LGT Group Foundation Boosts Holdings in Chevron Co. (NYSE:CVX)

LGT Group Foundation increased its stake in shares of Chevron Co. (NYSE:CVX) by 6.5% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 110,657 shares of the oil and gas company’s stock after buying an additional 6,772 shares during the quarter. LGT Group Foundation’s holdings in Chevron were worth $16,028,000 as of its most recent filing with the SEC.

Other large investors have also added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. increased its stake in shares of Chevron by 11.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 31,108,760 shares of the oil and gas company’s stock worth $4,581,137,000 after purchasing an additional 3,203,899 shares in the last quarter. RPG Investment Advisory LLC increased its stake in shares of Chevron by 3.4% in the third quarter. RPG Investment Advisory LLC now owns 121,167 shares of the oil and gas company’s stock worth $17,844,000 after purchasing an additional 3,933 shares in the last quarter. State Street Corp increased its stake in shares of Chevron by 0.6% in the third quarter. State Street Corp now owns 159,105,244 shares of the oil and gas company’s stock worth $23,431,429,000 after purchasing an additional 874,962 shares in the last quarter. LPL Financial LLC increased its stake in shares of Chevron by 5.7% in the third quarter. LPL Financial LLC now owns 3,147,686 shares of the oil and gas company’s stock worth $463,560,000 after purchasing an additional 171,089 shares in the last quarter. Finally, Dale Q Rice Investment Management Ltd purchased a new position in shares of Chevron in the fourth quarter worth about $594,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Wall Street Analysts Forecast Growth

CVX has been the subject of several recent research reports. DZ Bank upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $170.00 target price for the company in a research note on Tuesday, November 5th. Raymond James reduced their target price on shares of Chevron from $180.00 to $175.00 and set an “outperform” rating for the company in a research note on Monday, February 3rd. UBS Group cut their price objective on shares of Chevron from $195.00 to $194.00 and set a “buy” rating for the company in a research report on Monday, February 3rd. Wells Fargo & Company cut their price objective on shares of Chevron from $188.00 to $184.00 and set an “overweight” rating for the company in a research report on Monday, February 3rd. Finally, Piper Sandler cut their price objective on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a research report on Thursday, December 19th. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $174.13.

Insiders Place Their Bets

In other Chevron news, VP Jeff B. Gustavson sold 9,325 shares of Chevron stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $152.50, for a total transaction of $1,422,062.50. Following the transaction, the vice president now directly 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 legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.20% of the company’s stock.

Chevron Trading Up 1.2 %

Shares of Chevron stock opened at $158.59 on Monday. Chevron Co. has a 1 year low of $135.37 and a 1 year high of $167.11. The firm has a market cap of $279.21 billion, a PE ratio of 16.32, a PEG ratio of 1.46 and a beta of 1.11. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80. The company has a 50 day simple moving average of $153.14 and a two-hundred day simple moving average of $151.54.

Chevron (NYSE:CVX) last announced its earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share (EPS) for the quarter, missing the consensus estimate 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 prior year, the business earned $3.45 EPS. Analysts expect that Chevron Co. will post 10.79 earnings per share for the current fiscal year.

Chevron Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 10th. Shareholders of record on Friday, February 14th will be given a dividend of $1.71 per share. The ex-dividend date is Friday, February 14th. This is a positive change from Chevron’s previous quarterly dividend of $1.63. This represents a $6.84 annualized dividend and a yield of 4.31%. Chevron’s payout ratio is presently 70.37%.

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.