iA Global Asset Management Inc. Trims Position in Chevron Co. (NYSE:CVX)

iA Global Asset Management Inc. cut its holdings in shares of Chevron Co. (NYSE:CVX) by 60.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 4,210 shares of the oil and gas company’s stock after selling 6,361 shares during the quarter. iA Global Asset Management Inc.’s holdings in Chevron were worth $610,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of CVX. United Bank grew its stake in shares of Chevron by 8.4% during the 3rd quarter. United Bank now owns 8,095 shares of the oil and gas company’s stock worth $1,192,000 after purchasing an additional 629 shares during the period. Leelyn Smith LLC grew its stake in shares of Chevron by 6.4% during the 3rd quarter. Leelyn Smith LLC now owns 16,229 shares of the oil and gas company’s stock worth $2,390,000 after purchasing an additional 979 shares during the period. Waddell & Associates LLC grew its stake in shares of Chevron by 4.9% during the 3rd quarter. Waddell & Associates LLC now owns 9,407 shares of the oil and gas company’s stock worth $1,385,000 after purchasing an additional 441 shares during the period. Great Valley Advisor Group Inc. grew its stake in shares of Chevron by 7.5% during the 3rd quarter. Great Valley Advisor Group Inc. now owns 65,895 shares of the oil and gas company’s stock worth $9,705,000 after purchasing an additional 4,605 shares during the period. Finally, Cerity Partners LLC grew its stake in shares of Chevron by 3.7% during the 3rd quarter. Cerity Partners LLC now owns 1,153,440 shares of the oil and gas company’s stock worth $169,867,000 after purchasing an additional 41,178 shares during the period. 72.42% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CVX. Citigroup raised shares of Chevron from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $145.00 to $185.00 in a research note on Tuesday, November 26th. Truist Financial dropped their price target on shares of Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a research note on Tuesday, February 4th. Raymond James dropped their price target on shares of Chevron from $180.00 to $175.00 and set an “outperform” rating on the stock in a research note on Monday, February 3rd. Barclays dropped their price target on shares of Chevron from $174.00 to $171.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 5th. Finally, Wells Fargo & Company dropped their price target on shares of Chevron from $188.00 to $184.00 and set an “overweight” rating on the stock in a research note on Monday, February 3rd. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, Chevron currently has an average rating of “Moderate Buy” and a consensus price target of $174.13.

Insider Transactions at Chevron

In related news, VP Jeff B. Gustavson sold 9,325 shares of the business’s stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $152.50, for a total value of $1,422,062.50. Following the sale, the vice president now directly owns 1,057 shares in the company, valued at approximately $161,192.50. The trade was a 89.82 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.20% of the company’s stock.

Chevron Stock Down 0.2 %

NYSE CVX opened at $164.37 on Friday. Chevron Co. has a 52 week low of $135.37 and a 52 week high of $167.11. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. The business’s fifty day simple moving average is $156.29 and its 200-day simple moving average is $152.57. The firm has a market cap of $289.39 billion, a PE ratio of 16.91, a P/E/G ratio of 1.46 and a beta of 1.08.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, January 31st. The oil and gas company reported $2.06 EPS for the quarter, missing the consensus estimate of $2.42 by ($0.36). Chevron had a return on equity of 11.44% and a net margin of 8.71%. During the same period in the previous year, the business posted $3.45 EPS. As a group, equities analysts anticipate that Chevron Co. will post 10.79 earnings per share for the current year.

Chevron Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Friday, February 14th were issued a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 4.16%. The ex-dividend date was Friday, February 14th. This is a positive change from Chevron’s previous quarterly dividend of $1.63. Chevron’s payout ratio is currently 70.37%.

Chevron 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.