Chevron Co. (NYSE:CVX) Shares Sold by Pinebridge Investments L.P.

by · The Markets Daily

Pinebridge Investments L.P. lessened its holdings in shares of Chevron Co. (NYSE:CVX – Free Report) by 20.9% in the 4th quarter, HoldingsChannel reports. The firm owned 371,336 shares of the oil and gas company’s stock after selling 98,218 shares during the quarter. Pinebridge Investments L.P.’s holdings in Chevron were worth $53,784,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in CVX. IMG Wealth Management Inc. purchased a new position in Chevron during the fourth quarter valued at approximately $25,000. Mizuho Securities Co. Ltd. acquired a new stake in shares of Chevron during the 4th quarter worth approximately $29,000. Fairway Wealth LLC increased its holdings in shares of Chevron by 75.9% during the 4th quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company’s stock valued at $30,000 after purchasing an additional 88 shares in the last quarter. New Wave Wealth Advisors LLC acquired a new position in shares of Chevron in the 4th quarter valued at $39,000. Finally, Prudent Man Investment Management Inc. purchased a new stake in Chevron during the fourth quarter worth $45,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CVX has been the subject of a number of analyst reports. Scotiabank downgraded shares of Chevron from a “sector outperform” rating to a “sector perform” rating and decreased their price objective for the stock from $160.00 to $143.00 in a research report on Friday, April 11th. UBS Group lowered their price target on Chevron from $194.00 to $185.00 and set a “buy” rating on the stock in a research report on Monday, April 7th. Royal Bank of Canada restated an “outperform” rating and issued a $175.00 price objective on shares of Chevron in a research report on Monday, February 3rd. Barclays decreased their target price on Chevron from $174.00 to $171.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 5th. Finally, Truist Financial cut their price target 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. One research analyst has rated the stock with a sell rating, five have given a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, Chevron currently has an average rating of “Moderate Buy” and an average price target of $169.50.

Get Our Latest Stock Report on Chevron

Chevron Trading Up 2.6 %

CVX opened at $137.26 on Wednesday. The firm has a market capitalization of $241.66 billion, a price-to-earnings ratio of 14.12, a price-to-earnings-growth ratio of 1.46 and a beta of 0.93. The company’s 50 day simple moving average is $152.74 and its two-hundred day simple moving average is $153.22. Chevron Co. has a 1-year low of $132.04 and a 1-year 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.

Chevron (NYSE:CVX – Get Free Report) last announced its quarterly earnings data on Friday, January 31st. The oil and gas company reported $2.06 EPS 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 period in the previous year, the company posted $3.45 EPS. Analysts expect that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Friday, February 14th were given a dividend of $1.71 per share. This is a boost from Chevron’s previous quarterly dividend of $1.63. The ex-dividend date was Friday, February 14th. This represents a $6.84 annualized dividend and a dividend yield of 4.98%. Chevron’s payout ratio is presently 70.37%.

Insider Activity at Chevron

In other Chevron news, VP Jeff B. Gustavson sold 9,325 shares of the business’s stock in a transaction dated 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 transaction, the vice president now directly owns 1,057 shares in the company, valued at $161,192.50. The trade was a 89.82 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.20% of the stock is currently owned by insiders.

Chevron Profile

(Free Report)

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.

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