Montag & Caldwell LLC Takes Position in Chevron Co. (NYSE:CVX)

Montag & Caldwell LLC acquired a new position in Chevron Co. (NYSE:CVX) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 1,000 shares of the oil and gas company’s stock, valued at approximately $145,000.

A number of other hedge funds have also recently modified their holdings of the business. Norges Bank purchased a new stake in Chevron during the 4th quarter valued at about $3,017,750,000. Raymond James Financial Inc. purchased a new stake in shares of Chevron in the fourth quarter valued at approximately $1,036,302,000. Bank of New York Mellon Corp increased its holdings in Chevron by 17.3% during the 4th quarter. Bank of New York Mellon Corp now owns 16,496,687 shares of the oil and gas company’s stock worth $2,389,380,000 after purchasing an additional 2,432,756 shares during the period. Amundi boosted its holdings in shares of Chevron by 27.7% in the 4th quarter. Amundi now owns 8,806,050 shares of the oil and gas company’s stock valued at $1,323,549,000 after buying an additional 1,910,262 shares in the last quarter. Finally, Invesco Ltd. lifted its position in Chevron by 6.9% during the fourth quarter. Invesco Ltd. now owns 15,027,474 shares of the oil and gas company’s stock valued at $2,176,579,000 after acquiring an additional 964,426 shares during the last quarter. Institutional investors own 72.42% of the company’s stock.

Insider Activity at Chevron

In other news, VP Jeff B. Gustavson sold 9,325 shares of the firm’s stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $152.50, for a total value of $1,422,062.50. Following the completion of the transaction, the vice president now owns 1,057 shares of the company’s stock, valued at approximately $161,192.50. This trade represents a 89.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.20% of the stock is owned by insiders.

Chevron Stock Down 0.4 %

CVX stock opened at $135.14 on Tuesday. Chevron Co. has a 12 month low of $132.04 and a 12 month high of $168.96. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. The company has a market cap of $237.93 billion, a price-to-earnings ratio of 13.90, a PEG ratio of 1.46 and a beta of 0.93. The firm has a 50-day moving average of $154.99 and a two-hundred day moving average of $153.82.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, January 31st. The oil and gas company reported $2.06 earnings per share (EPS) 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 quarter in the previous year, the business posted $3.45 earnings per share. As a group, analysts forecast that Chevron Co. will post 10.79 earnings per share for the current fiscal year.

Chevron Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Friday, February 14th were given a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 5.06%. This is an increase from Chevron’s previous quarterly dividend of $1.63. The ex-dividend date was Friday, February 14th. Chevron’s dividend payout ratio (DPR) is presently 70.37%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on CVX. 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. Raymond James lowered their price target on Chevron from $180.00 to $175.00 and set an “outperform” rating for the company in a research report on Monday, February 3rd. Truist Financial cut their price objective on Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a report on Tuesday, February 4th. Wells Fargo & Company decreased their target price on Chevron from $188.00 to $184.00 and set an “overweight” rating for the company in a report on Monday, February 3rd. Finally, Scotiabank downgraded shares of Chevron from a “sector outperform” rating to a “sector perform” rating and cut their price target for the stock from $160.00 to $143.00 in a report on Friday. Five research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $172.20.

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.