Relaxing Retirement Coach acquired a new position in Chevron Co. (NYSE:CVX – Get Rating) during the fourth quarter, according to its most recent filing with the SEC. The firm acquired 1,292 shares of the oil and gas company’s stock, valued at approximately $232,000.
Other large investors have also recently made changes to their positions in the company. New England Asset Management Inc. boosted its position in shares of 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 valued at $637,889,000 after purchasing an additional 2,288,050 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of 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 valued at $1,731,739,000 after purchasing an additional 847,841 shares in the last quarter. Neuberger Berman Group LLC boosted its position in shares of 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 valued at $499,801,000 after purchasing an additional 767,699 shares in the last quarter. California Public Employees Retirement System boosted its position in shares of 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 valued at $653,751,000 after purchasing an additional 703,646 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its stake 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 valued at $262,490,000 after buying an additional 605,811 shares during the last quarter. 69.37% of the stock is currently owned by institutional investors.
Insider Activity at Chevron
In other Chevron news, VP Rhonda J. Morris sold 19,666 shares of the business’s stock in a transaction dated 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 owns 3,967 shares of the company’s stock, valued at $674,390. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.32% of the stock is owned by company insiders.
Chevron Stock Up 0.2 %
Chevron (NYSE:CVX – Get Rating) last posted its quarterly earnings data on Friday, January 27th. The oil and gas company reported $4.09 EPS for the quarter, missing analysts’ consensus estimates of $4.16 by ($0.07). The firm had revenue of $56.47 billion for the quarter, compared to analysts’ expectations of $53.97 billion. Chevron had a net margin of 14.40% and a return on equity of 23.52%. The firm’s revenue was up 17.1% compared to the same quarter last year. During the same quarter last year, the company posted $2.56 EPS. As a group, sell-side analysts predict that Chevron Co. will post 14.48 EPS for the current year.
Chevron announced that its board has initiated 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 buy up to 21.7% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.
Chevron Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, March 10th. Investors of record on Thursday, February 16th were given a dividend of $1.51 per share. This represents a $6.04 dividend on an annualized basis and a yield of 3.50%. 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 is 33.04%.
Wall Street Analysts Forecast Growth
A number of brokerages have issued reports on CVX. Cowen lowered their price objective on Chevron from $185.00 to $170.00 and set an “outperform” rating for the company in a research note on Friday, February 24th. Bank of America cut Chevron from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $190.00 to $191.00 in a research note on Friday, January 6th. Truist Financial lifted their price objective on Chevron from $179.00 to $193.00 and gave the company a “buy” rating in a research note on Tuesday, April 11th. Scotiabank upgraded Chevron from a “sector perform” rating to a “sector outperform” rating and lifted their price objective for the company from $195.00 to $200.00 in a research note on Thursday. Finally, Mizuho reiterated a “neutral” rating and set a $206.00 price objective on shares of Chevron in a research note on Tuesday, April 11th. Ten equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, Chevron presently has an average rating of “Moderate Buy” and a consensus target price of $191.11.
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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