209,970 Shares in Chevron Co. (NYSE:CVX) Purchased by Nearwater Capital Markets Ltd

Nearwater Capital Markets Ltd bought a new position in Chevron Co. (NYSE:CVX) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 209,970 shares of the oil and gas company’s stock, valued at approximately $30,412,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CVX. Geode Capital Management LLC grew its stake in Chevron by 1.1% during the fourth 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 acquiring an additional 392,916 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Chevron by 2.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 31,855,566 shares of the oil and gas company’s stock worth $4,613,960,000 after purchasing an additional 746,806 shares during the period. Norges Bank purchased a new position in shares of Chevron during the fourth quarter valued at approximately $3,017,750,000. Northern Trust Corp boosted its stake in shares of Chevron by 7.3% during the 4th quarter. Northern Trust Corp now owns 20,471,800 shares of the oil and gas company’s stock valued at $2,965,135,000 after purchasing an additional 1,394,091 shares in the last quarter. Finally, Fisher Asset Management LLC raised its position in shares of Chevron by 2.1% in the 4th quarter. Fisher Asset Management LLC now owns 19,892,848 shares of the oil and gas company’s stock worth $2,881,280,000 after acquiring an additional 410,460 shares in the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. TD Cowen cut their price objective on shares of Chevron from $155.00 to $150.00 and set a “hold” rating on the stock in a research report on Monday, May 5th. Truist Financial dropped their price objective on Chevron from $164.00 to $160.00 and set a “hold” rating for the company in a research note on Tuesday, February 4th. Scotiabank cut Chevron from a “sector outperform” rating to a “sector perform” rating and reduced their target price for the stock from $160.00 to $143.00 in a report on Friday, April 11th. Barclays lowered Chevron from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $171.00 to $152.00 in a research report on Wednesday, April 23rd. Finally, Raymond James cut their price target 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. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $160.24.

Chevron Stock Performance

Shares of Chevron stock opened at $142.31 on Wednesday. The firm has a market capitalization of $250.55 billion, a P/E ratio of 14.64, a P/E/G ratio of 1.46 and a beta of 0.83. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. Chevron Co. has a 52 week low of $132.04 and a 52 week high of $168.96. The firm’s 50 day moving average is $147.51 and its two-hundred day moving average is $151.94.

Chevron (NYSE:CVX) last released its earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.15 by $0.03. Chevron had a return on equity of 11.44% and a net margin of 8.71%. The business had revenue of $47.61 billion for the quarter, compared to analyst estimates of $49.05 billion. During the same quarter in the previous year, the company posted $2.93 earnings per share. The company’s revenue for the quarter was down 2.3% compared to the same quarter last year. Research analysts forecast that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th will be given a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.81%. The ex-dividend date of this dividend is Monday, May 19th. Chevron’s dividend payout ratio is presently 78.17%.

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.