Van ECK Associates Corp Cuts Stock Position in Chevron Co. (NYSE:CVX)

Van ECK Associates Corp lessened its stake in shares of Chevron Co. (NYSE:CVX) by 7.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 174,094 shares of the oil and gas company’s stock after selling 14,684 shares during the quarter. Van ECK Associates Corp’s holdings in Chevron were worth $25,968,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. International Assets Investment Management LLC raised its position in Chevron by 15,548.2% in the fourth quarter. International Assets Investment Management LLC now owns 3,202,411 shares of the oil and gas company’s stock worth $4,776,720,000 after acquiring an additional 3,181,946 shares in the last quarter. Morgan Stanley raised its position in Chevron by 7.0% in the third quarter. Morgan Stanley now owns 34,166,899 shares of the oil and gas company’s stock worth $5,761,223,000 after acquiring an additional 2,244,995 shares in the last quarter. J.P. Morgan Private Wealth Advisors LLC purchased a new position in Chevron in the third quarter worth $348,789,000. Envestnet Asset Management Inc. raised its position in Chevron by 36.4% in the third quarter. Envestnet Asset Management Inc. now owns 4,614,498 shares of the oil and gas company’s stock worth $778,097,000 after acquiring an additional 1,230,619 shares in the last quarter. Finally, California Public Employees Retirement System raised its position in Chevron by 28.3% in the third quarter. California Public Employees Retirement System now owns 4,179,942 shares of the oil and gas company’s stock worth $704,822,000 after acquiring an additional 923,119 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Price Performance

CVX opened at $161.27 on Wednesday. The company has a market cap of $299.52 billion, a P/E ratio of 14.84, a P/E/G ratio of 2.43 and a beta of 1.12. The company has a 50 day moving average of $156.96 and a two-hundred day moving average of $151.68. The company has a quick ratio of 1.01, a current ratio of 1.27 and a debt-to-equity ratio of 0.13. Chevron Co. has a 52-week low of $139.62 and a 52-week high of $171.70.

Chevron (NYSE:CVX) last announced its earnings results on Friday, April 26th. The oil and gas company reported $2.93 earnings per share for the quarter, beating the consensus estimate of $2.84 by $0.09. Chevron had a net margin of 10.21% and a return on equity of 14.38%. The business had revenue of $48.72 billion during the quarter, compared to the consensus estimate of $48.42 billion. During the same period in the prior year, the firm earned $3.55 earnings per share. The business’s quarterly revenue was down 4.1% compared to the same quarter last year. On average, analysts expect that Chevron Co. will post 13.71 earnings per share for the current year.

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 10th. Shareholders of record on Friday, May 17th will be paid a dividend of $1.63 per share. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $6.52 dividend on an annualized basis and a yield of 4.04%. Chevron’s dividend payout ratio (DPR) is 59.98%.

Insider Buying and Selling at Chevron

In other Chevron news, VP Alana K. Knowles sold 2,800 shares of the stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $165.00, for a total transaction of $462,000.00. Following the sale, the vice president now directly owns 276 shares of the company’s stock, valued at $45,540. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.20% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on CVX. TD Cowen lifted their price target on Chevron from $155.00 to $160.00 and gave the stock a “hold” rating in a research note on Monday. Wells Fargo & Company lifted their target price on shares of Chevron from $198.00 to $206.00 and gave the stock an “overweight” rating in a research report on Tuesday. Truist Financial cut their price objective on shares of Chevron from $168.00 to $156.00 and set a “hold” rating for the company in a research report on Friday, April 5th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Chevron in a research report on Monday, April 1st. Finally, Piper Sandler upped their price target on shares of Chevron from $180.00 to $204.00 and gave the stock an “overweight” rating in a research report on Thursday, April 18th. Six research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Chevron currently has an average rating of “Moderate Buy” and an average price target of $185.35.

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.