Nippon Life Global Investors Americas Inc. Buys 4,160 Shares of Chevron Co. (NYSE:CVX)

Nippon Life Global Investors Americas Inc. grew its stake in shares of Chevron Co. (NYSE:CVX) by 16.9% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 28,760 shares of the oil and gas company’s stock after buying an additional 4,160 shares during the quarter. Nippon Life Global Investors Americas Inc.’s holdings in Chevron were worth $4,499,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Eagle Capital Management LLC increased its holdings in Chevron by 0.5% in the 1st quarter. Eagle Capital Management LLC now owns 34,455 shares of the oil and gas company’s stock worth $5,435,000 after purchasing an additional 163 shares in the last quarter. Lane & Associates LLC bought a new position in Chevron in the 1st quarter valued at approximately $345,000. KCM Investment Advisors LLC boosted its position in Chevron by 2.5% during the 1st quarter. KCM Investment Advisors LLC now owns 331,550 shares of the oil and gas company’s stock worth $52,299,000 after buying an additional 8,168 shares during the period. Livelsberger Financial Advisory bought a new stake in Chevron during the 4th quarter worth approximately $46,000. Finally, Hosking Partners LLP acquired a new position in Chevron in the 1st quarter valued at approximately $4,924,000. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on CVX shares. Wolfe Research assumed coverage on shares of Chevron in a report on Thursday, July 18th. They set a “peer perform” rating on the stock. Scotiabank cut their target price on Chevron from $195.00 to $180.00 and set a “sector outperform” rating on the stock in a report on Friday, July 12th. Barclays decreased their price target on Chevron from $203.00 to $185.00 and set an “overweight” rating for the company in a research note on Tuesday, August 6th. Truist Financial cut their price objective on Chevron from $156.00 to $154.00 and set a “hold” rating on the stock in a research note on Monday, August 5th. Finally, Royal Bank of Canada reduced their target price on Chevron from $190.00 to $180.00 and set an “outperform” rating on the stock in a report on Monday, August 5th. Seven analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $182.41.

Chevron Price Performance

Shares of NYSE CVX opened at $145.68 on Monday. The firm has a market capitalization of $268.48 billion, a P/E ratio of 13.40, a P/E/G ratio of 2.48 and a beta of 1.09. The firm’s 50-day moving average price is $148.06 and its 200-day moving average price is $154.53. The company has a current ratio of 1.16, a quick ratio of 0.85 and a debt-to-equity ratio of 0.13. Chevron Co. has a 1-year low of $135.37 and a 1-year high of $171.70.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.93 by ($0.38). The firm had revenue of $51.18 billion during the quarter, compared to the consensus estimate of $48.68 billion. Chevron had a return on equity of 13.70% and a net margin of 9.31%. The firm’s revenue was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $3.08 EPS. Equities research analysts anticipate that Chevron Co. will post 11.48 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th were paid a dividend of $1.63 per share. The ex-dividend date was Monday, August 19th. This represents a $6.52 dividend on an annualized basis and a yield of 4.48%. Chevron’s dividend payout ratio (DPR) is presently 59.98%.

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.