Connor Clark & Lunn Investment Management Ltd. Cuts Stock Holdings in Chevron Co. (NYSE:CVX)

Connor Clark & Lunn Investment Management Ltd. trimmed its holdings in shares of Chevron Co. (NYSE:CVX) by 73.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 64,323 shares of the oil and gas company’s stock after selling 181,154 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Chevron were worth $9,317,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in CVX. Life Planning Partners Inc bought a new position in shares of Chevron during the fourth quarter valued at about $25,000. Legacy Investment Solutions LLC bought a new position in shares of Chevron during the third quarter valued at about $29,000. Darwin Wealth Management LLC bought a new position in shares of Chevron during the third quarter valued at about $30,000. Fairway Wealth LLC raised its stake in shares of Chevron by 75.9% during the fourth quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company’s stock valued at $30,000 after acquiring an additional 88 shares during the last quarter. Finally, RPg Family Wealth Advisory LLC bought a new position in Chevron in the third quarter worth about $31,000. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Trading Up 2.3 %

Shares of CVX stock opened at $157.10 on Friday. Chevron Co. has a 12-month low of $135.37 and a 12-month high of $167.11. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. The firm’s 50 day moving average is $155.03 and its 200 day moving average is $151.98. The stock has a market capitalization of $276.59 billion, a P/E ratio of 16.16, a P/E/G ratio of 1.46 and a beta of 1.08.

Chevron (NYSE:CVX) last issued its earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share (EPS) for the quarter, missing the consensus estimate 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 previous year, the firm posted $3.45 earnings per share. Research analysts expect that Chevron Co. will post 10.79 earnings per share 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 given a $1.71 dividend. The ex-dividend date was Friday, February 14th. This is an increase from Chevron’s previous quarterly dividend of $1.63. This represents a $6.84 annualized dividend and a yield of 4.35%. Chevron’s dividend payout ratio (DPR) is presently 70.37%.

Insiders Place Their Bets

In other Chevron news, VP Jeff B. Gustavson sold 9,325 shares of the stock in a transaction that occurred 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 transaction, the vice president now directly owns 1,057 shares in the company, valued at approximately $161,192.50. This trade 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 is accessible through this hyperlink. Insiders own 0.20% of the company’s stock.

Analyst Upgrades and Downgrades

CVX has been the subject of a number of research reports. Royal Bank of Canada reissued an “outperform” rating and issued a $175.00 price target on shares of Chevron in a research note on Monday, February 3rd. Wells Fargo & Company decreased their price target on shares of Chevron from $188.00 to $184.00 and set an “overweight” rating for the company in a research note on Monday, February 3rd. Raymond James decreased 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. UBS Group decreased their price target 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. Finally, Citigroup raised shares of Chevron from a “neutral” rating to a “buy” rating and raised their target price for the company from $145.00 to $185.00 in a research note on Tuesday, November 26th. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $174.13.

Chevron Company 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.