Chevron Corporation $CVX Shares Purchased by ING Groep NV

ING Groep NV increased its stake in shares of Chevron Corporation (NYSE:CVX) by 430.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,089,562 shares of the oil and gas company’s stock after buying an additional 884,317 shares during the period. Chevron comprises 0.9% of ING Groep NV’s portfolio, making the stock its 22nd largest holding. ING Groep NV owned 0.06% of Chevron worth $169,198,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Rhumbline Advisers boosted its stake in shares of Chevron by 17.0% during the 3rd quarter. Rhumbline Advisers now owns 3,343,932 shares of the oil and gas company’s stock worth $519,279,000 after acquiring an additional 486,606 shares in the last quarter. Endowment Wealth Management Inc. raised its holdings in Chevron by 19.8% during the third quarter. Endowment Wealth Management Inc. now owns 1,964 shares of the oil and gas company’s stock worth $305,000 after purchasing an additional 325 shares during the last quarter. Krilogy Financial LLC boosted its position in Chevron by 49.4% during the third quarter. Krilogy Financial LLC now owns 16,047 shares of the oil and gas company’s stock worth $2,450,000 after purchasing an additional 5,304 shares in the last quarter. Advisors Asset Management Inc. grew its holdings in Chevron by 3.5% in the third quarter. Advisors Asset Management Inc. now owns 197,724 shares of the oil and gas company’s stock valued at $30,705,000 after purchasing an additional 6,680 shares during the last quarter. Finally, ABC Arbitrage SA purchased a new position in shares of Chevron in the third quarter valued at $1,344,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently commented on CVX. Piper Sandler decreased their price objective on shares of Chevron from $178.00 to $174.00 and set an “overweight” rating on the stock in a research report on Thursday, January 8th. Wall Street Zen raised shares of Chevron from a “sell” rating to a “hold” rating in a report on Saturday, January 31st. Wells Fargo & Company increased their price target on shares of Chevron from $196.00 to $204.00 and gave the company an “overweight” rating in a research report on Monday, February 2nd. Citigroup dropped their price objective on shares of Chevron from $185.00 to $179.00 and set a “buy” rating for the company in a research note on Monday, January 5th. Finally, Morgan Stanley reduced their target price on Chevron from $180.00 to $174.00 and set an “overweight” rating on the stock in a research note on Friday, January 23rd. Twelve research analysts have rated the stock with a Buy rating, seven have given a Hold rating and four have assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $175.00.

Insider Activity

In other news, CEO Michael K. Wirth sold 320,700 shares of the stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $162.99, for a total transaction of $52,270,893.00. Following the transaction, the chief executive officer directly owned 14,450 shares in the company, valued at $2,355,205.50. This represents a 95.69% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Vice Chairman Mark A. Nelson sold 45,800 shares of the firm’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $174.17, for a total transaction of $7,976,986.00. Following the completion of the sale, the insider directly owned 7,161 shares in the company, valued at $1,247,231.37. This represents a 86.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 793,158 shares of company stock valued at $127,919,578 in the last three months. Company insiders own 0.20% of the company’s stock.

Chevron Stock Performance

Shares of CVX opened at $182.39 on Wednesday. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $182.95. The company’s 50 day simple moving average is $160.55 and its 200 day simple moving average is $156.86. The company has a market capitalization of $367.25 billion, a price-to-earnings ratio of 27.39, a PEG ratio of 12.28 and a beta of 0.70. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.86 and a current ratio of 1.15.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, January 30th. The oil and gas company reported $1.52 earnings per share for the quarter, beating the consensus estimate of $1.44 by $0.08. Chevron had a return on equity of 8.23% and a net margin of 6.51%.The company had revenue of $45.79 billion during the quarter, compared to the consensus estimate of $48.18 billion. During the same period in the previous year, the firm posted $2.06 EPS. Chevron’s revenue was down 10.2% on a year-over-year basis. On average, sell-side analysts predict that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 10th. Investors of record on Tuesday, February 17th will be paid a $1.78 dividend. The ex-dividend date is Tuesday, February 17th. This is an increase from Chevron’s previous quarterly dividend of $1.71. This represents a $7.12 annualized dividend and a yield of 3.9%. Chevron’s payout ratio is currently 102.70%.

Chevron Company Profile

Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.