Roberts Wealth Advisors LLC boosted its position in shares of Chevron Co. (NYSE:CVX – Get Rating) by 40.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,795 shares of the oil and gas company’s stock after purchasing an additional 1,095 shares during the period. Roberts Wealth Advisors LLC’s holdings in Chevron were worth $660,000 at the end of the most recent reporting period.
Several other hedge funds also recently added to or reduced their stakes in CVX. Renaissance Technologies LLC grew its holdings in Chevron by 600.7% during the 2nd quarter. Renaissance Technologies LLC now owns 5,786,295 shares of the oil and gas company’s stock worth $837,740,000 after acquiring an additional 4,960,475 shares in the last quarter. FMR LLC grew its holdings in Chevron by 62.3% during the 2nd quarter. FMR LLC now owns 11,343,585 shares of the oil and gas company’s stock worth $1,642,325,000 after acquiring an additional 4,354,660 shares in the last quarter. New England Asset Management Inc. grew its holdings in Chevron by 106.3% during the 3rd quarter. New England Asset Management Inc. now owns 4,439,965 shares of the oil and gas company’s stock worth $637,889,000 after acquiring an additional 2,288,050 shares in the last quarter. Legal & General Group Plc grew its holdings in Chevron by 16.3% during the 2nd quarter. Legal & General Group Plc now owns 13,569,692 shares of the oil and gas company’s stock worth $1,964,620,000 after acquiring an additional 1,899,104 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Chevron by 7.6% during the 3rd quarter. Dimensional Fund Advisors LP now owns 12,052,751 shares of the oil and gas company’s stock worth $1,731,739,000 after acquiring an additional 847,841 shares in the last quarter. 69.37% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of research firms have recently issued reports on CVX. HSBC raised their price target on shares of Chevron to $187.00 in a research report on Friday, December 2nd. Wells Fargo & Company reduced their price target on shares of Chevron from $204.00 to $199.00 and set an “overweight” rating on the stock in a research report on Thursday, March 2nd. Piper Sandler reduced their price target on shares of Chevron from $206.00 to $199.00 and set an “overweight” rating on the stock in a research report on Monday, December 19th. StockNews.com began coverage on shares of Chevron in a research report on Thursday. They issued a “hold” rating on the stock. Finally, Mizuho restated a “neutral” rating and issued a $206.00 price target on shares of Chevron in a research report on Friday. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, Chevron currently has a consensus rating of “Hold” and an average target price of $189.50.
Chevron Stock Down 1.3 %
Chevron (NYSE:CVX – Get Rating) last released its quarterly earnings results on Friday, January 27th. The oil and gas company reported $4.09 EPS for the quarter, missing analysts’ consensus estimates of $4.16 by ($0.07). Chevron had a return on equity of 23.52% and a net margin of 14.40%. The company had revenue of $56.47 billion for the quarter, compared to the consensus estimate of $53.97 billion. During the same quarter last year, the firm posted $2.56 earnings per share. The firm’s quarterly revenue was up 17.1% compared to the same quarter last year. On average, analysts forecast that Chevron Co. will post 14.73 earnings per share for the current fiscal year.
Chevron Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, March 10th. Shareholders of record on Thursday, February 16th were given a dividend of $1.51 per share. This represents a $6.04 dividend on an annualized basis and a dividend yield of 3.96%. This is an increase from Chevron’s previous quarterly dividend of $1.42. The ex-dividend date was Wednesday, February 15th. Chevron’s payout ratio is 33.04%.
Chevron declared that its Board of Directors has initiated a stock buyback program on Wednesday, January 25th that allows the company to repurchase $75.00 billion in outstanding shares. This repurchase authorization allows the oil and gas company to buy up to 21.7% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
Insiders Place Their Bets
In other news, VP Rhonda J. Morris sold 19,666 shares of Chevron stock in a transaction that occurred on Tuesday, February 7th. The shares were sold at an average price of $170.00, for a total value of $3,343,220.00. Following the transaction, the vice president now owns 3,967 shares of the company’s stock, valued at approximately $674,390. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.32% of the stock is owned by insiders.
Chevron Corp. engages in the provision of administrative, financial management, and technology support for energy and chemical operations. It operates through the Upstream and Downstream segments. The Upstream segment consists of the exploration, development, and production of crude oil and natural gas, the liquefaction, transportation, and regasification associated with liquefied natural gas, the transporting of crude oil by major international oil export pipelines, the processing, transporting, storage, and marketing of natural gas, and a gas-to-liquids plant.
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