Geode Capital Management LLC Purchases 392,916 Shares of Chevron Co. (NYSE:CVX)

Geode Capital Management LLC raised its position in Chevron Co. (NYSE:CVX) by 1.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 36,269,270 shares of the oil and gas company’s stock after buying an additional 392,916 shares during the period. Geode Capital Management LLC owned 2.02% of Chevron worth $5,247,142,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. StoneX Group Inc. grew its holdings in shares of Chevron by 22.0% during the fourth quarter. StoneX Group Inc. now owns 48,753 shares of the oil and gas company’s stock worth $7,061,000 after purchasing an additional 8,791 shares during the last quarter. HighPoint Advisor Group LLC grew its holdings in Chevron by 2.3% during the 4th quarter. HighPoint Advisor Group LLC now owns 62,080 shares of the oil and gas company’s stock worth $9,597,000 after acquiring an additional 1,386 shares during the last quarter. Franklin Resources Inc. increased its position in Chevron by 0.5% in the 4th quarter. Franklin Resources Inc. now owns 17,280,105 shares of the oil and gas company’s stock valued at $2,502,850,000 after acquiring an additional 79,917 shares in the last quarter. Family Legacy Inc. increased its position in Chevron by 1.1% in the 4th quarter. Family Legacy Inc. now owns 7,887 shares of the oil and gas company’s stock valued at $1,185,000 after acquiring an additional 84 shares in the last quarter. Finally, Rodgers Brothers Inc. raised its stake in shares of Chevron by 1.5% in the fourth quarter. Rodgers Brothers Inc. now owns 51,805 shares of the oil and gas company’s stock worth $7,503,000 after acquiring an additional 768 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Insider Buying and Selling at Chevron

In related news, VP Jeff B. Gustavson sold 9,325 shares of the firm’s stock in a transaction 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 sale, the vice president now directly owns 1,057 shares in the company, valued at $161,192.50. This trade represents a 89.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.20% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Royal Bank of Canada reissued an “outperform” rating and issued a $175.00 price target on shares of Chevron in a report on Monday, February 3rd. UBS Group dropped their target price on Chevron from $195.00 to $194.00 and set a “buy” rating for the company in a research report on Monday, February 3rd. Wells Fargo & Company cut their price target on Chevron from $188.00 to $184.00 and set an “overweight” rating on the stock in a research note on Monday, February 3rd. Barclays lowered their price objective on Chevron from $174.00 to $171.00 and set an “overweight” rating for the company in a research report on Wednesday, February 5th. Finally, Raymond James cut their target price on shares of Chevron from $180.00 to $175.00 and set an “outperform” rating on the stock in a research report on Monday, February 3rd. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $174.13.

Chevron Price Performance

Shares of CVX stock opened at $167.52 on Tuesday. The firm has a market capitalization of $294.94 billion, a price-to-earnings ratio of 17.23, a price-to-earnings-growth ratio of 1.46 and a beta of 1.08. Chevron Co. has a 12-month low of $135.37 and a 12-month high of $168.96. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. The firm has a fifty day moving average of $157.22 and a 200-day moving average of $153.80.

Chevron (NYSE:CVX) last posted its earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share (EPS) 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 last year, the firm earned $3.45 earnings per share. On average, equities research analysts forecast that Chevron Co. will post 10.79 earnings per share for the current year.

Chevron Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 10th. Shareholders of record on Friday, February 14th were issued a dividend of $1.71 per share. This is an increase from Chevron’s previous quarterly dividend of $1.63. This represents a $6.84 annualized dividend and a yield of 4.08%. The ex-dividend date was Friday, February 14th. Chevron’s dividend payout ratio (DPR) is 70.37%.

Chevron Company 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.