M&G Investment Management Ltd. Sells 24,261 Shares of Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Apr 12th, 2023

M&G Investment Management Ltd. lowered its holdings in shares of Chevron Co. (NYSE:CVX – Get Rating) by 14.5% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 142,624 shares of the oil and gas company’s stock after selling 24,261 shares during the period. M&G Investment Management Ltd.’s holdings in Chevron were worth $25,530,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. New England Asset Management Inc. lifted its position in Chevron by 106.3% during the third quarter. New England Asset Management Inc. now owns 4,439,965 shares of the oil and gas company’s stock worth $637,889,000 after acquiring an additional 2,288,050 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Chevron by 7.6% during the third quarter. Dimensional Fund Advisors LP now owns 12,052,751 shares of the oil and gas company’s stock worth $1,731,739,000 after acquiring an additional 847,841 shares during the last quarter. Neuberger Berman Group LLC lifted its position in Chevron by 28.3% during the third quarter. Neuberger Berman Group LLC now owns 3,477,683 shares of the oil and gas company’s stock worth $499,801,000 after acquiring an additional 767,699 shares during the last quarter. California Public Employees Retirement System lifted its position in Chevron by 18.3% during the third 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 acquiring an additional 703,646 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its position in Chevron by 70.7% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,462,423 shares of the oil and gas company’s stock worth $262,490,000 after acquiring an additional 605,811 shares during the last quarter. Institutional investors own 69.37% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on CVX shares. Truist Financial raised their price objective on shares of Chevron from $179.00 to $193.00 and gave the stock a “buy” rating in a research report on Tuesday. 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 reiterated a “neutral” rating and issued a $206.00 price target on shares of Chevron in a research report on Tuesday. BNP Paribas upgraded shares of Chevron from an “underperform” rating to a “neutral” rating and set a $200.00 price target for the company in a research report on Tuesday, April 4th. Finally, Wells Fargo & Company dropped their price target on shares of Chevron from $204.00 to $199.00 and set an “overweight” rating for the company in a research report on Thursday, March 2nd. Ten equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $190.59.

Insiders Place Their Bets

In other Chevron news, VP Rhonda J. Morris sold 19,666 shares of the business’s 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 sale, the vice president now owns 3,967 shares of the company’s stock, valued at $674,390. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.32% of the company’s stock.

Chevron Stock Performance

NYSE CVX opened at $169.22 on Wednesday. The firm’s fifty day moving average price is $163.73 and its two-hundred day moving average price is $170.20. The stock has a market cap of $322.65 billion, a PE ratio of 9.26, a PEG ratio of 0.81 and a beta of 1.16. 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.

Chevron (NYSE:CVX – Get Rating) last posted its earnings results on Friday, January 27th. The oil and gas company reported $4.09 earnings per share for the quarter, missing analysts’ consensus estimates of $4.16 by ($0.07). The company had revenue of $56.47 billion for the quarter, compared to the consensus estimate of $53.97 billion. Chevron had a return on equity of 23.52% and a net margin of 14.40%. The business’s quarterly revenue was up 17.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.56 EPS. On average, equities analysts expect that Chevron Co. will post 14.56 EPS for the current fiscal year.

Chevron Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 10th. Shareholders of record on Thursday, February 16th were paid a dividend of $1.51 per share. This represents a $6.04 dividend on an annualized basis and a dividend yield of 3.57%. The ex-dividend date was Wednesday, February 15th. This is a boost from Chevron’s previous quarterly dividend of $1.42. Chevron’s payout ratio is presently 33.04%.

Chevron announced that its board has authorized a share buyback plan on Wednesday, January 25th that authorizes the company to repurchase $75.00 billion in shares. This repurchase authorization authorizes the oil and gas company to repurchase up to 21.7% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its stock is undervalued.

About Chevron

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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.