Spectrum Asset Management Inc. NB CA Raises Stock Position in Chevron Corporation $CVX

Spectrum Asset Management Inc. NB CA raised its stake in shares of Chevron Corporation (NYSE:CVX) by 7.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 35,244 shares of the oil and gas company’s stock after purchasing an additional 2,422 shares during the period. Chevron accounts for 2.2% of Spectrum Asset Management Inc. NB CA’s holdings, making the stock its 15th biggest position. Spectrum Asset Management Inc. NB CA’s holdings in Chevron were worth $5,047,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of the stock. Harvest Fund Management Co. Ltd lifted its position in shares of Chevron by 420.7% in the first quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company’s stock valued at $25,000 after acquiring an additional 122 shares in the last quarter. Elequin Capital LP purchased a new stake in shares of Chevron during the first quarter worth approximately $31,000. Cloud Capital Management LLC acquired a new position in Chevron in the 1st quarter valued at $39,000. Investment Management Corp VA ADV lifted its holdings in Chevron by 171.3% in the 1st quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company’s stock valued at $39,000 after purchasing an additional 149 shares in the last quarter. Finally, 1 North Wealth Services LLC acquired a new stake in Chevron during the 1st quarter worth $45,000. Institutional investors and hedge funds own 72.42% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on CVX shares. Morgan Stanley began coverage on shares of Chevron in a research report on Monday, August 4th. They issued an “overweight” rating and a $174.00 target price for the company. Piper Sandler upped their price objective on shares of Chevron from $164.00 to $168.00 and gave the company an “overweight” rating in a research note on Monday, August 18th. UBS Group increased their price objective on shares of Chevron from $186.00 to $197.00 and gave the company a “buy” rating in a report on Wednesday, August 20th. Barclays lowered their target price on Chevron from $160.00 to $158.00 and set an “equal weight” rating on the stock in a report on Tuesday. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Chevron in a report on Saturday, September 27th. Eleven investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $165.15.

Insider Activity at Chevron

In other news, Director John B. Hess sold 375,000 shares of Chevron stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $158.30, for a total value of $59,362,500.00. Following the completion of the sale, the director directly owned 1,403,045 shares of the company’s stock, valued at approximately $222,102,023.50. The trade was a 21.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Alana K. Knowles sold 3,978 shares of the stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $160.00, for a total value of $636,480.00. Following the transaction, the vice president directly owned 1,181 shares in the company, valued at approximately $188,960. The trade was a 77.11% decrease in their position. The disclosure for this sale can be found here. 0.20% of the stock is currently owned by company insiders.

Chevron Stock Performance

Shares of Chevron stock opened at $154.92 on Wednesday. The firm has a market cap of $267.70 billion, a PE ratio of 19.94, a price-to-earnings-growth ratio of 1.99 and a beta of 0.84. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16. Chevron Corporation has a 52 week low of $132.04 and a 52 week high of $168.96. The business’s fifty day simple moving average is $156.15 and its 200-day simple moving average is $148.84.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.19. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The firm had revenue of $44.82 billion for the quarter, compared to analyst estimates of $44.59 billion. During the same period in the previous year, the firm earned $2.55 EPS. Chevron’s revenue was down 12.4% on a year-over-year basis. Equities analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were given a dividend of $1.71 per share. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.4%. Chevron’s dividend payout ratio (DPR) is presently 88.03%.

About Chevron

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.