Sumitomo Life Insurance Co. Reduces Holdings in Chevron Co. (NYSE:CVX)

Sumitomo Life Insurance Co. lessened its stake in shares of Chevron Co. (NYSE:CVX - Free Report) by 19.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 22,253 shares of the oil and gas company's stock after selling 5,399 shares during the quarter. Sumitomo Life Insurance Co.'s holdings in Chevron were worth $3,223,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Rational Advisors LLC purchased a new stake in shares of Chevron during the third quarter valued at about $29,000. Legacy Investment Solutions LLC bought a new position in shares of Chevron during the 3rd quarter worth approximately $29,000. Darwin Wealth Management LLC purchased a new stake in Chevron during the third quarter valued at approximately $30,000. RPg Family Wealth Advisory LLC acquired a new stake in Chevron in the third quarter valued at approximately $31,000. Finally, Krane Funds Advisors LLC purchased a new position in Chevron in the third quarter worth $47,000. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Price Performance

Shares of CVX stock traded up $0.50 during trading hours on Thursday, hitting $156.19. 6,924,269 shares of the company's stock were exchanged, compared to its average volume of 7,585,947. The firm has a 50 day moving average of $153.56 and a two-hundred day moving average of $151.16. Chevron Co. has a fifty-two week low of $135.37 and a fifty-two week high of $167.11. The firm has a market cap of $280.68 billion, a P/E ratio of 17.16, a P/E/G ratio of 1.37 and a beta of 1.12. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings data on Friday, November 1st. The oil and gas company reported $2.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.47 by $0.04. Chevron had a net margin of 8.44% and a return on equity of 13.15%. The business had revenue of $50.67 billion for the quarter, compared to the consensus estimate of $48.86 billion. During the same period last year, the firm posted $3.05 earnings per share. The company's revenue was down 6.3% compared to the same quarter last year. Sell-side analysts forecast that Chevron Co. will post 10.18 EPS for the current year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th were given a $1.63 dividend. The ex-dividend date of this dividend was Monday, November 18th. This represents a $6.52 annualized dividend and a dividend yield of 4.17%. Chevron's dividend payout ratio (DPR) is presently 71.65%.

Analysts Set New Price Targets

CVX has been the topic of several research analyst reports. Piper Sandler dropped their target price on Chevron from $184.00 to $173.00 and set an "overweight" rating on the stock in a research note on Thursday, December 19th. Raymond James upped their price objective on shares of Chevron from $175.00 to $180.00 and gave the company an "outperform" rating in a report on Friday, January 17th. UBS Group boosted their target price on shares of Chevron from $194.00 to $195.00 and gave the stock a "buy" rating in a research report on Tuesday, December 3rd. Barclays boosted their price objective on shares of Chevron from $168.00 to $174.00 and gave the company an "overweight" rating in a report on Monday, November 4th. Finally, Scotiabank reduced their target price on Chevron from $180.00 to $163.00 and set a "sector outperform" rating for the company in a research note on Thursday, October 10th. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, Chevron currently has an average rating of "Moderate Buy" and an average price target of $175.27.

Insider Buying and Selling

In related news, CEO Michael K. Wirth sold 164,600 shares of the company's stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the completion of the sale, the chief executive officer now owns 4,280 shares of the company's stock, valued at approximately $685,356.40. This represents a 97.47 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.20% of the stock is owned by company insiders.

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.