MGO One Seven LLC raised its holdings in Chevron Co. (NYSE:CVX – Get Rating) by 8.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 24,532 shares of the oil and gas company’s stock after purchasing an additional 1,910 shares during the quarter. MGO One Seven LLC’s holdings in Chevron were worth $4,403,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Cantor Fitzgerald Investment Advisor L.P grew its position in shares of Chevron by 85.1% during the 1st quarter. Cantor Fitzgerald Investment Advisor L.P now owns 159,115 shares of the oil and gas company’s stock valued at $25,908,000 after acquiring an additional 73,141 shares during the period. Axiom Financial Strategies LLC grew its stake in Chevron by 25.2% in the 1st quarter. Axiom Financial Strategies LLC now owns 7,335 shares of the oil and gas company’s stock valued at $1,155,000 after acquiring an additional 1,476 shares during the period. GQG Partners LLC increased its holdings in Chevron by 4.7% in the 1st quarter. GQG Partners LLC now owns 40,538 shares of the oil and gas company’s stock worth $6,598,000 after acquiring an additional 1,813 shares in the last quarter. Lumature Wealth Partners LLC raised its position in Chevron by 43.5% during the first quarter. Lumature Wealth Partners LLC now owns 5,837 shares of the oil and gas company’s stock worth $950,000 after acquiring an additional 1,770 shares during the period. Finally, First Trust Advisors LP grew its position in shares of Chevron by 13.8% in the first quarter. First Trust Advisors LP now owns 2,068,600 shares of the oil and gas company’s stock valued at $336,830,000 after purchasing an additional 250,840 shares during the period. 69.37% of the stock is owned by institutional investors and hedge funds.
Chevron Stock Down 1.3 %
Shares of NYSE CVX opened at $167.65 on Friday. The company has a quick ratio of 1.23, a current ratio of 1.47 and a debt-to-equity ratio of 0.13. The business’s 50 day moving average is $164.18 and its two-hundred day moving average is $169.66. Chevron Co. has a 52-week low of $132.54 and a 52-week high of $189.68. The firm has a market cap of $319.65 billion, a price-to-earnings ratio of 9.17, a PEG ratio of 0.81 and a beta of 1.16.
Chevron declared that its Board of Directors has initiated a share repurchase program on Wednesday, January 25th that permits the company to repurchase $75.00 billion in shares. This repurchase authorization permits the oil and gas company to reacquire up to 21.7% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.
Chevron Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, March 10th. Shareholders of record on Thursday, February 16th were given a $1.51 dividend. This represents a $6.04 annualized dividend and a yield of 3.60%. The ex-dividend date was Wednesday, February 15th. This is a boost from Chevron’s previous quarterly dividend of $1.42. Chevron’s dividend payout ratio (DPR) is currently 33.04%.
Insiders Place Their Bets
In related news, VP Rhonda J. Morris sold 19,666 shares of Chevron 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 transaction, the vice president now directly owns 3,967 shares in the company, valued at $674,390. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.32% of the company’s stock.
Wall Street Analyst Weigh In
A number of research analysts recently weighed in on CVX shares. Wells Fargo & Company decreased their price target 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. Truist Financial boosted their price target on Chevron from $169.00 to $179.00 and gave the stock a “hold” rating in a research report on Tuesday, January 31st. Piper Sandler lowered their target price on shares of Chevron from $206.00 to $199.00 and set an “overweight” rating on the stock in a research note on Monday, December 19th. Morgan Stanley dropped their price target on Chevron from $195.00 to $192.00 and set an “equal weight” rating for the company in a research report on Monday, March 27th. Finally, Bank of America lowered Chevron from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $190.00 to $191.00 in a report on Friday, January 6th. Eleven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $189.76.
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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