Prudential PLC Grows Holdings in Chevron Co. (NYSE:CVX)

Prudential PLC lifted its position in shares of Chevron Co. (NYSE:CVX) by 19.7% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 31,572 shares of the oil and gas company’s stock after buying an additional 5,206 shares during the quarter. Prudential PLC’s holdings in Chevron were worth $4,573,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Geode Capital Management LLC raised its holdings in Chevron by 1.1% in the 4th quarter. Geode Capital Management LLC now owns 36,269,270 shares of the oil and gas company’s stock valued at $5,247,142,000 after acquiring an additional 392,916 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Chevron by 2.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 31,855,566 shares of the oil and gas company’s stock valued at $4,613,960,000 after purchasing an additional 746,806 shares during the period. Norges Bank acquired a new position in Chevron in the fourth quarter valued at $3,017,750,000. Fisher Asset Management LLC lifted its position in Chevron by 2.1% during the fourth quarter. Fisher Asset Management LLC now owns 19,892,848 shares of the oil and gas company’s stock worth $2,881,280,000 after buying an additional 410,460 shares during the period. Finally, Franklin Resources Inc. boosted its stake in Chevron by 0.5% in the 4th quarter. Franklin Resources Inc. now owns 17,280,105 shares of the oil and gas company’s stock worth $2,502,850,000 after buying an additional 79,917 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Chevron Trading Down 8.3 %

CVX opened at $143.10 on Friday. The firm has a market capitalization of $251.95 billion, a P/E ratio of 14.72, a P/E/G ratio of 1.46 and a beta of 0.93. The firm’s 50 day moving average is $157.38 and its 200-day moving average is $154.18. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. Chevron Co. has a 52-week low of $135.37 and a 52-week high of $168.96.

Chevron (NYSE:CVX) last released its quarterly 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 company posted $3.45 EPS. Analysts expect that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Friday, February 14th were issued a $1.71 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $6.84 dividend on an annualized basis and a yield of 4.78%. This is an increase from Chevron’s previous quarterly dividend of $1.63. Chevron’s dividend payout ratio is currently 70.37%.

Insider Buying and Selling at Chevron

In other news, VP Jeff B. Gustavson sold 9,325 shares of the 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 completion of the transaction, the vice president now directly owns 1,057 shares in the company, valued at approximately $161,192.50. This represents a 89.82 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.20% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

CVX has been the topic of several recent analyst reports. Piper Sandler cut their price objective on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. Barclays reduced their target price on Chevron from $174.00 to $171.00 and set an “overweight” rating on the stock in a report on Wednesday, February 5th. Truist Financial dropped 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. Wells Fargo & Company reduced their price objective on Chevron from $188.00 to $184.00 and set an “overweight” rating on the stock in a research note on Monday, February 3rd. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $175.00 price target on shares of Chevron in a report on Monday, February 3rd. Four equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $174.13.

Chevron 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.