Jennison Associates LLC Has $66.23 Million Stock Holdings in Chevron Co. (NYSE:CVX)

Jennison Associates LLC raised its position in Chevron Co. (NYSE:CVX) by 11.9% in the 3rd quarter, Holdings Channel reports. The firm owned 449,683 shares of the oil and gas company’s stock after buying an additional 47,747 shares during the period. Jennison Associates LLC’s holdings in Chevron were worth $66,225,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. China Universal Asset Management Co. Ltd. bought a new position in Chevron during the 1st quarter worth about $566,000. Capital International Inc. CA raised its position in Chevron by 11.7% in the 1st quarter. Capital International Inc. CA now owns 125,640 shares of the oil and gas company’s stock valued at $19,818,000 after buying an additional 13,135 shares during the last quarter. Canada Pension Plan Investment Board lifted its stake in Chevron by 10.9% in the 1st quarter. Canada Pension Plan Investment Board now owns 554,754 shares of the oil and gas company’s stock valued at $87,507,000 after acquiring an additional 54,744 shares in the last quarter. Stonebridge Capital Advisors LLC boosted its position in Chevron by 6.7% during the 1st quarter. Stonebridge Capital Advisors LLC now owns 88,564 shares of the oil and gas company’s stock worth $13,970,000 after acquiring an additional 5,538 shares during the last quarter. Finally, Gamco Investors INC. ET AL grew its stake in shares of Chevron by 6.0% during the 1st quarter. Gamco Investors INC. ET AL now owns 27,377 shares of the oil and gas company’s stock worth $4,318,000 after acquiring an additional 1,552 shares in the last quarter. 72.42% of the stock is owned by institutional investors.

Insider Buying and Selling at Chevron

In other news, CEO Michael K. Wirth sold 164,600 shares of the company’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the completion of the sale, the chief executive officer now directly owns 4,280 shares in the company, valued at approximately $685,356.40. This represents a 97.47 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.20% of the company’s stock.

Chevron Stock Up 1.1 %

Chevron stock opened at $161.30 on Thursday. Chevron Co. has a twelve month low of $135.37 and a twelve month high of $167.11. The stock has a market cap of $289.87 billion, a P/E ratio of 17.73, a P/E/G ratio of 3.59 and a beta of 1.09. The company’s 50-day moving average price is $150.70 and its two-hundred day moving average price is $152.63. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, November 1st. The oil and gas company reported $2.51 EPS for the quarter, beating analysts’ consensus estimates of $2.47 by $0.04. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The firm had revenue of $50.67 billion for the quarter, compared to analyst estimates of $48.86 billion. During the same period in the prior year, the firm posted $3.05 EPS. The company’s revenue for the quarter was down 6.3% on a year-over-year basis. As a group, analysts expect that Chevron Co. will post 10.55 EPS for the current year.

Chevron Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th will be paid a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 4.04%. The ex-dividend date of this dividend is Monday, November 18th. Chevron’s dividend payout ratio (DPR) is 71.65%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CVX. Wells Fargo & Company cut their price objective on shares of Chevron from $196.00 to $169.00 and set an “overweight” rating on the stock in a research report on Friday, September 27th. UBS Group increased their price objective on shares of Chevron from $192.00 to $194.00 and gave the stock a “buy” rating in a research note on Monday, November 4th. DZ Bank upgraded Chevron from a “hold” rating to a “buy” rating and set a $170.00 price objective for the company in a report on Tuesday, November 5th. Mizuho dropped their target price on Chevron from $205.00 to $189.00 and set an “outperform” rating on the stock in a report on Monday, September 16th. Finally, Truist Financial raised their price target on Chevron from $150.00 to $155.00 and gave the company a “hold” rating in a research note on Monday, November 4th. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, Chevron has an average rating of “Moderate Buy” and a consensus target price of $174.93.

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.