Headlands Technologies LLC Makes New $8.22 Million Investment in Chevron Co. (NYSE:CVX)

Headlands Technologies LLC acquired a new stake in Chevron Co. (NYSE:CVX) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 56,780 shares of the oil and gas company’s stock, valued at approximately $8,224,000. Chevron accounts for 0.8% of Headlands Technologies LLC’s holdings, making the stock its 18th biggest holding.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Boston Family Office LLC raised its holdings in Chevron by 1.6% in the fourth quarter. Boston Family Office LLC now owns 112,259 shares of the oil and gas company’s stock valued at $16,260,000 after acquiring an additional 1,793 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Chevron by 1.1% in the 4th quarter. Geode Capital Management LLC now owns 36,269,270 shares of the oil and gas company’s stock valued at $5,247,142,000 after purchasing an additional 392,916 shares in the last quarter. StoneX Group Inc. lifted its position in shares of Chevron by 22.0% during the 4th quarter. StoneX Group Inc. now owns 48,753 shares of the oil and gas company’s stock worth $7,061,000 after purchasing an additional 8,791 shares during the last quarter. HighPoint Advisor Group LLC grew its stake in shares of Chevron by 2.3% during the fourth quarter. HighPoint Advisor Group LLC now owns 62,080 shares of the oil and gas company’s stock worth $9,597,000 after purchasing an additional 1,386 shares in the last quarter. Finally, Franklin Resources Inc. increased its holdings in Chevron by 0.5% in the fourth quarter. Franklin Resources Inc. now owns 17,280,105 shares of the oil and gas company’s stock valued at $2,502,850,000 after buying an additional 79,917 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Insider Activity

In other news, VP Jeff B. Gustavson sold 9,325 shares of the stock in a transaction that occurred 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 transaction, the vice president now directly owns 1,057 shares in the company, valued at approximately $161,192.50. This represents a 89.82 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.20% of the company’s stock.

Analyst Upgrades and Downgrades

CVX has been the subject of several analyst reports. Wells Fargo & Company lowered their price objective on Chevron from $188.00 to $184.00 and set an “overweight” rating for the company in a research report on Monday, February 3rd. Royal Bank of Canada reiterated an “outperform” rating and issued a $175.00 price target on shares of Chevron in a research note on Monday, February 3rd. Raymond James cut their price objective on shares of Chevron from $180.00 to $175.00 and set an “outperform” rating on the stock in a report on Monday, February 3rd. Truist Financial lowered their target price on shares of Chevron from $164.00 to $160.00 and set a “hold” rating for the company in a report on Tuesday, February 4th. Finally, Piper Sandler cut their price target 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. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, Chevron presently has an average rating of “Moderate Buy” and an average target price of $174.13.

Chevron Stock Performance

Chevron stock opened at $167.52 on Tuesday. The company has a market cap of $294.94 billion, a price-to-earnings ratio of 17.23, a price-to-earnings-growth ratio of 1.46 and a beta of 1.08. Chevron Co. has a 12 month low of $135.37 and a 12 month high of $168.96. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80. The stock’s 50-day moving average is $157.22 and its 200-day moving average is $153.80.

Chevron (NYSE:CVX) last announced its quarterly earnings results 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 return on equity of 11.44% and a net margin of 8.71%. During the same quarter in the previous year, the firm earned $3.45 EPS. Equities analysts anticipate that Chevron Co. will post 10.79 earnings per share for the current year.

Chevron Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 10th. Shareholders of record on Friday, February 14th were given a $1.71 dividend. This is a boost from Chevron’s previous quarterly dividend of $1.63. This represents a $6.84 dividend on an annualized basis and a yield of 4.08%. The ex-dividend date of this dividend was Friday, February 14th. Chevron’s dividend payout ratio is presently 70.37%.

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.