Crossvault Capital Management LLC grew its position in Chevron Co. (NYSE:CVX) by 10.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 25,837 shares of the oil and gas company’s stock after purchasing an additional 2,450 shares during the quarter. Crossvault Capital Management LLC’s holdings in Chevron were worth $2,707,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Norges Bank purchased a new position in Chevron during the 4th quarter worth $1,787,982,000. Amundi Pioneer Asset Management Inc. lifted its stake in shares of Chevron by 222.3% in the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 7,625,448 shares of the oil and gas company’s stock worth $643,967,000 after acquiring an additional 5,259,579 shares during the period. UBS Asset Management Americas Inc. lifted its stake in shares of Chevron by 18.2% in the 4th quarter. UBS Asset Management Americas Inc. now owns 7,727,794 shares of the oil and gas company’s stock worth $652,612,000 after acquiring an additional 1,188,386 shares during the period. Morgan Stanley lifted its stake in shares of Chevron by 6.4% in the 4th quarter. Morgan Stanley now owns 19,122,688 shares of the oil and gas company’s stock worth $1,614,912,000 after acquiring an additional 1,158,022 shares during the period. Finally, Lazard Freres Gestion S.A.S. acquired a new stake in shares of Chevron in the fourth quarter valued at about $83,788,000. Institutional investors and hedge funds own 62.27% of the company’s stock.
CVX stock traded up $0.30 during midday trading on Tuesday, hitting $105.83. The stock had a trading volume of 186,915 shares, compared to its average volume of 10,701,234. The firm has a market capitalization of $204.05 billion, a price-to-earnings ratio of -17.27, a P/E/G ratio of 5.74 and a beta of 1.33. Chevron Co. has a 52 week low of $65.16 and a 52 week high of $112.70. The stock has a 50-day simple moving average of $104.24 and a 200 day simple moving average of $92.40. The company has a current ratio of 1.26, a quick ratio of 0.97 and a debt-to-equity ratio of 0.26.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 10th. Stockholders of record on Wednesday, May 19th will be paid a $1.34 dividend. The ex-dividend date of this dividend is Tuesday, May 18th. This is a positive change from Chevron’s previous quarterly dividend of $1.29. This represents a $5.36 dividend on an annualized basis and a dividend yield of 5.06%. Chevron’s dividend payout ratio (DPR) is 82.30%.
A number of equities research analysts have recently commented on the stock. Mizuho initiated coverage on shares of Chevron in a report on Tuesday, January 12th. They set a “buy” rating and a $107.00 price target for the company. Cowen boosted their price objective on shares of Chevron from $111.00 to $113.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 10th. Credit Suisse Group upped their price target on shares of Chevron from $115.00 to $126.00 and gave the company an “outperform” rating in a report on Monday, March 15th. Wells Fargo & Company lowered their target price on shares of Chevron from $105.00 to $99.00 and set an “equal weight” rating for the company in a research note on Monday, February 1st. Finally, Truist boosted their target price on shares of Chevron from $105.00 to $130.00 in a research note on Wednesday, March 10th. Ten analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $110.68.
Chevron Corporation, through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, and production of crude oil and natural gas; processing, liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.
See Also: Retained Earnings
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