Charles Schwab Investment Management Inc. Grows Stock Holdings in Chevron Co. (NYSE:CVX)

Charles Schwab Investment Management Inc. lifted its holdings in shares of Chevron Co. (NYSE:CVX) by 8.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 26,235,473 shares of the oil and gas company’s stock after acquiring an additional 1,999,332 shares during the quarter. Chevron comprises approximately 1.0% of Charles Schwab Investment Management Inc.’s holdings, making the stock its 11th biggest holding. Charles Schwab Investment Management Inc.’s holdings in Chevron were worth $3,886,821,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in CVX. Picton Mahoney Asset Management acquired a new stake in shares of Chevron during the third quarter worth approximately $26,000. Bare Financial Services Inc bought a new position in shares of Chevron during the fourth quarter worth about $27,000. Valley Forge Investment Consultants Inc. ADV grew its stake in Chevron by 80.0% in the third quarter. Valley Forge Investment Consultants Inc. ADV now owns 180 shares of the oil and gas company’s stock worth $30,000 after purchasing an additional 80 shares in the last quarter. Valued Wealth Advisors LLC bought a new stake in Chevron in the fourth quarter valued at about $33,000. Finally, Legacy Financial Group LLC bought a new position in Chevron during the 3rd quarter worth approximately $43,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on CVX. Scotiabank upgraded Chevron from a “sector perform” rating to a “sector outperform” rating and boosted their price target for the company from $170.00 to $195.00 in a report on Thursday, April 11th. Royal Bank of Canada increased their price objective on shares of Chevron from $185.00 to $190.00 and gave the stock an “outperform” rating in a research note on Monday, February 5th. Piper Sandler lifted their target price on Chevron from $180.00 to $204.00 and gave the company an “overweight” rating in a research note on Thursday, April 18th. Barclays began coverage on Chevron in a report on Wednesday, April 10th. They issued an “overweight” rating and a $203.00 price target on the stock. Finally, Raymond James raised their target price on Chevron from $170.00 to $174.00 and gave the company an “outperform” rating in a research note on Monday, April 15th. Six equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, Chevron has a consensus rating of “Moderate Buy” and a consensus target price of $185.35.

Chevron Price Performance

NYSE CVX traded down $0.26 on Wednesday, reaching $162.41. The company’s stock had a trading volume of 3,135,149 shares, compared to its average volume of 8,404,722. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.93 and a current ratio of 1.23. The firm’s 50 day moving average is $157.62 and its two-hundred day moving average is $151.45. Chevron Co. has a twelve month low of $139.62 and a twelve month high of $171.70. The stock has a market cap of $299.97 billion, a PE ratio of 14.94, a PEG ratio of 2.37 and a beta of 1.11.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, April 26th. The oil and gas company reported $2.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.84 by $0.09. The company had revenue of $48.72 billion for the quarter, compared to analysts’ expectations of $48.42 billion. Chevron had a return on equity of 14.40% and a net margin of 10.21%. The firm’s revenue was down 4.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.55 earnings per share. As a group, sell-side analysts predict that Chevron Co. will post 13.53 EPS for the current year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 10th. Shareholders of record on Friday, May 17th will be paid a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 4.01%. The ex-dividend date of this dividend is Thursday, May 16th. Chevron’s dividend payout ratio is presently 59.98%.

Insider Activity at Chevron

In other Chevron news, VP Alana K. Knowles sold 2,800 shares of Chevron stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $165.00, for a total transaction of $462,000.00. Following the transaction, the vice president now owns 276 shares of the company’s stock, valued at approximately $45,540. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, VP Alana K. Knowles sold 2,800 shares of Chevron stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $165.00, for a total transaction of $462,000.00. Following the completion of the sale, the vice president now directly owns 276 shares in the company, valued at approximately $45,540. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Enrique Hernandez, Jr. sold 2,549 shares of Chevron stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $161.00, for a total transaction of $410,389.00. Following the completion of the sale, the director now directly owns 7,647 shares of the company’s stock, valued at approximately $1,231,167. The disclosure for this sale can be found here. In the last 90 days, insiders sold 13,247 shares of company stock worth $2,154,164. 0.20% of the stock is owned by corporate insiders.

Chevron Profile

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; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.