Zacks Investment Management Sells 22,082 Shares of Chevron Co. (NYSE:CVX)

Zacks Investment Management cut its position in Chevron Co. (NYSE:CVX - Free Report) by 7.2% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 284,543 shares of the oil and gas company's stock after selling 22,082 shares during the quarter. Zacks Investment Management's holdings in Chevron were worth $41,213,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CVX. Norges Bank bought a new stake in shares of Chevron during the 4th quarter worth about $3,017,750,000. Raymond James Financial Inc. acquired a new position in shares of Chevron during the fourth quarter valued at approximately $1,036,302,000. Bank of New York Mellon Corp raised its holdings in Chevron by 17.3% during the fourth quarter. Bank of New York Mellon Corp now owns 16,496,687 shares of the oil and gas company's stock worth $2,389,380,000 after purchasing an additional 2,432,756 shares in the last quarter. Amundi lifted its position in Chevron by 27.7% in the fourth quarter. Amundi now owns 8,806,050 shares of the oil and gas company's stock worth $1,323,549,000 after purchasing an additional 1,910,262 shares during the period. Finally, Invesco Ltd. lifted its holdings in shares of Chevron by 6.9% in the fourth quarter. Invesco Ltd. now owns 15,027,474 shares of the oil and gas company's stock valued at $2,176,579,000 after buying an additional 964,426 shares during the period. 72.42% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, VP Jeff B. Gustavson sold 9,325 shares of the firm's 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 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.20% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

CVX has been the topic of several research reports. BNP Paribas cut shares of Chevron to a "cautious" rating in a research report on Tuesday, April 15th. Wells Fargo & Company cut their target price on shares of Chevron from $184.00 to $173.00 and set an "overweight" rating for the company in a research note on Tuesday, April 15th. Barclays decreased their price target on shares of Chevron from $174.00 to $171.00 and set an "overweight" rating on the stock in a research report on Wednesday, February 5th. Royal Bank of Canada reiterated an "outperform" rating and set a $175.00 price objective on shares of Chevron in a research report on Monday, February 3rd. Finally, UBS Group decreased their target price on Chevron from $194.00 to $185.00 and set a "buy" rating on the stock in a report on Monday, April 7th. One analyst has rated the stock with a sell rating, five have given a hold rating and eleven have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $169.50.

Chevron Stock Up 1.7 %

Shares of CVX stock traded up $2.32 during trading on Friday, hitting $137.68. 8,423,604 shares of the company were exchanged, compared to its average volume of 7,925,668. The firm has a market capitalization of $242.39 billion, a price-to-earnings ratio of 14.16, a P/E/G ratio of 1.46 and a beta of 0.93. 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 business's 50-day simple moving average is $153.54 and its 200 day simple moving average is $153.43. Chevron Co. has a twelve month low of $132.04 and a twelve month high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings results on Friday, January 31st. The oil and gas company reported $2.06 EPS for the quarter, missing the consensus estimate 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 quarter in the previous year, the firm earned $3.45 EPS. As a group, analysts forecast that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Friday, February 14th were paid a dividend of $1.71 per share. The ex-dividend date was Friday, February 14th. This is an increase from Chevron's previous quarterly dividend of $1.63. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.97%. 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.