Sunpointe LLC Raises Holdings in Chevron Co. (NYSE:CVX)

Sunpointe LLC lifted its stake in Chevron Co. (NYSE:CVX) by 16.3% in the 4th quarter, HoldingsChannel.com reports. The firm owned 3,695 shares of the oil and gas company’s stock after acquiring an additional 518 shares during the period. Sunpointe LLC’s holdings in Chevron were worth $535,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of CVX. State Street Corp lifted its stake in shares of Chevron by 0.6% during the third quarter. State Street Corp now owns 159,105,244 shares of the oil and gas company’s stock worth $23,431,429,000 after buying an additional 874,962 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Chevron by 11.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 31,108,760 shares of the oil and gas company’s stock worth $4,581,137,000 after acquiring an additional 3,203,899 shares during the period. Fisher Asset Management LLC grew its stake in Chevron by 3.6% during the 3rd 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 during the last quarter. Franklin Resources Inc. increased its holdings 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 during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Chevron by 1.8% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,790,856 shares of the oil and gas company’s stock worth $1,147,359,000 after purchasing an additional 138,496 shares during the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, VP Jeff B. Gustavson sold 9,325 shares of the company’s 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 completion of the sale, the vice president now owns 1,057 shares of the company’s stock, valued at $161,192.50. This represents a 89.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.20% of the company’s stock.

Wall Street Analysts Forecast Growth

CVX has been the topic of several research reports. Royal Bank of Canada reiterated an “outperform” rating and issued a $175.00 price target on shares of Chevron in a report on Monday, February 3rd. Piper Sandler cut their price objective on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. Citigroup upgraded shares of Chevron from a “neutral” rating to a “buy” rating and boosted their target price for the company from $145.00 to $185.00 in a research report on Tuesday, November 26th. Wells Fargo & Company cut their price target on Chevron from $188.00 to $184.00 and set an “overweight” rating on the stock in a research report on Monday, February 3rd. Finally, Truist Financial decreased their price objective on Chevron from $164.00 to $160.00 and set a “hold” rating for the company in a report on Tuesday, February 4th. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $174.13.

Chevron Trading Up 0.6 %

Shares of NYSE:CVX opened at $157.14 on Thursday. The business’s 50 day moving average price is $151.82 and its 200-day moving average price is $150.85. Chevron Co. has a 1 year low of $135.37 and a 1 year high of $167.11. The firm has a market capitalization of $282.39 billion, a price-to-earnings ratio of 16.17, a price-to-earnings-growth ratio of 1.43 and a beta of 1.11. 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 posted its quarterly earnings data 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 quarter in the previous year, the company earned $3.45 EPS. On average, equities research analysts forecast that Chevron Co. will post 10.79 earnings per share for the current fiscal year.

Chevron Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 10th. Shareholders of record on Friday, February 14th will be paid a dividend of $1.71 per share. This is a positive change from Chevron’s previous quarterly dividend of $1.63. This represents a $6.84 annualized dividend and a yield of 4.35%. The ex-dividend date of this dividend is Friday, February 14th. Chevron’s payout ratio is 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.