Chevron Co. (NYSE:CVX) Shares Purchased by Conning Inc.

Conning Inc. boosted its holdings in Chevron Co. (NYSE:CVX) by 1,881.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 236,466 shares of the oil and gas company’s stock after purchasing an additional 224,531 shares during the quarter. Conning Inc.’s holdings in Chevron were worth $34,250,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Legacy Investment Solutions LLC acquired a new position in Chevron in the third quarter worth $29,000. Rational Advisors LLC bought a new stake in Chevron in the third quarter valued at $29,000. Darwin Wealth Management LLC bought a new stake in Chevron in the third quarter valued at $30,000. RPg Family Wealth Advisory LLC bought a new stake in Chevron in the third quarter valued at $31,000. Finally, New Wave Wealth Advisors LLC bought a new stake in Chevron in the fourth quarter valued at $39,000. Institutional investors and hedge funds own 72.42% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. UBS Group cut their target price on Chevron from $195.00 to $194.00 and set a “buy” rating on the stock in a research note on Monday, February 3rd. Raymond James cut their target price on Chevron from $180.00 to $175.00 and set an “outperform” rating on the stock in a research note on Monday, February 3rd. Truist Financial cut their target price on Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a research note on Tuesday. 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. Finally, Wells Fargo & Company cut their target price on Chevron from $188.00 to $184.00 and set an “overweight” rating on the stock in a research note on Monday, February 3rd. Four investment 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 currently has an average rating of “Moderate Buy” and a consensus target price of $174.13.

Insiders Place Their Bets

In related news, CEO Michael K. Wirth sold 164,600 shares of Chevron stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $160.13, for a total value of $26,357,398.00. Following the transaction, the chief executive officer now owns 4,280 shares of the company’s stock, valued at approximately $685,356.40. This trade represents a 97.47 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.20% of the stock is owned by company insiders.

Chevron Price Performance

Shares of Chevron stock opened at $152.54 on Friday. 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 company’s 50-day moving average price is $152.40 and its two-hundred day moving average price is $150.91. Chevron Co. has a 52 week low of $135.37 and a 52 week high of $167.11. The stock has a market cap of $274.13 billion, a PE ratio of 15.69, a price-to-earnings-growth ratio of 1.39 and a beta of 1.11.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, January 31st. The oil and gas company reported $2.06 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 prior year, the firm earned $3.45 earnings per share. As a group, sell-side analysts anticipate that Chevron Co. will post 10.84 EPS for the current fiscal year.

Chevron Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 10th. Shareholders of record on Friday, February 14th will be given a $1.71 dividend. The ex-dividend date of this dividend is Friday, February 14th. This is a boost from Chevron’s previous quarterly dividend of $1.63. This represents a $6.84 annualized dividend and a yield of 4.48%. Chevron’s payout ratio is 67.08%.

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.