Gries Financial LLC lifted its stake in Chevron Co. (NYSE:CVX – Get Rating) by 23.3% during the 4th quarter, Holdings Channel reports. The firm owned 3,523 shares of the oil and gas company’s stock after acquiring an additional 666 shares during the period. Gries Financial LLC’s holdings in Chevron were worth $632,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Renaissance Technologies LLC lifted its holdings in Chevron by 600.7% during the second quarter. Renaissance Technologies LLC now owns 5,786,295 shares of the oil and gas company’s stock worth $837,740,000 after acquiring an additional 4,960,475 shares in the last quarter. FMR LLC lifted its holdings in Chevron by 62.3% during the second quarter. FMR LLC now owns 11,343,585 shares of the oil and gas company’s stock worth $1,642,325,000 after acquiring an additional 4,354,660 shares in the last quarter. New England Asset Management Inc. lifted its holdings in Chevron by 106.3% during the third quarter. New England Asset Management Inc. now owns 4,439,965 shares of the oil and gas company’s stock worth $637,889,000 after acquiring an additional 2,288,050 shares in the last quarter. Legal & General Group Plc lifted its holdings in Chevron by 16.3% during the second quarter. Legal & General Group Plc now owns 13,569,692 shares of the oil and gas company’s stock worth $1,964,620,000 after acquiring an additional 1,899,104 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in Chevron by 7.6% during the third quarter. Dimensional Fund Advisors LP now owns 12,052,751 shares of the oil and gas company’s stock worth $1,731,739,000 after acquiring an additional 847,841 shares in the last quarter. 69.37% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
CVX has been the topic of several recent analyst reports. HSBC lifted their target price on Chevron to $187.00 in a report on Friday, December 2nd. Truist Financial lifted their price target on Chevron from $169.00 to $179.00 and gave the company a “hold” rating in a research note on Tuesday, January 31st. Raymond James dropped their price target on Chevron from $215.00 to $212.00 and set an “outperform” rating on the stock in a research note on Monday, January 30th. Piper Sandler dropped their price target on Chevron from $206.00 to $199.00 and set an “overweight” rating on the stock in a research note on Monday, December 19th. Finally, Citigroup lifted their price target on Chevron from $155.00 to $180.00 in a research note on Tuesday, November 22nd. One analyst has rated the stock with a sell rating, ten have issued a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $189.50.
Chevron Price Performance
Chevron (NYSE:CVX – Get Rating) last released its earnings results on Friday, January 27th. The oil and gas company reported $4.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.16 by ($0.07). The company had revenue of $56.47 billion during the quarter, compared to analyst estimates of $53.97 billion. Chevron had a net margin of 14.40% and a return on equity of 23.52%. Chevron’s revenue was up 17.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.56 EPS. As a group, sell-side analysts forecast that Chevron Co. will post 14.73 EPS for the current fiscal year.
Chevron Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, March 10th. Shareholders of record on Thursday, February 16th were given a dividend of $1.51 per share. This represents a $6.04 dividend on an annualized basis and a yield of 3.96%. The ex-dividend date of this dividend was Wednesday, February 15th. This is an increase from Chevron’s previous quarterly dividend of $1.42. Chevron’s payout ratio is 33.04%.
Chevron declared that its Board of Directors has authorized a share repurchase program on Wednesday, January 25th that allows the company to buyback $75.00 billion in outstanding shares. This buyback authorization allows the oil and gas company to reacquire up to 21.7% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
Insiders Place Their Bets
In other Chevron news, VP Rhonda J. Morris sold 19,666 shares of the business’s stock in a transaction that occurred on Tuesday, February 7th. The stock was sold at an average price of $170.00, for a total transaction of $3,343,220.00. Following the transaction, the vice president now owns 3,967 shares of the company’s stock, valued at $674,390. The sale was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 0.32% of the company’s stock.
Chevron Corp. engages in the provision of administrative, financial management, and technology support for energy and chemical operations. It operates through the Upstream and Downstream segments. The Upstream segment consists of the exploration, development, and production of crude oil and natural gas, the liquefaction, transportation, and regasification associated with liquefied natural gas, the transporting of crude oil by major international oil export pipelines, the processing, transporting, storage, and marketing of natural gas, and a gas-to-liquids plant.
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