Allianz SE Purchases New Stake in Chevron Co. (NYSE:CVX)

Allianz SE acquired a new position in Chevron Co. (NYSE:CVX) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 65,483 shares of the oil and gas company’s stock, valued at approximately $9,369,000.

Other institutional investors have also recently added to or reduced their stakes in the company. IMG Wealth Management Inc. bought a new stake in shares of Chevron during the 4th quarter valued at about $25,000. Legacy Investment Solutions LLC acquired a new position in Chevron in the third quarter valued at approximately $29,000. Mizuho Securities Co. Ltd. bought a new position in shares of Chevron during the fourth quarter valued at approximately $29,000. Fairway Wealth LLC raised its position 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 worth $30,000 after purchasing an additional 88 shares during the period. Finally, New Wave Wealth Advisors LLC bought a new stake in shares of Chevron in the 4th quarter worth approximately $39,000. Institutional investors own 72.42% of the company’s stock.

Chevron Stock Down 0.4 %

NYSE CVX opened at $166.06 on Friday. Chevron Co. has a 12 month low of $135.37 and a 12 month high of $168.96. The company has a market capitalization of $292.37 billion, a P/E ratio of 17.08, a PEG ratio of 1.46 and a beta of 1.08. The company’s 50 day simple moving average is $157.10 and its 200 day simple moving average is $153.38. 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) last posted its quarterly 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 period in the prior year, the firm posted $3.45 earnings per share. Equities research analysts expect that Chevron Co. will post 10.79 earnings per share for the current fiscal year.

Chevron Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Friday, February 14th were paid a $1.71 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $6.84 dividend on an annualized basis and a yield of 4.12%. This is a boost from Chevron’s previous quarterly dividend of $1.63. Chevron’s dividend payout ratio (DPR) is currently 70.37%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Wells Fargo & Company dropped their target price on Chevron from $188.00 to $184.00 and set an “overweight” rating on the stock in a research report on Monday, February 3rd. 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. Barclays dropped their price target on shares of Chevron from $174.00 to $171.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 5th. UBS Group reduced their price objective on Chevron from $195.00 to $194.00 and set a “buy” rating for the company in a research report on Monday, February 3rd. Finally, Truist Financial lowered their target price on Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a research report on Tuesday, February 4th. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, Chevron currently has a consensus rating of “Moderate Buy” and an average target price of $174.13.

Insiders Place Their Bets

In related news, VP Jeff B. Gustavson sold 9,325 shares of the company’s stock in a transaction on Friday, February 7th. The stock was 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. The trade was a 89.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.20% of the company’s stock.

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.