iA Global Asset Management Inc. Sells 6,361 Shares of Chevron Co. (NYSE:CVX)

iA Global Asset Management Inc. cut its stake in shares of Chevron Co. (NYSE:CVX - Free Report) by 60.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,210 shares of the oil and gas company's stock after selling 6,361 shares during the period. iA Global Asset Management Inc.'s holdings in Chevron were worth $610,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of CVX. Teacher Retirement System of Texas boosted its stake in Chevron by 157.8% during the fourth quarter. Teacher Retirement System of Texas now owns 529,656 shares of the oil and gas company's stock valued at $76,715,000 after buying an additional 324,184 shares during the period. First National Bank of Hutchinson boosted its position in shares of Chevron by 44.1% during the 4th quarter. First National Bank of Hutchinson now owns 2,161 shares of the oil and gas company's stock valued at $313,000 after acquiring an additional 661 shares during the last quarter. Royal London Asset Management Ltd. grew its holdings in shares of Chevron by 2.7% during the fourth quarter. Royal London Asset Management Ltd. now owns 867,609 shares of the oil and gas company's stock worth $125,664,000 after purchasing an additional 22,525 shares in the last quarter. Next Capital Management LLC increased its position in shares of Chevron by 20.2% in the fourth quarter. Next Capital Management LLC now owns 2,125 shares of the oil and gas company's stock worth $308,000 after purchasing an additional 357 shares during the last quarter. Finally, Generali Investments Management Co LLC purchased a new stake in Chevron in the fourth quarter valued at approximately $2,523,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Remove Ads

Insider Activity at Chevron

In related news, VP Jeff B. Gustavson sold 9,325 shares of Chevron stock in a transaction dated 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 trade represents a 89.82 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.20% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Truist Financial decreased their price target 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. Wells Fargo & Company reduced their target price 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 dropped their price target on Chevron from $174.00 to $171.00 and set an "overweight" rating for the company in a research note on Wednesday, February 5th. Raymond James reduced their price objective on Chevron from $180.00 to $175.00 and set an "outperform" rating on the stock in a research report on Monday, February 3rd. Finally, Citigroup raised Chevron from a "neutral" rating to a "buy" rating and raised their price objective for the company from $145.00 to $185.00 in a report on Tuesday, November 26th. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, Chevron has an average rating of "Moderate Buy" and an average price target of $174.13.

Chevron Trading Up 0.6 %

Shares of NYSE CVX traded up $0.91 during trading hours on Tuesday, hitting $165.93. The company's stock had a trading volume of 7,867,285 shares, compared to its average volume of 7,344,340. Chevron Co. has a 12 month low of $135.37 and a 12 month high of $167.82. 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 has a 50-day simple moving average of $156.67 and a 200-day simple moving average of $153.01. The stock has a market cap of $292.14 billion, a price-to-earnings ratio of 17.07, a P/E/G ratio of 1.46 and a beta of 1.08.

Chevron (NYSE:CVX - Get Free Report) 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 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 period in the previous year, the firm earned $3.45 EPS. On average, analysts anticipate that Chevron Co. will post 10.79 earnings per share for the current fiscal year.

Chevron Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Friday, February 14th were paid 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 of this dividend was Friday, February 14th. This is a boost from Chevron's previous quarterly dividend of $1.63. Chevron's dividend payout ratio (DPR) is presently 70.37%.

About Chevron

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.