Convergence Investment Partners LLC Lowers Holdings in Chevron Co. (NYSE:CVX)

Convergence Investment Partners LLC decreased its position in Chevron Co. (NYSE:CVX - Free Report) by 22.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 17,812 shares of the oil and gas company's stock after selling 5,238 shares during the period. Convergence Investment Partners LLC's holdings in Chevron were worth $2,580,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of CVX. International Assets Investment Management LLC lifted its holdings in Chevron by 19,404.1% in the third quarter. International Assets Investment Management LLC now owns 4,901,390 shares of the oil and gas company's stock valued at $7,218,280,000 after buying an additional 4,876,260 shares during the period. Pathway Financial Advisers LLC lifted its holdings in Chevron by 15,750.1% in the third quarter. Pathway Financial Advisers LLC now owns 3,901,345 shares of the oil and gas company's stock valued at $574,551,000 after buying an additional 3,876,731 shares during the period. Pacer Advisors Inc. raised its holdings in shares of Chevron by 949.6% during the third quarter. Pacer Advisors Inc. now owns 3,819,963 shares of the oil and gas company's stock valued at $562,566,000 after purchasing an additional 3,456,008 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Chevron by 11.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 31,108,760 shares of the oil and gas company's stock valued at $4,581,137,000 after purchasing an additional 3,203,899 shares during the period. Finally, State Street Corp raised 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 valued at $23,431,429,000 after purchasing an additional 874,962 shares during the period. Institutional investors and hedge funds own 72.42% of the company's stock.

Insiders Place Their Bets

In other news, VP Jeff B. Gustavson sold 9,325 shares of the 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 completion of the transaction, the vice president now directly owns 1,057 shares of the company's stock, valued at $161,192.50. This represents a 89.82 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.20% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Royal Bank of Canada reiterated an "outperform" rating and set a $175.00 price objective on shares of Chevron in a report on Monday, February 3rd. Raymond James dropped their price objective on shares of Chevron from $180.00 to $175.00 and set an "outperform" rating on the stock in a report on Monday, February 3rd. Citigroup upgraded 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 dropped their price objective on shares of Chevron from $164.00 to $160.00 and set a "hold" rating on the stock in a report on Tuesday, February 4th. Finally, Piper Sandler dropped their price objective on shares of Chevron from $184.00 to $173.00 and set an "overweight" rating on the stock in a report on Thursday, December 19th. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, Chevron has an average rating of "Moderate Buy" and a consensus target price of $174.13.

Chevron Stock Up 1.1 %

CVX stock traded up $1.66 during trading on Thursday, reaching $158.89. The stock had a trading volume of 6,252,563 shares, compared to its average volume of 7,388,493. Chevron Co. has a one year low of $135.37 and a one year high of $167.11. 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 company's 50 day moving average is $151.91 and its two-hundred day moving average is $150.91. The company has a market capitalization of $285.53 billion, a price-to-earnings ratio of 16.35, a P/E/G ratio of 1.43 and a beta of 1.11.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings data 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 return on equity of 11.44% and a net margin of 8.71%. During the same quarter in the prior year, the company earned $3.45 earnings per share. Equities research analysts forecast that Chevron Co. will post 10.79 EPS for the current year.

Chevron Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 10th. Shareholders of record on Friday, February 14th will be given a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 4.31%. This is an increase from Chevron's previous quarterly dividend of $1.63. The ex-dividend date is Friday, February 14th. Chevron's dividend payout ratio is presently 70.37%.

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.