Intech Investment Management LLC Lowers Position in Chevron Co. (NYSE:CVX)

Intech Investment Management LLC reduced its holdings in shares of Chevron Co. (NYSE:CVX) by 20.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 57,858 shares of the oil and gas company’s stock after selling 14,810 shares during the period. Intech Investment Management LLC’s holdings in Chevron were worth $8,380,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Generali Asset Management SPA SGR bought a new stake in shares of Chevron in the 4th quarter worth approximately $11,771,000. Evoke Wealth LLC boosted its holdings in Chevron by 5.9% in the fourth quarter. Evoke Wealth LLC now owns 43,672 shares of the oil and gas company’s stock worth $6,326,000 after acquiring an additional 2,428 shares in the last quarter. Horizon Investments LLC boosted its holdings in Chevron by 2.7% in the fourth quarter. Horizon Investments LLC now owns 37,650 shares of the oil and gas company’s stock worth $5,453,000 after acquiring an additional 1,000 shares in the last quarter. Carlson Capital Management grew its stake in shares of Chevron by 6.6% in the fourth quarter. Carlson Capital Management now owns 3,350 shares of the oil and gas company’s stock worth $485,000 after acquiring an additional 206 shares during the last quarter. Finally, Custos Family Office LLC purchased a new stake in Chevron during the 4th quarter valued at about $244,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Trading Up 1.3 %

NYSE:CVX opened at $160.81 on Wednesday. Chevron Co. has a one year low of $135.37 and a one year high of $167.11. The business has a fifty day moving average price of $155.49 and a 200-day moving average price of $152.23. The firm has a market capitalization of $283.12 billion, a price-to-earnings ratio of 16.54, a price-to-earnings-growth ratio of 1.46 and a beta of 1.08. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, January 31st. The oil and gas company reported $2.06 EPS for the quarter, missing analysts’ consensus estimates 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 firm posted $3.45 earnings per share. Sell-side analysts forecast that Chevron Co. will post 10.79 EPS for the current year.

Chevron Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 10th. Shareholders of record on Friday, February 14th were paid a dividend of $1.71 per share. This is a boost from Chevron’s previous quarterly dividend of $1.63. The ex-dividend date was Friday, February 14th. This represents a $6.84 dividend on an annualized basis and a yield of 4.25%. Chevron’s dividend payout ratio (DPR) is presently 70.37%.

Analyst Ratings Changes

Several research firms recently issued reports on CVX. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $175.00 price objective on shares of Chevron in a research report on Monday, February 3rd. Barclays dropped their price objective on Chevron from $174.00 to $171.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 5th. UBS Group decreased their target price on Chevron from $195.00 to $194.00 and set a “buy” rating for the company in a research report on Monday, February 3rd. Citigroup raised shares of Chevron from a “neutral” rating to a “buy” rating and raised their price target for the company from $145.00 to $185.00 in a report on Tuesday, November 26th. Finally, Truist Financial lowered their price objective on shares of Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a research report on Tuesday, February 4th. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $174.13.

Insider Buying and Selling at Chevron

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

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.