Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in Chevron Co. (NYSE:CVX – Get Rating) by 4.3% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 404,536 shares of the oil and gas company’s stock after buying an additional 16,749 shares during the quarter. Chevron comprises 1.4% of Sumitomo Mitsui DS Asset Management Company Ltd’s portfolio, making the stock its 11th biggest holding. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Chevron were worth $58,569,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also added to or reduced their stakes in CVX. Vanguard Group Inc. raised its position in shares of Chevron by 2.7% during the first quarter. Vanguard Group Inc. now owns 167,767,288 shares of the oil and gas company’s stock worth $27,317,547,000 after acquiring an additional 4,367,157 shares during the last quarter. Norges Bank bought a new stake in Chevron during the 4th quarter worth about $3,111,594,000. Charles Schwab Investment Management Inc. boosted its stake in shares of Chevron by 1.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 14,697,160 shares of the oil and gas company’s stock valued at $2,393,138,000 after purchasing an additional 189,762 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Chevron by 17.3% in the first quarter. Dimensional Fund Advisors LP now owns 9,763,275 shares of the oil and gas company’s stock valued at $1,589,915,000 after acquiring an additional 1,437,047 shares during the last quarter. Finally, Swiss National Bank grew its stake in shares of Chevron by 13.6% during the first quarter. Swiss National Bank now owns 8,349,332 shares of the oil and gas company’s stock worth $1,359,522,000 after purchasing an additional 998,700 shares during the period. Institutional investors and hedge funds own 69.30% of the company’s stock.
Chevron Trading Down 0.8 %
NYSE CVX opened at $155.01 on Thursday. The company has a market cap of $304.57 billion, a PE ratio of 10.34, a PEG ratio of 0.61 and a beta of 1.15. Chevron Co. has a 12 month low of $96.24 and a 12 month high of $182.40. The stock has a 50 day moving average of $155.36 and a 200-day moving average of $160.36. The company has a current ratio of 1.31, a quick ratio of 1.11 and a debt-to-equity ratio of 0.15.
Chevron Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 12th. Stockholders of record on Friday, August 19th were given a $1.42 dividend. The ex-dividend date of this dividend was Thursday, August 18th. This represents a $5.68 dividend on an annualized basis and a dividend yield of 3.66%. Chevron’s payout ratio is 37.89%.
Insider Transactions at Chevron
In related news, CFO Pierre R. Breber sold 22,500 shares of the stock in a transaction on Thursday, August 11th. The stock was sold at an average price of $158.11, for a total value of $3,557,475.00. Following the sale, the chief financial officer now owns 7 shares in the company, valued at approximately $1,106.77. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, Director Wanda M. Austin sold 11,432 shares of the stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $161.45, for a total transaction of $1,845,696.40. Following the transaction, the director now owns 3,560 shares in the company, valued at $574,762. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Pierre R. Breber sold 22,500 shares of Chevron stock in a transaction that occurred on Thursday, August 11th. The stock was sold at an average price of $158.11, for a total value of $3,557,475.00. Following the sale, the chief financial officer now directly owns 7 shares of the company’s stock, valued at $1,106.77. The disclosure for this sale can be found here. In the last three months, insiders sold 141,732 shares of company stock worth $23,024,499. 0.32% of the stock is owned by company insiders.
Analysts Set New Price Targets
Several analysts recently commented on the company. Cowen raised their price objective on Chevron from $119.00 to $120.00 and gave the stock an “outperform” rating in a research note on Monday, August 15th. Societe Generale upgraded Chevron from a “hold” rating to a “buy” rating in a research report on Thursday, August 4th. Morgan Stanley raised their target price on shares of Chevron from $187.00 to $193.00 and gave the stock an “equal weight” rating in a report on Tuesday, September 6th. Bank of America upped their price target on shares of Chevron from $178.00 to $180.00 and gave the company a “buy” rating in a report on Monday, August 1st. Finally, Truist Financial dropped their price objective on shares of Chevron from $170.00 to $166.00 and set a “hold” rating on the stock in a report on Tuesday, July 19th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat.com, Chevron presently has an average rating of “Moderate Buy” and an average target price of $169.20.
Chevron Corporation, through its subsidiaries, engages in integrated energy and chemicals operations worldwide. 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 associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.
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