Pinnacle West Asset Management Inc. Has $2.21 Million Holdings in Chevron Co. (NYSE:CVX)

Pinnacle West Asset Management Inc. raised its holdings in shares of Chevron Co. (NYSE:CVX) by 3.9% in the fourth quarter, Holdings Channel reports. The institutional investor owned 15,230 shares of the oil and gas company’s stock after buying an additional 575 shares during the quarter. Chevron accounts for about 1.6% of Pinnacle West Asset Management Inc.’s portfolio, making the stock its 18th biggest holding. Pinnacle West Asset Management Inc.’s holdings in Chevron were worth $2,206,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the company. State Street Corp raised its stake in shares of Chevron by 0.6% in the third quarter. State Street Corp now owns 159,105,244 shares of the oil and gas company’s stock valued at $23,431,429,000 after purchasing an additional 874,962 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Chevron by 11.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 31,108,760 shares of the oil and gas company’s stock valued at $4,581,137,000 after purchasing an additional 3,203,899 shares in the last quarter. Fisher Asset Management LLC raised its stake in shares of Chevron by 3.6% in the third quarter. Fisher Asset Management LLC now owns 19,482,388 shares of the oil and gas company’s stock valued at $2,869,171,000 after purchasing an additional 672,244 shares in the last quarter. Franklin Resources Inc. raised its stake in shares of Chevron by 3.4% in the third quarter. Franklin Resources Inc. now owns 17,200,188 shares of the oil and gas company’s stock valued at $2,610,645,000 after purchasing an additional 573,218 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in Chevron by 17.3% in the fourth quarter. Bank of New York Mellon Corp now owns 16,496,687 shares of the oil and gas company’s stock valued at $2,389,380,000 after acquiring an additional 2,432,756 shares during the period. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Chevron news, VP Jeff B. Gustavson sold 9,325 shares of the stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $152.50, for a total value of $1,422,062.50. Following the transaction, the vice president now owns 1,057 shares of the company’s stock, valued at approximately $161,192.50. This represents a 89.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.20% of the stock is currently owned by insiders.

Chevron Trading Down 1.0 %

Shares of CVX opened at $156.38 on Wednesday. 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 Co. has a 12-month low of $135.37 and a 12-month high of $167.11. The firm has a market capitalization of $281.04 billion, a PE ratio of 16.09, a price-to-earnings-growth ratio of 1.46 and a beta of 1.11. The stock’s fifty day simple moving average is $152.30 and its 200-day simple moving average is $151.28.

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

Chevron Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 10th. Stockholders of record on Friday, February 14th will be paid a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 4.37%. The ex-dividend date of this dividend is Friday, February 14th. This is a positive change from Chevron’s previous quarterly dividend of $1.63. Chevron’s dividend payout ratio is 70.37%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CVX. Citigroup upgraded Chevron from a “neutral” rating to a “buy” rating and upped their price target for the company from $145.00 to $185.00 in a research report on Tuesday, November 26th. Truist Financial lowered their price target on Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a research report on Tuesday, February 4th. DZ Bank upgraded Chevron from a “hold” rating to a “buy” rating and set a $170.00 price target on the stock in a research report on Tuesday, November 5th. UBS Group lowered their price target on Chevron from $195.00 to $194.00 and set a “buy” rating on the stock in a research report on Monday, February 3rd. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $175.00 price target on shares of Chevron in a research report 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 data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $174.13.

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.