Capital Research Global Investors Sells 692,978 Shares of Chevron Co. (NYSE:CVX)

Capital Research Global Investors decreased its position in shares of Chevron Co. (NYSE:CVX) by 14.5% during the fourth quarter, HoldingsChannel reports. The fund owned 4,075,885 shares of the oil and gas company’s stock after selling 692,978 shares during the quarter. Capital Research Global Investors’ holdings in Chevron were worth $590,351,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Geode Capital Management LLC grew its holdings in Chevron by 1.1% during 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 purchasing an additional 392,916 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Chevron by 2.4% during the 4th 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 acquiring an additional 746,806 shares during the period. Norges Bank purchased a new position in Chevron during the 4th quarter valued at $3,017,750,000. Fisher Asset Management LLC grew its position in Chevron by 2.1% in the 4th quarter. Fisher Asset Management LLC now owns 19,892,848 shares of the oil and gas company’s stock valued at $2,881,280,000 after acquiring an additional 410,460 shares during the last quarter. Finally, Franklin Resources Inc. increased its stake in Chevron by 0.5% in the fourth quarter. Franklin Resources Inc. now owns 17,280,105 shares of the oil and gas company’s stock worth $2,502,850,000 after purchasing an additional 79,917 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Insider Buying and Selling

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

Wall Street Analyst Weigh In

CVX has been the topic of a number of research analyst reports. Wells Fargo & Company cut their price target on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a report on Tuesday, April 15th. Raymond James dropped their target price on shares of Chevron from $180.00 to $175.00 and set an “outperform” rating on the stock in a research note on Monday, February 3rd. UBS Group decreased their price target on shares of Chevron from $194.00 to $185.00 and set a “buy” rating for the company in a research note on Monday, April 7th. Truist Financial dropped their price objective on Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a research note on Tuesday, February 4th. Finally, BNP Paribas lowered Chevron to a “cautious” rating in a research report on Tuesday. One research analyst has rated the stock with a sell rating, five have given a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $169.50.

Chevron Price Performance

Shares of CVX stock opened at $137.68 on Friday. The firm has a market capitalization of $242.39 billion, a price-to-earnings ratio of 14.16, a PEG ratio of 1.46 and a beta of 0.93. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. The stock’s 50-day simple moving average is $153.54 and its 200-day simple moving average is $153.43. Chevron Co. has a fifty-two week low of $132.04 and a fifty-two week high of $168.96.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.42 by ($0.36). Chevron had a net margin of 8.71% and a return on equity of 11.44%. During the same quarter last year, the business posted $3.45 EPS. As a group, equities analysts forecast that Chevron Co. will post 10.79 earnings per share for the current fiscal year.

Chevron Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Friday, February 14th were given 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 4.97%. This is a positive change from Chevron’s previous quarterly dividend of $1.63. Chevron’s dividend payout ratio is currently 70.37%.

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.