Jennison Associates LLC decreased its holdings in Chevron Co. (NYSE:CVX – Free Report) by 21.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 746,449 shares of the oil and gas company’s stock after selling 198,343 shares during the period. Jennison Associates LLC’s holdings in Chevron were worth $121,791,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors have also modified their holdings of the stock. Rebalance LLC acquired a new stake in Chevron during the fourth quarter worth approximately $26,000. Worth Asset Management LLC acquired a new stake in Chevron during the 1st quarter worth $36,000. Red Tortoise LLC purchased a new stake in Chevron in the fourth quarter valued at $37,000. Western Pacific Wealth Management LP acquired a new position in Chevron in the fourth quarter valued at $37,000. Finally, JDM Financial Group LLC purchased a new position in shares of Chevron during the fourth quarter worth about $42,000. Hedge funds and other institutional investors own 69.65% of the company’s stock.
Chevron Trading Down 2.5 %
Chevron stock opened at $153.58 on Friday. The stock has a 50-day moving average price of $155.83 and a 200 day moving average price of $163.85. Chevron Co. has a 52 week low of $136.43 and a 52 week high of $189.68. The stock has a market cap of $290.98 billion, a PE ratio of 8.29, a P/E/G ratio of 0.80 and a beta of 1.16. The company has a current ratio of 1.43, a quick ratio of 1.16 and a debt-to-equity ratio of 0.13.
Chevron Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Monday, June 12th. Shareholders of record on Friday, May 19th were paid a dividend of $1.51 per share. This represents a $6.04 dividend on an annualized basis and a dividend yield of 3.93%. The ex-dividend date was Thursday, May 18th. Chevron’s dividend payout ratio is presently 32.61%.
Analysts Set New Price Targets
A number of analysts recently issued reports on CVX shares. Citigroup decreased their target price on Chevron from $180.00 to $170.00 in a research report on Tuesday, July 11th. Truist Financial decreased their price target on shares of Chevron from $193.00 to $190.00 in a research note on Monday, May 1st. UBS Group assumed coverage on shares of Chevron in a research note on Wednesday, April 19th. They issued a “buy” rating and a $212.00 price objective on the stock. JPMorgan Chase & Co. raised Chevron from an “underweight” rating to a “neutral” rating and boosted their target price for the company from $161.00 to $170.00 in a report on Wednesday, May 31st. Finally, Raymond James dropped their price target on shares of Chevron from $212.00 to $208.00 and set an “outperform” rating on the stock in a research note on Friday, April 14th. Eight investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Chevron presently has an average rating of “Moderate Buy” and an average price target of $191.63.
About Chevron
Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and processing, transportation, storage, and marketing of natural gas, as well as a gas-to-liquids plant.
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