Desjardins Global Asset Management Inc. Sells 4,685 Shares of Chevron Co. (NYSE:CVX)

Desjardins Global Asset Management Inc. lowered its position in Chevron Co. (NYSE:CVX) by 24.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,203 shares of the oil and gas company’s stock after selling 4,685 shares during the period. Desjardins Global Asset Management Inc.’s holdings in Chevron were worth $2,118,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Picton Mahoney Asset Management acquired a new stake in shares of Chevron during the third quarter worth $26,000. Valley Forge Investment Consultants Inc. ADV increased its holdings in Chevron by 80.0% during the 3rd quarter. Valley Forge Investment Consultants Inc. ADV now owns 180 shares of the oil and gas company’s stock worth $30,000 after purchasing an additional 80 shares in the last quarter. Valued Wealth Advisors LLC acquired a new stake in shares of Chevron in the 4th quarter valued at about $33,000. Worth Asset Management LLC bought a new stake in shares of Chevron in the first quarter valued at about $36,000. Finally, Legacy Financial Group LLC acquired a new position in shares of Chevron during the third quarter worth about $43,000. Institutional investors and hedge funds own 72.42% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on CVX shares. Truist Financial dropped their target price on Chevron from $168.00 to $156.00 and set a “hold” rating on the stock in a research report on Friday, April 5th. Piper Sandler decreased their target price on shares of Chevron from $188.00 to $180.00 and set an “overweight” rating for the company in a research report on Thursday, March 14th. Barclays assumed coverage on shares of Chevron in a research report on Wednesday, April 10th. They set an “overweight” rating and a $203.00 price target on the stock. Royal Bank of Canada raised their price objective on Chevron from $185.00 to $190.00 and gave the company an “outperform” rating in a report on Monday, February 5th. Finally, TD Cowen cut Chevron from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $170.00 to $150.00 in a research report on Tuesday, January 23rd. Six research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $183.55.

Chevron Price Performance

NYSE:CVX opened at $156.28 on Wednesday. The firm’s fifty day moving average price is $155.11 and its two-hundred day moving average price is $151.83. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.27 and a quick ratio of 1.01. The company has a market cap of $290.25 billion, a P/E ratio of 13.76, a P/E/G ratio of 2.37 and a beta of 1.12. Chevron Co. has a one year low of $139.62 and a one year high of $172.54.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, February 2nd. The oil and gas company reported $3.45 earnings per share for the quarter, beating the consensus estimate of $3.19 by $0.26. Chevron had a net margin of 10.63% and a return on equity of 15.24%. The firm had revenue of $47.18 billion for the quarter, compared to analysts’ expectations of $50.93 billion. During the same period in the prior year, the firm earned $4.09 EPS. The business’s revenue was down 16.5% on a year-over-year basis. Equities analysts expect that Chevron Co. will post 13.28 earnings per share for the current year.

Chevron Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 11th. Shareholders of record on Friday, February 16th were issued a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 4.17%. This is a positive change from Chevron’s previous quarterly dividend of $1.51. The ex-dividend date was Thursday, February 15th. Chevron’s dividend payout ratio is currently 57.39%.

Insider Transactions at Chevron

In other Chevron news, VP Alana K. Knowles sold 2,800 shares of the business’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $160.09, for a total value of $448,252.00. Following the completion of the sale, the vice president now owns 276 shares of the company’s stock, valued at approximately $44,184.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.18% 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.