Prudential Financial Inc. Sells 288,000 Shares of Chevron Co. (NYSE:CVX)

Prudential Financial Inc. lessened its position in shares of Chevron Co. (NYSE:CVX - Free Report) by 19.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,224,693 shares of the oil and gas company's stock after selling 288,000 shares during the period. Prudential Financial Inc. owned approximately 0.07% of Chevron worth $177,385,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. State Street Corp increased its holdings in shares of Chevron by 0.6% during the third quarter. State Street Corp now owns 159,105,244 shares of the oil and gas company's stock worth $23,431,429,000 after purchasing an additional 874,962 shares during the period. Nicholas Company Inc. grew its position in Chevron by 4.3% during the fourth quarter. Nicholas Company Inc. now owns 80,025 shares of the oil and gas company's stock worth $11,591,000 after buying an additional 3,280 shares in the last quarter. Dale Q Rice Investment Management Ltd bought a new position in Chevron during the 4th quarter worth $594,000. Unified Investment Management acquired a new position in Chevron in the 4th quarter valued at $729,000. Finally, Capital Investment Counsel LLC lifted its position in shares of Chevron by 4.5% during the 3rd quarter. Capital Investment Counsel LLC now owns 74,508 shares of the oil and gas company's stock valued at $10,973,000 after acquiring an additional 3,177 shares during the period. Institutional investors and hedge funds own 72.42% of the company's stock.

Chevron Trading Up 0.6 %

NYSE:CVX traded up $0.91 during mid-day trading on Tuesday, hitting $165.93. 7,865,154 shares of the company's stock were exchanged, compared to its average volume of 7,337,986. Chevron Co. has a fifty-two week low of $135.37 and a fifty-two week high of $167.11. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $292.14 billion, a P/E ratio of 17.07, a PEG ratio of 1.46 and a beta of 1.08. The company has a 50 day simple moving average of $156.49 and a 200-day simple moving average of $152.81.

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Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings results on Friday, January 31st. The oil and gas company reported $2.06 EPS for the quarter, missing analysts' consensus estimates 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 quarter last year, the business posted $3.45 EPS. As a group, research analysts expect that Chevron Co. will post 10.79 earnings per share for the current year.

Chevron Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 10th. Shareholders of record on Friday, February 14th were given a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.12%. The ex-dividend date was Friday, February 14th. This is a positive change from Chevron's previous quarterly dividend of $1.63. Chevron's payout ratio is 70.37%.

Insider Activity

In related news, VP Jeff B. Gustavson sold 9,325 shares of the company's stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $152.50, for a total value 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 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.

Wall Street Analysts Forecast Growth

CVX has been the topic of a number of recent analyst reports. Piper Sandler decreased their price target on Chevron from $184.00 to $173.00 and set an "overweight" rating on the stock in a research report on Thursday, December 19th. UBS Group cut their price target on shares of Chevron from $195.00 to $194.00 and set a "buy" rating for the company in a report on Monday, February 3rd. Barclays decreased their price objective on shares of Chevron from $174.00 to $171.00 and set an "overweight" rating on the stock in a research note on Wednesday, February 5th. Royal Bank of Canada reissued an "outperform" rating and set a $175.00 price target on shares of Chevron in a report on Monday, February 3rd. Finally, Truist Financial reduced their price objective on Chevron from $164.00 to $160.00 and set a "hold" rating on the stock in a research note on Tuesday, February 4th. Four equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $174.13.

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.