AIA Group Ltd Lowers Stock Position in Chevron Co. (NYSE:CVX)

AIA Group Ltd cut its holdings in Chevron Co. (NYSE:CVX) by 15.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 29,318 shares of the oil and gas company’s stock after selling 5,400 shares during the quarter. AIA Group Ltd’s holdings in Chevron were worth $4,318,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. China Universal Asset Management Co. Ltd. bought a new position in Chevron during the 1st quarter valued at approximately $566,000. Embree Financial Group raised its position in shares of Chevron by 4.5% in the 1st quarter. Embree Financial Group now owns 9,528 shares of the oil and gas company’s stock worth $1,503,000 after purchasing an additional 409 shares during the last quarter. Integris Wealth Management LLC boosted its stake in Chevron by 1.9% in the 1st quarter. Integris Wealth Management LLC now owns 5,567 shares of the oil and gas company’s stock worth $878,000 after purchasing an additional 102 shares in the last quarter. Signaturefd LLC boosted its stake in Chevron by 2.6% in the 1st quarter. Signaturefd LLC now owns 26,475 shares of the oil and gas company’s stock worth $4,176,000 after purchasing an additional 664 shares in the last quarter. Finally, Richardson Financial Services Inc. grew its position in Chevron by 4.8% during the 1st quarter. Richardson Financial Services Inc. now owns 2,067 shares of the oil and gas company’s stock valued at $326,000 after purchasing an additional 95 shares during the last quarter. 72.42% of the stock is currently owned by institutional investors.

Chevron Price Performance

NYSE CVX opened at $156.73 on Friday. The company has a 50-day moving average price of $147.43 and a 200-day moving average price of $152.90. Chevron Co. has a 52 week low of $135.37 and a 52 week high of $167.11. The company has a quick ratio of 0.85, a current ratio of 1.16 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $286.65 billion, a P/E ratio of 17.22, a PEG ratio of 3.43 and a beta of 1.09.

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 analysts’ consensus estimates of $2.47 by $0.04. Chevron had a net margin of 8.44% and a return on equity of 13.07%. The business had revenue of $50.67 billion during the quarter, compared to analysts’ expectations of $48.86 billion. During the same period in the prior year, the company earned $3.05 earnings per share. The firm’s revenue was down 6.3% on a year-over-year basis. Equities research analysts anticipate that Chevron Co. will post 10.65 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. Investors of record on Monday, November 18th will be issued a $1.63 dividend. The ex-dividend date is Monday, November 18th. This represents a $6.52 dividend on an annualized basis and a yield of 4.16%. Chevron’s dividend payout ratio is currently 71.65%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CVX. Bank of America initiated coverage on shares of Chevron in a research note on Thursday, October 17th. They issued a “buy” rating and a $168.00 target price on the stock. Wolfe Research began coverage on Chevron in a research report on Thursday, July 18th. They issued a “peer perform” rating on the stock. 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. UBS Group boosted their price target on Chevron from $192.00 to $194.00 and gave the stock a “buy” rating in a research note on Monday. Finally, Truist Financial increased their price objective on Chevron from $150.00 to $155.00 and gave the company a “hold” rating in a research report on Monday. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $174.93.

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.