Sumitomo Life Insurance Co. Sells 1,642 Shares of Chevron Co. (NYSE:CVX)

Sumitomo Life Insurance Co. lessened its position in Chevron Co. (NYSE:CVX) by 4.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 31,673 shares of the oil and gas company’s stock after selling 1,642 shares during the period. Sumitomo Life Insurance Co.’s holdings in Chevron were worth $4,724,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of CVX. Picton Mahoney Asset Management acquired a new position in shares of Chevron during the 3rd quarter worth approximately $26,000. Valley Forge Investment Consultants Inc. ADV lifted its stake in shares of Chevron by 80.0% during the 3rd quarter. Valley Forge Investment Consultants Inc. ADV now owns 180 shares of the oil and gas company’s stock worth $30,000 after buying an additional 80 shares during the last quarter. DHJJ Financial Advisors Ltd. acquired a new position in Chevron in the 3rd quarter valued at about $35,000. Valued Wealth Advisors LLC bought a new position in Chevron in the 4th quarter valued at about $33,000. Finally, Worth Asset Management LLC bought a new stake in shares of Chevron during the first quarter worth approximately $36,000. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CVX has been the subject of a number of research reports. The Goldman Sachs Group reissued a “buy” rating on shares of Chevron in a report on Monday, April 1st. UBS Group lifted their target price on Chevron from $185.00 to $197.00 and gave the company a “buy” rating in a research report on Tuesday, April 9th. Jefferies Financial Group upgraded Chevron from a “hold” rating to a “buy” rating and set a $184.00 price target for the company in a research note on Monday, January 8th. Barclays started coverage on Chevron in a report on Wednesday, April 10th. They issued an “overweight” rating and a $203.00 target price for the company. Finally, Piper Sandler lowered their price objective on Chevron from $188.00 to $180.00 and set an “overweight” rating for the company in a research note on Thursday, March 14th. Six research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $183.60.

Chevron Trading Down 1.8 %

CVX opened at $158.96 on Monday. The company has a market cap of $295.23 billion, a P/E ratio of 13.99, a price-to-earnings-growth ratio of 2.40 and a beta of 1.12. The company has a fifty day moving average price of $154.92 and a two-hundred day moving average price of $152.01. The company has a current ratio of 1.27, a quick ratio of 1.01 and a debt-to-equity ratio of 0.13. Chevron Co. has a 1-year low of $139.62 and a 1-year high of $172.88.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, February 2nd. The oil and gas company reported $3.45 EPS for the quarter, beating analysts’ consensus estimates of $3.19 by $0.26. Chevron had a return on equity of 15.24% and a net margin of 10.63%. The firm had revenue of $47.18 billion during the quarter, compared to analysts’ expectations of $50.93 billion. During the same quarter last year, the firm posted $4.09 earnings per share. The company’s revenue for the quarter was down 16.5% compared to the same quarter last year. Analysts predict that Chevron Co. will post 13.24 EPS for the current fiscal year.

Chevron Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 11th. Stockholders of record on Friday, February 16th were given a dividend of $1.63 per share. The ex-dividend date was Thursday, February 15th. This is an increase from Chevron’s previous quarterly dividend of $1.51. This represents a $6.52 annualized dividend and a dividend yield of 4.10%. Chevron’s payout ratio is presently 57.39%.

Insider Buying and Selling

In other Chevron news, VP Alana K. Knowles sold 2,800 shares of Chevron stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $160.09, for a total transaction of $448,252.00. Following the transaction, the vice president now directly owns 276 shares of the company’s stock, valued at approximately $44,184.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.18% of the stock is currently owned by company insiders.

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.