Unique Wealth LLC acquired a new stake in Chevron Co. (NYSE:CVX – Get Rating) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 1,580 shares of the oil and gas company’s stock, valued at approximately $284,000.
A number of other institutional investors have also modified their holdings of CVX. Cantor Fitzgerald Investment Advisor L.P grew its stake in shares of Chevron by 85.1% in the first 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 buying an additional 73,141 shares in the last quarter. Axiom Financial Strategies LLC grew its stake in Chevron by 25.2% during the 1st quarter. Axiom Financial Strategies LLC now owns 7,335 shares of the oil and gas company’s stock worth $1,155,000 after purchasing an additional 1,476 shares in the last quarter. GQG Partners LLC grew its stake in Chevron by 4.7% during the 1st quarter. GQG Partners LLC now owns 40,538 shares of the oil and gas company’s stock worth $6,598,000 after purchasing an additional 1,813 shares in the last quarter. Lumature Wealth Partners LLC grew its stake in Chevron by 43.5% during the 1st quarter. Lumature Wealth Partners LLC now owns 5,837 shares of the oil and gas company’s stock worth $950,000 after purchasing an additional 1,770 shares in the last quarter. Finally, First Trust Advisors LP grew its stake in Chevron by 13.8% during the 1st quarter. First Trust Advisors LP now owns 2,068,600 shares of the oil and gas company’s stock worth $336,830,000 after purchasing an additional 250,840 shares in the last quarter. 69.37% of the stock is owned by institutional investors and hedge funds.
Chevron Stock Down 1.3 %
Chevron stock opened at $167.65 on Friday. Chevron Co. has a fifty-two week low of $132.54 and a fifty-two week high of $189.68. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.23 and a current ratio of 1.47. The company has a market capitalization of $319.65 billion, a P/E ratio of 9.17, a PEG ratio of 0.82 and a beta of 1.16. The stock has a 50-day simple moving average of $163.94 and a 200-day simple moving average of $169.73.
Chevron Increases Dividend
The company also recently announced 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 an increase from Chevron’s previous quarterly dividend of $1.42. This represents a $6.04 annualized dividend and a dividend yield of 3.60%. The ex-dividend date was Wednesday, February 15th. Chevron’s payout ratio is presently 33.04%.
Chevron announced that its board has approved a stock buyback plan on Wednesday, January 25th that authorizes the company to buyback $75.00 billion in shares. This buyback authorization authorizes the oil and gas company to purchase up to 21.7% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.
Wall Street Analyst Weigh In
Several research analysts recently commented on the company. StockNews.com assumed coverage on Chevron in a research note on Thursday, March 16th. They set a “hold” rating for the company. Bank of America cut Chevron from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $190.00 to $191.00 in a research note on Friday, January 6th. BNP Paribas raised Chevron from an “underperform” rating to a “neutral” rating and set a $200.00 target price for the company in a research note on Tuesday. Raymond James decreased their price target on Chevron from $215.00 to $212.00 and set an “outperform” rating for the company in a report on Monday, January 30th. Finally, Mizuho reaffirmed a “neutral” rating and set a $206.00 price target on shares of Chevron in a report on Friday, March 17th. Eleven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, Chevron presently has an average rating of “Hold” and an average target price of $189.76.
Insider Buying and Selling at Chevron
In other Chevron news, VP Rhonda J. Morris sold 19,666 shares of the company’s stock in a transaction that occurred on Tuesday, February 7th. The stock was 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 directly owns 3,967 shares of the company’s stock, valued at approximately $674,390. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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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