Erste Asset Management GmbH Lowers Stock Position in Chevron Co. (NYSE:CVX)

Erste Asset Management GmbH lowered its position in shares of Chevron Co. (NYSE:CVX) by 17.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 27,229 shares of the oil and gas company’s stock after selling 5,950 shares during the quarter. Erste Asset Management GmbH’s holdings in Chevron were worth $3,908,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in CVX. Raymond James Financial Inc. purchased a new position in shares of Chevron in the 4th quarter worth about $1,036,302,000. Pacer Advisors Inc. raised its position in Chevron by 949.6% in the 3rd quarter. Pacer Advisors Inc. now owns 3,819,963 shares of the oil and gas company’s stock worth $562,566,000 after buying an additional 3,456,008 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Chevron by 11.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 31,108,760 shares of the oil and gas company’s stock worth $4,581,137,000 after buying an additional 3,203,899 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Chevron by 17.3% during the 4th quarter. Bank of New York Mellon Corp now owns 16,496,687 shares of the oil and gas company’s stock valued at $2,389,380,000 after purchasing an additional 2,432,756 shares during the period. Finally, Amundi grew its stake in shares of Chevron by 27.7% during the 4th quarter. Amundi now owns 8,806,050 shares of the oil and gas company’s stock valued at $1,323,549,000 after purchasing an additional 1,910,262 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have issued reports on CVX. Royal Bank of Canada restated an “outperform” rating and set a $175.00 price target on shares of Chevron in a research note on Monday, February 3rd. Raymond James cut their price target on Chevron from $180.00 to $175.00 and set an “outperform” rating for the company in a research note on Monday, February 3rd. Truist Financial cut their price target on Chevron from $164.00 to $160.00 and set a “hold” rating for the company in a research note on Tuesday, February 4th. UBS Group cut their price objective on 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 upgraded Chevron from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $145.00 to $185.00 in a research note on Tuesday, November 26th. Four research 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, Chevron has an average rating of “Moderate Buy” and an average price target of $174.13.

Insider Transactions at Chevron

In other news, VP Jeff B. Gustavson sold 9,325 shares of the company’s stock in a transaction that occurred 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 sale, the vice president now directly owns 1,057 shares of the company’s stock, valued at $161,192.50. This represents a 89.82 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.20% of the company’s stock.

Chevron Trading Up 2.3 %

CVX stock opened at $157.10 on Friday. Chevron Co. has a 1-year low of $135.37 and a 1-year high of $167.11. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80. The company has a market capitalization of $276.59 billion, a price-to-earnings ratio of 16.16, a PEG ratio of 1.46 and a beta of 1.08. The business has a 50 day simple moving average of $155.03 and a two-hundred day simple moving average of $151.98.

Chevron (NYSE:CVX) last posted its quarterly earnings results 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 return on equity of 11.44% and a net margin of 8.71%. During the same period in the prior year, the company earned $3.45 earnings per share. Research analysts anticipate that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Friday, February 14th were issued a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 4.35%. This is a boost from Chevron’s previous quarterly dividend of $1.63. The ex-dividend date of this dividend was Friday, February 14th. Chevron’s dividend payout ratio is 70.37%.

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.