Mirae Asset Global Investments Co. Ltd. Increases Holdings in Chevron Co. (NYSE:CVX)

Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Chevron Co. (NYSE:CVX) by 3.4% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 484,761 shares of the oil and gas company’s stock after buying an additional 16,010 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Chevron were worth $72,453,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Cantor Fitzgerald Investment Advisor L.P raised its holdings in shares of Chevron by 85.1% in the 1st quarter. Cantor Fitzgerald Investment Advisor L.P now owns 159,115 shares of the oil and gas company’s stock valued at $25,908,000 after buying an additional 73,141 shares during the period. Axiom Financial Strategies LLC raised its holdings in shares of Chevron by 25.2% in the 1st quarter. Axiom Financial Strategies LLC now owns 7,335 shares of the oil and gas company’s stock valued at $1,155,000 after buying an additional 1,476 shares during the period. GQG Partners LLC raised its holdings in shares of Chevron by 4.7% in the 1st quarter. GQG Partners LLC now owns 40,538 shares of the oil and gas company’s stock valued at $6,598,000 after buying an additional 1,813 shares during the period. Lumature Wealth Partners LLC raised its holdings in shares of Chevron by 43.5% in the 1st quarter. Lumature Wealth Partners LLC now owns 5,837 shares of the oil and gas company’s stock valued at $950,000 after buying an additional 1,770 shares during the period. Finally, First Trust Advisors LP increased its holdings in Chevron by 13.8% during the 1st quarter. First Trust Advisors LP now owns 2,068,600 shares of the oil and gas company’s stock worth $336,830,000 after purchasing an additional 250,840 shares during the period. Institutional investors and hedge funds own 72.42% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CVX. Mizuho upped their price target on Chevron from $195.00 to $200.00 and gave the stock a “buy” rating in a report on Wednesday, March 20th. Piper Sandler lowered their price objective on Chevron from $188.00 to $180.00 and set an “overweight” rating for the company in a research report on Thursday, March 14th. DZ Bank cut Chevron from a “buy” rating to a “hold” rating and set a $160.00 price objective for the company. in a research report on Tuesday, February 6th. TD Cowen cut Chevron from an “outperform” rating to a “market perform” rating and lowered their price objective for the stock from $170.00 to $150.00 in a research report on Tuesday, January 23rd. Finally, Jefferies Financial Group raised Chevron from a “hold” rating to a “buy” rating and set a $184.00 price objective for the company in a research report on Monday, January 8th. Seven investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, Chevron currently has an average rating of “Moderate Buy” and an average price target of $180.63.

Insiders Place Their Bets

In other Chevron news, VP Alana K. Knowles sold 2,800 shares of the company’s stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $160.09, for a total value of $448,252.00. Following the completion of the sale, the vice president now directly owns 276 shares in the company, valued at $44,184.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.18% of the stock is currently owned by insiders.

Chevron Stock Performance

Shares of CVX stock opened at $161.60 on Monday. The company has a quick ratio of 1.01, a current ratio of 1.27 and a debt-to-equity ratio of 0.13. The business has a 50 day moving average of $153.72 and a two-hundred day moving average of $152.24. The company has a market cap of $300.13 billion, a P/E ratio of 14.23, a PEG ratio of 2.46 and a beta of 1.12. Chevron Co. has a 52 week low of $139.62 and a 52 week high of $172.88.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, February 2nd. The oil and gas company reported $3.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.19 by $0.26. The business had revenue of $47.18 billion during the quarter, compared to the consensus estimate of $50.93 billion. Chevron had a return on equity of 15.24% and a net margin of 10.63%. The business’s revenue was down 16.5% on a year-over-year basis. During the same period in the previous year, the firm posted $4.09 earnings per share. As a group, analysts anticipate that Chevron Co. will post 13.13 EPS for the current year.

Chevron Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 11th. Shareholders of record on Friday, February 16th were given a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 4.03%. This is an increase from Chevron’s previous quarterly dividend of $1.51. The ex-dividend date was Thursday, February 15th. Chevron’s dividend payout ratio is 57.39%.

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.