FUKOKU MUTUAL LIFE INSURANCE Co Reduces Stock Position in Chevron Co. (NYSE:CVX)

FUKOKU MUTUAL LIFE INSURANCE Co decreased its stake in shares of Chevron Co. (NYSE:CVX) by 0.2% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 171,812 shares of the oil and gas company’s stock after selling 407 shares during the quarter. Chevron comprises 1.8% of FUKOKU MUTUAL LIFE INSURANCE Co’s portfolio, making the stock its 20th largest position. FUKOKU MUTUAL LIFE INSURANCE Co’s holdings in Chevron were worth $25,303,000 as of its most recent filing with the SEC.

Other institutional investors have also recently added to or reduced their stakes in the company. Marietta Wealth Management LLC raised its position in shares of Chevron by 10.9% in the third quarter. Marietta Wealth Management LLC now owns 40,484 shares of the oil and gas company’s stock valued at $5,962,000 after purchasing an additional 3,965 shares during the period. Leo Wealth LLC grew its position in shares of Chevron by 19.6% during the 3rd quarter. Leo Wealth LLC now owns 8,246 shares of the oil and gas company’s stock worth $1,214,000 after buying an additional 1,354 shares during the period. RPG Investment Advisory LLC grew its holdings in shares of Chevron by 3.4% in the 3rd quarter. RPG Investment Advisory LLC now owns 121,167 shares of the oil and gas company’s stock valued at $17,844,000 after buying an additional 3,933 shares during the period. Garner Asset Management Corp lifted its stake in Chevron by 14.5% in the second quarter. Garner Asset Management Corp now owns 19,997 shares of the oil and gas company’s stock valued at $3,128,000 after buying an additional 2,530 shares in the last quarter. Finally, Cantor Fitzgerald Investment Advisors L.P. grew its holdings in shares of Chevron by 3.2% during the third quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 114,961 shares of the oil and gas company’s stock worth $16,930,000 after buying an additional 3,561 shares in the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CVX has been the topic of a number of recent research reports. DZ Bank upgraded Chevron from a “hold” rating to a “buy” rating and set a $170.00 target price on the stock in a research note on Tuesday, November 5th. Truist Financial upped their price objective on shares of Chevron from $150.00 to $155.00 and gave the stock a “hold” rating in a report on Monday, November 4th. Wells Fargo & Company decreased their price target on shares of Chevron from $196.00 to $169.00 and set an “overweight” rating for the company in a research note on Friday, September 27th. UBS Group lifted their target price on Chevron from $192.00 to $194.00 and gave the company a “buy” rating in a report on Monday, November 4th. Finally, Scotiabank cut their target price on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Chevron presently has a consensus rating of “Moderate Buy” and a consensus target price of $174.93.

Chevron Stock Up 1.9 %

Shares of CVX opened at $161.77 on Friday. 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 52 week low of $135.37 and a 52 week high of $167.11. The firm has a market cap of $290.72 billion, a P/E ratio of 17.78, a price-to-earnings-growth ratio of 3.57 and a beta of 1.09. The firm’s 50-day simple moving average is $148.51 and its 200 day simple moving average is $152.65.

Chevron (NYSE:CVX) last announced its earnings results on Friday, November 1st. The oil and gas company reported $2.51 EPS for the quarter, beating the consensus estimate of $2.47 by $0.04. The company had revenue of $50.67 billion during the quarter, compared to the consensus estimate of $48.86 billion. Chevron had a net margin of 8.44% and a return on equity of 13.15%. The firm’s revenue for the quarter was down 6.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $3.05 earnings per share. On average, analysts forecast that Chevron Co. will post 10.55 earnings per share for the current year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th will be paid a dividend of $1.63 per share. The ex-dividend date of this dividend is Monday, November 18th. This represents a $6.52 dividend on an annualized basis and a yield of 4.03%. Chevron’s dividend payout ratio is presently 71.65%.

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.