Intact Investment Management Inc. Reduces Stock Holdings in Chevron Co. (NYSE:CVX)

Intact Investment Management Inc. decreased its position in Chevron Co. (NYSE:CVX) by 36.7% in the 4th quarter, Holdings Channel reports. The fund owned 37,600 shares of the oil and gas company’s stock after selling 21,800 shares during the period. Intact Investment Management Inc.’s holdings in Chevron were worth $5,608,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the company. Sweet Financial Partners LLC boosted its holdings in Chevron by 0.7% during the third quarter. Sweet Financial Partners LLC now owns 8,761 shares of the oil and gas company’s stock valued at $1,477,000 after acquiring an additional 65 shares during the period. Strategic Investment Advisors MI boosted its stake in Chevron by 3.8% during the 3rd quarter. Strategic Investment Advisors MI now owns 1,758 shares of the oil and gas company’s stock valued at $296,000 after purchasing an additional 65 shares during the period. Regent Peak Wealth Advisors LLC grew its holdings in Chevron by 1.4% in the 3rd quarter. Regent Peak Wealth Advisors LLC now owns 5,081 shares of the oil and gas company’s stock valued at $857,000 after buying an additional 68 shares during the last quarter. Octavia Wealth Advisors LLC increased its position in Chevron by 1.3% in the 4th quarter. Octavia Wealth Advisors LLC now owns 5,254 shares of the oil and gas company’s stock worth $784,000 after buying an additional 68 shares during the period. Finally, Investment Partners LTD. lifted its holdings in shares of Chevron by 0.8% during the fourth quarter. Investment Partners LTD. now owns 8,124 shares of the oil and gas company’s stock worth $1,212,000 after buying an additional 68 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Insider Buying and Selling

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

Analyst Ratings Changes

Several analysts have issued reports on the stock. DZ Bank lowered shares of Chevron from a “buy” rating to a “hold” rating and set a $160.00 price target on the stock. in a research report on Tuesday, February 6th. Jefferies Financial Group raised Chevron from a “hold” rating to a “buy” rating and set a $184.00 price target for the company in a report on Monday, January 8th. Piper Sandler boosted their price objective on Chevron from $180.00 to $204.00 and gave the company an “overweight” rating in a research report on Thursday, April 18th. Royal Bank of Canada lifted their price target on shares of Chevron from $185.00 to $190.00 and gave the stock an “outperform” rating in a research note on Monday, February 5th. Finally, Truist Financial dropped their price objective on shares of Chevron from $168.00 to $156.00 and set a “hold” rating for the company in a research note on Friday, April 5th. Six research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $184.75.

Chevron Price Performance

Shares of NYSE:CVX traded up $0.61 during midday trading on Friday, reaching $165.89. The company’s stock had a trading volume of 9,736,350 shares, compared to its average volume of 7,082,480. The business’s fifty day simple moving average is $156.58 and its 200-day simple moving average is $151.73. The company has a market capitalization of $308.10 billion, a P/E ratio of 15.26, a P/E/G ratio of 2.44 and a beta of 1.12. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.27 and a quick ratio of 1.01. Chevron Co. has a fifty-two week low of $139.62 and a fifty-two week high of $171.70.

Chevron (NYSE:CVX) last announced its earnings results on Friday, April 26th. The oil and gas company reported $2.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.84 by $0.09. Chevron had a net margin of 10.63% and a return on equity of 15.24%. The company had revenue of $48.72 billion for the quarter, compared to analyst estimates of $48.42 billion. During the same period in the prior year, the business earned $3.55 earnings per share. Chevron’s quarterly revenue was down 4.1% on a year-over-year basis. As a group, equities research analysts expect that Chevron Co. will post 13.58 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 10th. Investors of record on Friday, May 17th will be issued a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 3.93%. The ex-dividend date of this dividend is Thursday, May 16th. Chevron’s dividend payout ratio is 59.98%.

About Chevron

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.