Intech Investment Management LLC Lowers Stock Position in Chevron Co. (NYSE:CVX)

Intech Investment Management LLC cut its position in shares of Chevron Co. (NYSE:CVX) by 20.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 57,858 shares of the oil and gas company’s stock after selling 14,810 shares during the quarter. Intech Investment Management LLC’s holdings in Chevron were worth $8,380,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. United Bank grew its position in Chevron by 8.4% during the third quarter. United Bank now owns 8,095 shares of the oil and gas company’s stock valued at $1,192,000 after buying an additional 629 shares during the period. Joseph Group Capital Management increased its stake in shares of Chevron by 23.2% during the 3rd quarter. Joseph Group Capital Management now owns 16,393 shares of the oil and gas company’s stock worth $2,414,000 after purchasing an additional 3,092 shares during the last quarter. New England Asset Management Inc. raised its holdings in shares of Chevron by 0.4% in the 3rd quarter. New England Asset Management Inc. now owns 38,685 shares of the oil and gas company’s stock worth $5,697,000 after purchasing an additional 145 shares during the period. Windle Wealth LLC raised its holdings in shares of Chevron by 12.4% in the 3rd quarter. Windle Wealth LLC now owns 43,928 shares of the oil and gas company’s stock worth $6,469,000 after purchasing an additional 4,851 shares during the period. Finally, Lindenwold Advisors INC grew its holdings in Chevron by 1.5% during the third quarter. Lindenwold Advisors INC now owns 15,651 shares of the oil and gas company’s stock valued at $2,305,000 after purchasing an additional 238 shares during the period. 72.42% of the stock is owned by institutional investors.

Chevron Stock Performance

Chevron stock opened at $160.81 on Wednesday. Chevron Co. has a fifty-two week low of $135.37 and a fifty-two week high of $167.11. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. The stock has a market cap of $283.12 billion, a P/E ratio of 16.54, a price-to-earnings-growth ratio of 1.46 and a beta of 1.08. The firm’s fifty day moving average price is $155.49 and its 200-day moving average price is $152.23.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share for the quarter, missing analysts’ consensus estimates of $2.42 by ($0.36). Chevron had a net margin of 8.71% and a return on equity of 11.44%. During the same period in the previous year, the company posted $3.45 EPS. On average, equities research analysts expect that Chevron Co. will post 10.79 earnings per share for the current fiscal year.

Chevron Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Friday, February 14th were issued a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.25%. This is a boost from Chevron’s previous quarterly dividend of $1.63. The ex-dividend date was Friday, February 14th. Chevron’s dividend payout ratio (DPR) is currently 70.37%.

Insider Buying and Selling

In other Chevron news, VP Jeff B. Gustavson sold 9,325 shares of Chevron stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $152.50, for a total transaction of $1,422,062.50. Following the transaction, the vice president now directly owns 1,057 shares of the company’s stock, valued at approximately $161,192.50. This trade represents a 89.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.20% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

CVX has been the topic of several research reports. Raymond James lowered their target price on Chevron from $180.00 to $175.00 and set an “outperform” rating on the stock in a research note on Monday, February 3rd. UBS Group lowered their price objective on Chevron from $195.00 to $194.00 and set a “buy” rating on the stock in a research note on Monday, February 3rd. Citigroup raised shares of Chevron from a “neutral” rating to a “buy” rating and upped their price objective for the company from $145.00 to $185.00 in a report on Tuesday, November 26th. Truist Financial lowered their price target on shares of Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a research report on Tuesday, February 4th. Finally, Piper Sandler cut their price objective on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Four equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $174.13.

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; 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.