Chevron Co. (NYSE:CVX) Shares Bought by AIA Group Ltd

AIA Group Ltd boosted its holdings in shares of Chevron Co. (NYSE:CVX – Get Rating) by 63.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,460 shares of the oil and gas company’s stock after acquiring an additional 566 shares during the quarter. AIA Group Ltd’s holdings in Chevron were worth $238,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Secure Asset Management LLC grew its stake in shares of Chevron by 15.7% in the first quarter. Secure Asset Management LLC now owns 4,382 shares of the oil and gas company’s stock valued at $713,000 after buying an additional 593 shares in the last quarter. Guinness Atkinson Asset Management Inc lifted its holdings in Chevron by 26.4% during the 1st quarter. Guinness Atkinson Asset Management Inc now owns 6,346 shares of the oil and gas company’s stock worth $1,033,000 after buying an additional 1,326 shares during the last quarter. ACT Wealth Management LLC lifted its holdings in Chevron by 3.0% during the 1st quarter. ACT Wealth Management LLC now owns 4,781 shares of the oil and gas company’s stock worth $778,000 after buying an additional 140 shares during the last quarter. Verdence Capital Advisors LLC lifted its holdings in Chevron by 4.9% during the 1st quarter. Verdence Capital Advisors LLC now owns 78,544 shares of the oil and gas company’s stock worth $12,789,000 after buying an additional 3,681 shares during the last quarter. Finally, Smithbridge Asset Management Inc. DE lifted its holdings in Chevron by 2.4% during the 1st quarter. Smithbridge Asset Management Inc. DE now owns 12,278 shares of the oil and gas company’s stock worth $1,999,000 after buying an additional 290 shares during the last quarter. Institutional investors and hedge funds own 65.89% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on CVX shares. Piper Sandler decreased their price target on Chevron from $213.00 to $189.00 and set an “overweight” rating for the company in a report on Tuesday, July 19th. Royal Bank of Canada downgraded Chevron from an “outperform” rating to a “sector perform” rating and boosted their target price for the company from $160.00 to $165.00 in a report on Thursday, April 21st. Raymond James boosted their target price on Chevron from $173.00 to $191.00 and gave the company an “outperform” rating in a report on Monday, April 18th. The Goldman Sachs Group reissued a “neutral” rating and issued a $172.00 target price on shares of Chevron in a report on Thursday. Finally, Citigroup reduced their target price on Chevron from $170.00 to $150.00 and set a “neutral” rating for the company in a report on Wednesday, July 13th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $173.00.

Chevron Stock Performance

NYSE CVX opened at $153.64 on Friday. The company has a current ratio of 1.43, a quick ratio of 1.22 and a debt-to-equity ratio of 0.20. The business’s 50 day moving average is $154.37 and its two-hundred day moving average is $155.35. Chevron Co. has a 12-month low of $92.86 and a 12-month high of $182.40. The stock has a market capitalization of $301.87 billion, a price-to-earnings ratio of 10.25, a PEG ratio of 0.61 and a beta of 1.15.

Chevron (NYSE:CVX – Get Rating) last released its earnings results on Friday, July 29th. The oil and gas company reported $5.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.66 by $1.16. Chevron had a return on equity of 20.19% and a net margin of 13.45%. The company had revenue of $68.76 billion for the quarter, compared to analysts’ expectations of $57.69 billion. During the same quarter in the previous year, the firm posted $1.71 EPS. The firm’s quarterly revenue was up 82.9% on a year-over-year basis. Research analysts expect that Chevron Co. will post 17.51 EPS for the current year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 12th. Shareholders of record on Friday, August 19th will be given a dividend of $1.42 per share. This represents a $5.68 annualized dividend and a yield of 3.70%. The ex-dividend date is Thursday, August 18th. Chevron’s payout ratio is 37.89%.

Insider Buying and Selling

In related news, Director Wanda M. Austin sold 12,039 shares of the company’s stock in a transaction that occurred on Friday, May 27th. The stock was sold at an average price of $177.29, for a total value of $2,134,394.31. Following the sale, the director now owns 3,543 shares in the company, valued at approximately $628,138.47. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, Director Wanda M. Austin sold 12,039 shares of the company’s stock in a transaction that occurred on Friday, May 27th. The stock was sold at an average price of $177.29, for a total value of $2,134,394.31. Following the sale, the director now owns 3,543 shares in the company, valued at approximately $628,138.47. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Mark A. Nelson sold 117,400 shares of the company’s stock in a transaction that occurred on Tuesday, May 10th. The stock was sold at an average price of $159.47, for a total value of $18,721,778.00. Following the completion of the sale, the executive vice president now owns 788 shares in the company, valued at approximately $125,662.36. The disclosure for this sale can be found here. Insiders have sold a total of 399,043 shares of company stock worth $67,010,843 in the last quarter. Company insiders own 0.32% of the company’s stock.

Chevron Company Profile

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Chevron Corporation, through its subsidiaries, engages in integrated energy and chemicals operations worldwide. 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 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.