Chevron Co. (NYSE:CVX) Shares Sold by Summit Global Investments

Summit Global Investments trimmed its stake in shares of Chevron Co. (NYSE:CVX - Free Report) by 34.1% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,811 shares of the oil and gas company's stock after selling 1,973 shares during the period. Summit Global Investments' holdings in Chevron were worth $552,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the stock. State Street Corp lifted its holdings in Chevron by 0.6% in the 3rd 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 in the last quarter. Nicholas Company Inc. boosted its stake in shares of Chevron by 4.3% during the 4th quarter. Nicholas Company Inc. now owns 80,025 shares of the oil and gas company's stock worth $11,591,000 after purchasing an additional 3,280 shares during the period. Dale Q Rice Investment Management Ltd bought a new stake in shares of Chevron during the 4th quarter worth approximately $594,000. Unified Investment Management bought a new position in shares of Chevron in the fourth quarter worth about $729,000. Finally, ING Groep NV grew its stake in Chevron by 3,942.6% in the 4th quarter. ING Groep NV now owns 200,998 shares of the oil and gas company's stock worth $29,113,000 after acquiring an additional 196,026 shares in the last quarter. Institutional investors own 72.42% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Raymond James reduced their price objective on shares of Chevron from $180.00 to $175.00 and set an "outperform" rating for the company in a research note on Monday, February 3rd. Citigroup upgraded shares of Chevron from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $145.00 to $185.00 in a research note on Tuesday, November 26th. Truist Financial lowered their price target on Chevron from $164.00 to $160.00 and set a "hold" rating on the stock in a research report on Tuesday, February 4th. Wells Fargo & Company reduced their price objective on Chevron from $188.00 to $184.00 and set an "overweight" rating for the company in a research note on Monday, February 3rd. Finally, Barclays dropped their price objective on shares of Chevron from $174.00 to $171.00 and set an "overweight" rating for the company in a research note on Wednesday, February 5th. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, Chevron presently has a consensus rating of "Moderate Buy" and a consensus target price of $174.13.

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Chevron Stock Up 0.6 %

Shares of CVX traded up $0.91 during mid-day trading on Tuesday, reaching $165.93. The company's stock had a trading volume of 7,867,285 shares, compared to its average volume of 7,343,123. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80. Chevron Co. has a 12-month low of $135.37 and a 12-month high of $167.11. The stock has a market cap of $292.14 billion, a PE ratio of 17.07, a price-to-earnings-growth ratio of 1.46 and a beta of 1.08. The company's 50 day moving average is $156.49 and its 200 day moving average is $152.81.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings data on Friday, January 31st. The oil and gas company reported $2.06 earnings per share 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 firm posted $3.45 EPS. Equities analysts anticipate that Chevron Co. will post 10.79 EPS 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 issued a $1.71 dividend. This is an increase from Chevron's previous quarterly dividend of $1.63. This represents a $6.84 annualized dividend and a dividend yield of 4.12%. The ex-dividend date was Friday, February 14th. Chevron's payout ratio is presently 70.37%.

Insider Activity at Chevron

In other news, VP Jeff B. Gustavson sold 9,325 shares of the 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 completion of the sale, the vice president now directly owns 1,057 shares of the company's stock, valued at approximately $161,192.50. This represents a 89.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.20% of the company's stock.

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.