Corebridge Financial Inc. Sells 19,109 Shares of Chevron Co. (NYSE:CVX)

Corebridge Financial Inc. lowered its position in Chevron Co. (NYSE:CVX) by 4.0% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 461,373 shares of the oil and gas company’s stock after selling 19,109 shares during the period. Chevron comprises approximately 0.4% of Corebridge Financial Inc.’s holdings, making the stock its 28th largest position. Corebridge Financial Inc.’s holdings in Chevron were worth $66,825,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the business. Raymond James Financial Inc. purchased a new stake in shares of Chevron during the fourth quarter worth about $1,036,302,000. Bank of New York Mellon Corp lifted its holdings in Chevron by 17.3% in the 4th quarter. Bank of New York Mellon Corp now owns 16,496,687 shares of the oil and gas company’s stock worth $2,389,380,000 after purchasing an additional 2,432,756 shares in the last quarter. Amundi boosted its stake in Chevron by 27.7% in the 4th quarter. Amundi now owns 8,806,050 shares of the oil and gas company’s stock worth $1,323,549,000 after purchasing an additional 1,910,262 shares during the period. State Street Corp grew its holdings in Chevron by 0.6% during the 3rd quarter. State Street Corp now owns 159,105,244 shares of the oil and gas company’s stock valued at $23,431,429,000 after buying an additional 874,962 shares in the last quarter. Finally, Proficio Capital Partners LLC raised its position in shares of Chevron by 22,996.9% during the fourth quarter. Proficio Capital Partners LLC now owns 847,425 shares of the oil and gas company’s stock valued at $122,741,000 after buying an additional 843,756 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Royal Bank of Canada restated an “outperform” rating and set a $175.00 target price on shares of Chevron in a research report on Monday, February 3rd. Wells Fargo & Company dropped their price objective on shares of Chevron from $188.00 to $184.00 and set an “overweight” rating for the company in a report on Monday, February 3rd. Citigroup raised Chevron from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $145.00 to $185.00 in a report on Tuesday, November 26th. Truist Financial decreased their target price on Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a research report on Tuesday, February 4th. Finally, Piper Sandler cut their price target on Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, Chevron currently has a consensus rating of “Moderate Buy” and an average target price of $174.13.

Insider Transactions at Chevron

In other Chevron news, VP Jeff B. Gustavson sold 9,325 shares of the company’s stock in a transaction on Friday, February 7th. The stock was sold at an average price of $152.50, for a total value of $1,422,062.50. Following the transaction, the vice president now owns 1,057 shares of the company’s stock, valued at $161,192.50. This represents a 89.82 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.20% of the company’s stock.

Chevron Stock Down 0.2 %

Shares of CVX opened at $164.37 on Monday. 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 $167.11. The company has a market cap of $289.39 billion, a PE ratio of 16.91, a P/E/G ratio of 1.46 and a beta of 1.08. The business has a fifty day moving average of $156.29 and a 200 day moving average of $152.64.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, January 31st. The oil and gas company reported $2.06 EPS for the quarter, missing analysts’ consensus estimates 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 firm earned $3.45 EPS. On average, sell-side analysts expect that Chevron Co. will post 10.79 EPS for the current year.

Chevron Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Friday, February 14th were paid a dividend of $1.71 per share. This is a boost from Chevron’s previous quarterly dividend of $1.63. The ex-dividend date was Friday, February 14th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.16%. Chevron’s dividend payout ratio is currently 70.37%.

Chevron Company 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.