Te Ahumairangi Investment Management Ltd Reduces Holdings in Chevron Co. (NYSE:CVX)

Te Ahumairangi Investment Management Ltd lowered its stake in shares of Chevron Co. (NYSE:CVX) by 22.6% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 17,199 shares of the oil and gas company’s stock after selling 5,020 shares during the period. Te Ahumairangi Investment Management Ltd’s holdings in Chevron were worth $2,491,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. RFG Bristol Wealth Advisors LLC purchased a new position in shares of Chevron during the 4th quarter worth approximately $1,090,000. Potomac Fund Management Inc. ADV purchased a new position in shares of Chevron in the 4th quarter valued at approximately $1,291,000. Trexquant Investment LP bought a new stake in shares of Chevron during the fourth quarter valued at approximately $21,737,000. Centric Wealth Management grew its stake in Chevron by 133.8% in the fourth quarter. Centric Wealth Management now owns 16,242 shares of the oil and gas company’s stock worth $2,353,000 after purchasing an additional 9,296 shares during the period. Finally, Headlands Technologies LLC bought a new position in Chevron in the fourth quarter worth $8,224,000. 72.42% of the stock is owned by institutional investors.

Insider Activity

In related news, VP Jeff B. Gustavson sold 9,325 shares of the company’s stock in a transaction on Friday, February 7th. The stock was sold at an average price of $152.50, for a total transaction of $1,422,062.50. Following the completion of the sale, the vice president now owns 1,057 shares in the company, valued at approximately $161,192.50. This represents a 89.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on CVX. Piper Sandler reduced their target price on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. 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 report on Tuesday, February 4th. UBS Group decreased their target price on shares of Chevron from $195.00 to $194.00 and set a “buy” rating for the company in a research note on Monday, February 3rd. Barclays dropped their price target on Chevron from $174.00 to $171.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 5th. Finally, Raymond James reduced their price objective on Chevron from $180.00 to $175.00 and set an “outperform” rating for the company in a research report on Monday, February 3rd. Four analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $174.13.

Chevron Price Performance

NYSE CVX opened at $168.43 on Wednesday. Chevron Co. has a one year low of $135.37 and a one year high of $168.96. The stock has a 50-day moving average of $157.43 and a 200 day moving average of $154.00. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. The company has a market capitalization of $296.53 billion, a price-to-earnings ratio of 17.33, a PEG ratio of 1.46 and a beta of 1.08.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, January 31st. The oil and gas company reported $2.06 EPS for the quarter, missing analysts’ consensus estimates of $2.42 by ($0.36). Chevron had a return on equity of 11.44% and a net margin of 8.71%. During the same quarter in the prior year, the business earned $3.45 earnings per share. On average, sell-side analysts forecast that Chevron Co. will post 10.79 EPS for the current year.

Chevron Increases Dividend

The business also recently announced 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. 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. This represents a $6.84 dividend on an annualized basis and a yield of 4.06%. Chevron’s payout ratio is currently 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.