Allspring Global Investments Holdings LLC Has $47.94 Million Position in Chevron Co. (NYSE:CVX)

Allspring Global Investments Holdings LLC lessened its position in Chevron Co. (NYSE:CVX) by 21.1% during the first quarter, Holdings Channel reports. The institutional investor owned 303,936 shares of the oil and gas company’s stock after selling 81,418 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Chevron were worth $47,943,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the company. Bare Financial Services Inc bought a new stake in shares of Chevron in the fourth quarter worth $27,000. Frank Rimerman Advisors LLC acquired a new position in shares of Chevron during the 4th quarter worth about $30,000. Valued Wealth Advisors LLC bought a new position in shares of Chevron in the 4th quarter valued at about $33,000. Cooksen Wealth LLC acquired a new stake in shares of Chevron in the fourth quarter valued at about $40,000. Finally, Clear Investment Research LLC raised its holdings in Chevron by 264.9% during the fourth quarter. Clear Investment Research LLC now owns 281 shares of the oil and gas company’s stock worth $42,000 after acquiring an additional 204 shares in the last quarter. Institutional investors own 72.42% of the company’s stock.

Chevron Stock Performance

Shares of Chevron stock opened at $156.75 on Thursday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.93 and a current ratio of 1.23. The firm has a 50-day moving average of $158.99 and a 200-day moving average of $154.88. Chevron Co. has a 52-week low of $139.62 and a 52-week high of $171.70. The stock has a market cap of $288.89 billion, a PE ratio of 14.42, a PEG ratio of 2.38 and a beta of 1.10.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, April 26th. The oil and gas company reported $2.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.84 by $0.09. Chevron had a net margin of 10.21% and a return on equity of 14.40%. The firm had revenue of $48.72 billion during the quarter, compared to the consensus estimate of $48.42 billion. During the same quarter in the previous year, the firm posted $3.55 EPS. The business’s revenue for the quarter was down 4.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Chevron Co. will post 13.15 EPS for the current year.

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 10th. Shareholders of record on Friday, May 17th were issued a $1.63 dividend. The ex-dividend date was Thursday, May 16th. This represents a $6.52 annualized dividend and a yield of 4.16%. Chevron’s dividend payout ratio is presently 59.98%.

Insider Activity

In related news, VP Jeff B. Gustavson sold 3,750 shares of the firm’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $160.23, for a total value of $600,862.50. Following the transaction, the vice president now owns 477 shares in the company, valued at $76,429.71. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, VP Jeff B. Gustavson sold 3,750 shares of the stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $160.23, for a total transaction of $600,862.50. Following the sale, the vice president now owns 477 shares in the company, valued at approximately $76,429.71. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Enrique Hernandez, Jr. sold 5,098 shares of Chevron stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $163.50, for a total transaction of $833,523.00. Following the completion of the transaction, the director now directly owns 2,549 shares in the company, valued at $416,761.50. The disclosure for this sale can be found here. In the last three months, insiders sold 16,746 shares of company stock worth $2,727,971. 0.20% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms have weighed in on CVX. Raymond James raised their price target on Chevron from $170.00 to $174.00 and gave the company an “outperform” rating in a research note on Monday, April 15th. Mizuho boosted their target price on shares of Chevron from $200.00 to $205.00 and gave the stock a “buy” rating in a report on Monday, May 13th. Scotiabank raised shares of Chevron from a “sector perform” rating to a “sector outperform” rating and upped their price target for the stock from $170.00 to $195.00 in a research report on Thursday, April 11th. Barclays started coverage on shares of Chevron in a research report on Wednesday, April 10th. They issued an “overweight” rating and a $203.00 price objective for the company. Finally, Wells Fargo & Company upped their target price on shares of Chevron from $198.00 to $206.00 and gave the company an “overweight” rating in a report on Tuesday, April 30th. Five investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, Chevron has a consensus rating of “Moderate Buy” and an average target price of $186.95.

Chevron Company 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.