Ontario Teachers Pension Plan Board Boosts Stock Holdings in Chevron Co. (NYSE:CVX)

Ontario Teachers Pension Plan Board grew its stake in shares of Chevron Co. (NYSE:CVX) by 99.7% in the 4th quarter, Holdings Channel reports. The institutional investor owned 10,924 shares of the oil and gas company’s stock after buying an additional 5,453 shares during the quarter. Ontario Teachers Pension Plan Board’s holdings in Chevron were worth $1,582,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. TFB Advisors LLC grew its position in Chevron by 2.4% during the fourth quarter. TFB Advisors LLC now owns 2,840 shares of the oil and gas company’s stock valued at $411,000 after acquiring an additional 66 shares during the period. W.H. Cornerstone Investments Inc. lifted its stake in shares of Chevron by 1.4% in the 4th quarter. W.H. Cornerstone Investments Inc. now owns 4,672 shares of the oil and gas company’s stock valued at $677,000 after purchasing an additional 66 shares in the last quarter. Parkside Financial Bank & Trust grew its holdings in shares of Chevron by 0.4% during the 4th quarter. Parkside Financial Bank & Trust now owns 15,240 shares of the oil and gas company’s stock worth $2,207,000 after purchasing an additional 66 shares during the period. Meridian Financial Partners LLC increased its position in Chevron by 0.5% during the 4th quarter. Meridian Financial Partners LLC now owns 13,416 shares of the oil and gas company’s stock worth $1,943,000 after purchasing an additional 67 shares in the last quarter. Finally, Western Pacific Wealth Management LP lifted its position in Chevron by 14.9% during the fourth quarter. Western Pacific Wealth Management LP now owns 517 shares of the oil and gas company’s stock valued at $75,000 after buying an additional 67 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Raymond James dropped their price objective on shares of Chevron from $180.00 to $175.00 and set an “outperform” rating for the company in a research report on Monday, February 3rd. Barclays cut their price objective on Chevron from $174.00 to $171.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 5th. Scotiabank downgraded Chevron from a “sector outperform” rating to a “sector perform” rating and decreased their target price for the stock from $160.00 to $143.00 in a research report on Friday, April 11th. Piper Sandler dropped their target price on Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. Finally, Truist Financial reduced their price target on Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a research report on Tuesday, February 4th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $169.50.

Insiders Place Their Bets

In other news, VP Jeff B. Gustavson sold 9,325 shares of the firm’s stock in a transaction dated 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 transaction, the vice president now directly owns 1,057 shares in the company, valued at approximately $161,192.50. This trade represents a 89.82 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.20% of the stock is currently owned by corporate insiders.

Chevron Price Performance

CVX opened at $134.55 on Wednesday. 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 Co. has a 1-year low of $132.04 and a 1-year high of $168.96. The company has a 50-day moving average of $154.64 and a 200-day moving average of $153.69. The company has a market capitalization of $236.88 billion, a P/E ratio of 13.84, a PEG ratio of 1.46 and a beta of 0.93.

Chevron (NYSE:CVX) last announced its quarterly earnings data 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 last year, the firm posted $3.45 EPS. Equities analysts expect that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Friday, February 14th were paid a dividend of $1.71 per share. The ex-dividend date of this dividend was Friday, February 14th. This is a boost from Chevron’s previous quarterly dividend of $1.63. This represents a $6.84 annualized dividend and a yield of 5.08%. Chevron’s dividend payout ratio (DPR) is 70.37%.

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.