Chevron Co. (NYSE:CVX) Shares Sold by Zacks Investment Management

Zacks Investment Management lessened its holdings in Chevron Co. (NYSE:CVX) by 7.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 284,543 shares of the oil and gas company’s stock after selling 22,082 shares during the period. Zacks Investment Management’s holdings in Chevron were worth $41,213,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Allianz SE purchased a new stake in shares of Chevron during the 4th quarter valued at about $9,369,000. Nicholas Company Inc. boosted its stake in shares of Chevron by 4.3% in the fourth quarter. Nicholas Company Inc. now owns 80,025 shares of the oil and gas company’s stock valued at $11,591,000 after purchasing an additional 3,280 shares during the period. Applied Finance Capital Management LLC increased its stake in Chevron by 1.6% during the 4th quarter. Applied Finance Capital Management LLC now owns 179,815 shares of the oil and gas company’s stock worth $26,044,000 after buying an additional 2,755 shares during the period. Cerity Partners LLC boosted its position in Chevron by 4.5% in the 4th quarter. Cerity Partners LLC now owns 1,205,747 shares of the oil and gas company’s stock valued at $174,817,000 after buying an additional 52,307 shares during the last quarter. Finally, Dale Q Rice Investment Management Ltd acquired a new stake in shares of Chevron during the fourth quarter valued at about $594,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Stock Performance

CVX opened at $134.55 on Wednesday. Chevron Co. has a twelve month low of $132.04 and a twelve month high of $168.96. The stock has a market cap of $236.88 billion, a PE ratio of 13.84, a price-to-earnings-growth ratio of 1.46 and a beta of 0.93. The business’s 50 day moving average is $154.64 and its 200-day moving average is $153.69. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13.

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

Chevron Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Friday, February 14th were paid a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 5.08%. The ex-dividend date of this dividend was Friday, February 14th. This is a positive change from Chevron’s previous quarterly dividend of $1.63. Chevron’s dividend payout ratio (DPR) is currently 70.37%.

Insider Activity

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

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on CVX. UBS Group lowered their price objective on Chevron from $194.00 to $185.00 and set a “buy” rating for the company in a research note on Monday, April 7th. Truist Financial reduced their price objective on shares of Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a research note on Tuesday, February 4th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $175.00 price target on shares of Chevron in a research report on Monday, February 3rd. Raymond James cut their price objective on Chevron from $180.00 to $175.00 and set an “outperform” rating on the stock in a research note on Monday, February 3rd. Finally, Scotiabank lowered Chevron from a “sector outperform” rating to a “sector perform” rating and dropped their price target for the company from $160.00 to $143.00 in a research report on Friday, April 11th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $169.50.

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.