Chevron Co. (NYSE:CVX) Shares Bought by BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its position in Chevron Co. (NYSE:CVX) by 13.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 332,717 shares of the oil and gas company’s stock after acquiring an additional 40,584 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Chevron were worth $48,191,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Norges Bank purchased a new stake in shares of Chevron in the fourth quarter valued at about $3,017,750,000. Raymond James Financial Inc. acquired a new position in Chevron in the 4th quarter valued at about $1,036,302,000. Bank of New York Mellon Corp raised its stake in Chevron by 17.3% during the 4th quarter. Bank of New York Mellon Corp now owns 16,496,687 shares of the oil and gas company’s stock valued at $2,389,380,000 after acquiring an additional 2,432,756 shares during the last quarter. Amundi lifted its position in Chevron by 27.7% during the 4th quarter. Amundi now owns 8,806,050 shares of the oil and gas company’s stock worth $1,323,549,000 after acquiring an additional 1,910,262 shares during the period. Finally, Capital World Investors grew its stake in shares of Chevron by 11.4% in the 4th quarter. Capital World Investors now owns 14,079,656 shares of the oil and gas company’s stock valued at $2,039,288,000 after purchasing an additional 1,440,808 shares during the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently weighed in on CVX. Raymond James decreased their price target on Chevron from $180.00 to $175.00 and set an “outperform” rating for the company in a report on Monday, February 3rd. Wells Fargo & Company reduced their target price on shares of Chevron from $173.00 to $164.00 and set an “overweight” rating for the company in a research note on Monday, May 5th. TD Cowen lowered their target price on shares of Chevron from $155.00 to $150.00 and set a “hold” rating on the stock in a report on Monday, May 5th. UBS Group cut their price target on shares of Chevron from $194.00 to $185.00 and set a “buy” rating for the company in a report on Monday, April 7th. Finally, 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. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $160.24.

Chevron Stock Performance

CVX opened at $137.21 on Wednesday. Chevron Co. has a 1-year low of $132.04 and a 1-year high of $168.96. The stock has a market cap of $239.62 billion, a P/E ratio of 14.12, a P/E/G ratio of 1.46 and a beta of 0.83. The stock’s 50 day simple moving average is $146.04 and its 200 day simple moving average is $151.61. 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 earnings results on Friday, May 2nd. The oil and gas company reported $2.18 EPS for the quarter, topping 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 company had revenue of $47.61 billion for the quarter, compared to the consensus estimate of $49.05 billion. During the same period in the previous year, the business earned $2.93 earnings per share. Chevron’s quarterly revenue was down 2.3% compared to the same quarter last year. As a group, equities analysts anticipate that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th will be issued a dividend of $1.71 per share. The ex-dividend date of this dividend is Monday, May 19th. This represents a $6.84 annualized dividend and a yield of 4.99%. Chevron’s dividend payout ratio (DPR) is currently 78.17%.

Chevron Company 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.