LGT Fund Management Co Ltd. Lowers Position in Chevron Co. (NYSE:CVX)

LGT Fund Management Co Ltd. lessened its stake in Chevron Co. (NYSE:CVX) by 46.1% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 16,400 shares of the oil and gas company’s stock after selling 14,049 shares during the quarter. LGT Fund Management Co Ltd.’s holdings in Chevron were worth $2,375,000 at the end of the most recent reporting period.

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

Insider Activity at Chevron

In related news, VP Jeff B. Gustavson sold 9,325 shares of the stock in a transaction that occurred on 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 completion of the transaction, the vice president now directly owns 1,057 shares of the company’s stock, valued at $161,192.50. This trade represents a 89.82 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.20% of the stock is currently owned by insiders.

Chevron Stock Performance

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

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, January 31st. The oil and gas company reported $2.06 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 previous year, the business earned $3.45 earnings per share. On average, equities analysts forecast that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Increases Dividend

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

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and set a $175.00 price target on shares of Chevron in a research note on Monday, February 3rd. Citigroup upgraded shares of Chevron from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $145.00 to $185.00 in a research report on Tuesday, November 26th. Truist Financial cut their price objective on shares of Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a research report on Tuesday, February 4th. Barclays cut their price objective on shares of Chevron from $174.00 to $171.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 5th. Finally, UBS Group cut their price objective on shares of Chevron from $195.00 to $194.00 and set a “buy” rating on the stock in a research report on Monday, February 3rd. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, Chevron presently has an average rating of “Moderate Buy” and a consensus target price of $174.13.

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.