Madison Investment Advisors LLC Buys Shares of 135,929 Chevron Co. (NYSE:CVX)

Madison Investment Advisors LLC bought a new stake in Chevron Co. (NYSE:CVX) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 135,929 shares of the oil and gas company’s stock, valued at approximately $19,688,000.

Several other large investors have also recently bought and sold shares of CVX. Pettinga Financial Advisors LLC increased its position in shares of Chevron by 10.1% during the third quarter. Pettinga Financial Advisors LLC now owns 2,972 shares of the oil and gas company’s stock worth $438,000 after acquiring an additional 272 shares in the last quarter. United Bank boosted its holdings in Chevron by 8.4% during the third quarter. United Bank now owns 8,095 shares of the oil and gas company’s stock worth $1,192,000 after purchasing an additional 629 shares during the last quarter. Entropy Technologies LP acquired a new position in Chevron during the third quarter worth $380,000. OVERSEA CHINESE BANKING Corp Ltd acquired a new position in Chevron during the third quarter worth $492,000. Finally, Aigen Investment Management LP acquired a new position in Chevron during the third quarter worth $1,249,000. Institutional investors own 72.42% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on CVX shares. UBS Group reduced their target price on shares of Chevron from $195.00 to $194.00 and set a “buy” rating for the company in a report on Monday, February 3rd. Royal Bank of Canada reiterated an “outperform” rating and issued a $175.00 price target on shares of Chevron in a research note on Monday, February 3rd. Truist Financial cut their price target on shares of Chevron from $164.00 to $160.00 and set a “hold” rating for the company in a research note on Tuesday, February 4th. Piper Sandler cut their price target on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. Finally, Raymond James cut their price target on shares of Chevron from $180.00 to $175.00 and set an “outperform” rating for the company in a research note on Monday, February 3rd. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, Chevron currently has a consensus rating of “Moderate Buy” and a consensus target price of $174.13.

Insider Buying and Selling at Chevron

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

Chevron Stock Performance

NYSE:CVX opened at $152.63 on Thursday. The company has a fifty day moving average of $154.71 and a 200-day moving average of $151.91. The firm has a market capitalization of $268.72 billion, a P/E ratio of 15.70, a P/E/G ratio of 1.46 and a beta of 1.08. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. Chevron Co. has a twelve month low of $135.37 and a twelve month high of $167.11.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, January 31st. The oil and gas company reported $2.06 earnings per share 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 prior year, the business posted $3.45 earnings per share. As a group, sell-side analysts anticipate that Chevron Co. will post 10.79 EPS for the current year.

Chevron Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 10th. Shareholders of record on Friday, February 14th were paid a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 4.48%. The ex-dividend date of this dividend was Friday, February 14th. This is a positive change from Chevron’s previous quarterly dividend of $1.63. Chevron’s payout ratio 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.