Te Ahumairangi Investment Management Ltd Reduces Stock Position in Chevron Co. (NYSE:CVX)

Te Ahumairangi Investment Management Ltd trimmed its holdings in shares of Chevron Co. (NYSE:CVX - Free Report) by 22.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 17,199 shares of the oil and gas company's stock after selling 5,020 shares during the period. Te Ahumairangi Investment Management Ltd's holdings in Chevron were worth $2,491,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the business. Life Planning Partners Inc acquired a new stake in Chevron in the fourth quarter valued at $25,000. IMG Wealth Management Inc. acquired a new stake in shares of Chevron in the fourth quarter valued at about $25,000. Legacy Investment Solutions LLC acquired a new stake in shares of Chevron in the third quarter valued at about $29,000. Mizuho Securities Co. Ltd. purchased a new stake in Chevron during the fourth quarter worth about $29,000. Finally, Fairway Wealth LLC grew its position in Chevron by 75.9% during the fourth quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company's stock worth $30,000 after buying an additional 88 shares during the period. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CVX has been the topic of several research analyst reports. Piper Sandler decreased their price target on Chevron from $184.00 to $173.00 and set an "overweight" rating on the stock in a research note on Thursday, December 19th. Wells Fargo & Company decreased their price objective on shares of Chevron from $188.00 to $184.00 and set an "overweight" rating on the stock in a research report on Monday, February 3rd. Truist Financial reduced 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. Royal Bank of Canada reissued an "outperform" rating and set a $175.00 price objective on shares of Chevron in a research note on Monday, February 3rd. Finally, Barclays cut their price target on Chevron from $174.00 to $171.00 and set an "overweight" rating for the company in a report on Wednesday, February 5th. Four analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $174.13.

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Insider Activity

In other Chevron 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 value of $1,422,062.50. Following the completion of the sale, the vice president now owns 1,057 shares of the company's stock, valued at $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. Insiders own 0.20% of the company's stock.

Chevron Trading Down 1.1 %

NYSE:CVX traded down $1.89 on Wednesday, hitting $166.62. 7,025,073 shares of the stock were exchanged, compared to its average volume of 7,620,161. The stock has a market cap of $293.35 billion, a PE ratio of 17.14, a PEG ratio of 1.46 and a beta of 1.08. Chevron Co. has a fifty-two week low of $135.37 and a fifty-two week high of $168.96. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. The stock has a fifty day moving average of $157.63 and a 200-day moving average of $154.08.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings results 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 net margin of 8.71% and a return on equity of 11.44%. During the same quarter last year, the firm earned $3.45 EPS. As a group, equities analysts expect that Chevron Co. will post 10.79 earnings per share for the current fiscal year.

Chevron Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 10th. Shareholders of record on Friday, February 14th were paid a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.11%. The ex-dividend date was Friday, February 14th. This is a boost from Chevron's previous quarterly dividend of $1.63. Chevron's payout ratio is currently 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.