Nippon Life Global Investors Americas Inc. Buys New Stake in Chevron Corporation $CVX

Nippon Life Global Investors Americas Inc. bought a new stake in shares of Chevron Corporation (NYSE:CVX) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 151,960 shares of the oil and gas company’s stock, valued at approximately $25,189,000.

Other institutional investors also recently added to or reduced their stakes in the company. Indivisible Partners bought a new position in Chevron during the fourth quarter valued at about $1,923,000. Janney Montgomery Scott LLC raised its position in Chevron by 6.8% in the first quarter. Janney Montgomery Scott LLC now owns 1,251,102 shares of the oil and gas company’s stock worth $258,853,000 after acquiring an additional 79,439 shares in the last quarter. Galaxy Digital Inc. bought a new stake in Chevron in the first quarter worth about $2,028,000. Osprey Private Wealth LLC lifted its holdings in Chevron by 556.4% in the 4th quarter. Osprey Private Wealth LLC now owns 9,190 shares of the oil and gas company’s stock valued at $1,401,000 after acquiring an additional 7,790 shares during the last quarter. Finally, World Investment Advisors lifted its holdings in Chevron by 24.2% in the 4th quarter. World Investment Advisors now owns 85,213 shares of the oil and gas company’s stock valued at $12,987,000 after acquiring an additional 16,596 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on CVX. Bank of America lifted their price objective on shares of Chevron from $210.00 to $227.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. Sanford C. Bernstein increased their target price on shares of Chevron from $204.00 to $209.00 and gave the company a “market perform” rating in a research note on Monday, August 3rd. Barclays raised their target price on shares of Chevron from $213.00 to $216.00 and gave the stock an “equal weight” rating in a report on Monday, August 3rd. Wall Street Zen upgraded shares of Chevron from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and issued a $216.00 price target on shares of Chevron in a report on Friday, July 10th. Twenty research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Chevron presently has an average rating of “Moderate Buy” and a consensus target price of $207.48.

Chevron Trading Down 0.0%

Shares of CVX opened at $199.99 on Monday. The business’s 50-day moving average price is $183.30 and its 200 day moving average price is $187.01. The stock has a market capitalization of $395.13 billion, a P/E ratio of 19.17, a P/E/G ratio of 0.61 and a beta of 0.49. Chevron Corporation has a 1-year low of $146.49 and a 1-year high of $214.71. The company has a current ratio of 1.25, a quick ratio of 0.98 and a debt-to-equity ratio of 0.19.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, July 31st. The oil and gas company reported $6.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.55 by $0.51. Chevron had a return on equity of 11.09% and a net margin of 9.57%.The firm had revenue of $67.20 billion for the quarter, compared to the consensus estimate of $62.72 billion. During the same quarter in the previous year, the company earned $1.77 EPS. The business’s revenue for the quarter was up 57.4% compared to the same quarter last year. Analysts expect that Chevron Corporation will post 15.86 earnings per share for the current year.

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th will be issued a dividend of $1.78 per share. The ex-dividend date is Wednesday, August 19th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.6%. Chevron’s payout ratio is currently 68.26%.

Insider Buying and Selling

In related news, CEO Michael K. Wirth sold 5,547 shares of the company’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $187.00, for a total value of $1,037,289.00. Following the completion of the sale, the chief executive officer owned 26,308 shares in the company, valued at approximately $4,919,596. This represents a 17.41% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John B. Hess sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $194.26, for a total transaction of $19,426,000.00. Following the completion of the transaction, the director directly owned 178,045 shares of the company’s stock, valued at $34,587,021.70. This represents a 35.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 1,196,212 shares of company stock worth $231,819,366 in the last 90 days. 0.56% of the stock is owned by company insiders.

Chevron Company Profile

Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.