdale Investment Management Inc. raised its position in Chevron by 127.3% in 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. Institutional investors and hedge funds own 69.37% of the company’s stock.
Chevron Price Performance
CVX opened at $169.04 on Wednesday. Chevron Co. has a one year low of $132.54 and a one year high of $189.68. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.47 and a quick ratio of 1.23. The company’s 50 day simple moving average is $164.77 and its 200-day simple moving average is $169.67. The stock has a market capitalization of $322.30 billion, a P/E ratio of 9.25, a price-to-earnings-growth ratio of 0.79 and a beta of 1.16.
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 issued a $1.51 dividend. This is a positive change from Chevron’s previous quarterly dividend of $1.42. This represents a $6.04 annualized dividend and a yield of 3.57%. The ex-dividend date of this dividend was Wednesday, February 15th. Chevron’s dividend payout ratio is currently 33.04%.
Chevron announced that its board has authorized a stock buyback program on Wednesday, January 25th that permits the company to repurchase $75.00 billion in outstanding shares. This repurchase authorization permits the oil and gas company to repurchase up to 21.7% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
Analysts Set New Price Targets
CVX has been the subject of several recent research reports. Cowen dropped their price target on shares of Chevron from $185.00 to $170.00 and set an “outperform” rating for the company in a research report on Friday, February 24th. Piper Sandler dropped their price target on shares of Chevron from $206.00 to $199.00 and set an “overweight” rating for the company in a research report on Monday, December 19th. Mizuho reissued a “neutral” rating and issued a $206.00 price target on shares of Chevron in a research report on Friday, March 17th. Truist Financial upped their price objective on shares of Chevron from $169.00 to $179.00 and gave the stock a “hold” rating in a research note on Tuesday, January 31st. Finally, Raymond James decreased their price objective on shares of Chevron from $215.00 to $212.00 and set an “outperform” rating on the stock in a research note on Monday, January 30th. Eleven investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, Chevron currently has an average rating of “Hold” and an average target price of $189.89.
Insider Activity at Chevron
In related news, VP Rhonda J. Morris sold 19,666 shares of the stock in a transaction that occurred 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 transaction, the vice president now directly owns 3,967 shares in the company, valued at $674,390. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.32% of the stock is currently owned by company insiders.
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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