Allstate Corp Increases Position in Chevron Co. (NYSE:CVX)

Allstate Corp raised its position in shares of Chevron Co. (NYSE:CVX) by 3,103.1% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 51,794 shares of the oil and gas company’s stock after purchasing an additional 50,177 shares during the period. Allstate Corp’s holdings in Chevron were worth $7,502,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Wallace Capital Management Inc. raised its position in shares of Chevron by 0.8% during the 3rd quarter. Wallace Capital Management Inc. now owns 8,229 shares of the oil and gas company’s stock valued at $1,212,000 after buying an additional 65 shares in the last quarter. TFB Advisors LLC raised its position in Chevron by 2.4% during the fourth quarter. TFB Advisors LLC now owns 2,840 shares of the oil and gas company’s stock valued at $411,000 after purchasing an additional 66 shares during the period. W.H. Cornerstone Investments Inc. lifted its stake in shares of Chevron by 1.4% in the 4th quarter. W.H. Cornerstone Investments Inc. now owns 4,672 shares of the oil and gas company’s stock valued at $677,000 after purchasing an additional 66 shares during the last quarter. Parkside Financial Bank & Trust boosted its holdings in shares of Chevron by 0.4% in the 4th quarter. Parkside Financial Bank & Trust now owns 15,240 shares of the oil and gas company’s stock worth $2,207,000 after purchasing an additional 66 shares during the period. Finally, Meridian Financial Partners LLC raised its holdings in Chevron by 0.5% during the 4th quarter. Meridian Financial Partners LLC now owns 13,416 shares of the oil and gas company’s stock valued at $1,943,000 after buying an additional 67 shares during the period. Institutional investors own 72.42% of the company’s stock.

Chevron Stock Performance

Shares of NYSE:CVX opened at $166.06 on Friday. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $292.37 billion, a price-to-earnings ratio of 17.08, a price-to-earnings-growth ratio of 1.46 and a beta of 1.08. The firm has a 50 day moving average of $157.10 and a 200 day moving average of $153.38. Chevron Co. has a 52 week low of $135.37 and a 52 week high of $168.96.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, January 31st. The oil and gas company reported $2.06 earnings per share for the quarter, missing analysts’ consensus estimates 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 in the prior year, the company posted $3.45 EPS. On average, sell-side analysts predict 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 was paid on Monday, March 10th. Investors of record on Friday, February 14th were paid a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 4.12%. The ex-dividend date was Friday, February 14th. This is a positive change from Chevron’s previous quarterly dividend of $1.63. Chevron’s payout ratio is 70.37%.

Insider Activity at Chevron

In other news, VP Jeff B. Gustavson sold 9,325 shares of the stock in a transaction on Friday, February 7th. The stock was 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 in the company, valued at approximately $161,192.50. This represents a 89.82 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.20% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Wells Fargo & Company cut their price objective on shares of Chevron from $188.00 to $184.00 and set an “overweight” rating on the stock in a research report on Monday, February 3rd. Royal Bank of Canada reissued an “outperform” rating and issued a $175.00 price objective on shares of Chevron in a research report on Monday, February 3rd. UBS Group dropped 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. Raymond James decreased their price target on Chevron from $180.00 to $175.00 and set an “outperform” rating for the company in a research note on Monday, February 3rd. Finally, Truist Financial cut their price objective on Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a research report on Tuesday, February 4th. Four equities 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.com, Chevron has a consensus rating of “Moderate Buy” and an average price target of $174.13.

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.