Ossiam Makes New Investment in Chevron Co. (NYSE:CVX)

Ossiam purchased a new stake in shares of Chevron Co. (NYSE:CVX) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 30,370 shares of the oil and gas company’s stock, valued at approximately $4,399,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Geode Capital Management LLC boosted its stake in shares of 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 worth $5,247,142,000 after buying an additional 392,916 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Chevron by 2.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 31,855,566 shares of the oil and gas company’s stock worth $4,613,960,000 after acquiring an additional 746,806 shares during the period. Norges Bank bought a new position in Chevron in the 4th quarter valued at $3,017,750,000. Fisher Asset Management LLC grew its stake 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 purchasing an additional 410,460 shares during the period. Finally, Franklin Resources Inc. increased its position in shares of Chevron by 0.5% during the 4th quarter. Franklin Resources Inc. now owns 17,280,105 shares of the oil and gas company’s stock valued at $2,502,850,000 after purchasing an additional 79,917 shares during the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Stock Up 1.7 %

CVX opened at $137.68 on Friday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80. Chevron Co. has a one year low of $132.04 and a one year high of $168.96. The firm has a market capitalization of $242.39 billion, a P/E ratio of 14.16, a price-to-earnings-growth ratio of 1.46 and a beta of 0.93. The company has a fifty day moving average price of $153.54 and a 200-day moving average price of $153.43.

Chevron (NYSE:CVX) last announced its earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share 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 period in the prior year, the business earned $3.45 earnings per share. Equities research analysts expect that Chevron Co. will post 10.79 earnings per share for the current fiscal year.

Chevron Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 10th. Shareholders of record on Friday, February 14th were paid a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 4.97%. The ex-dividend date of this dividend was Friday, February 14th. This is a boost from Chevron’s previous quarterly dividend of $1.63. Chevron’s payout ratio is currently 70.37%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Scotiabank lowered shares of Chevron from a “sector outperform” rating to a “sector perform” rating and reduced their price target for the company from $160.00 to $143.00 in a research report on Friday, April 11th. BNP Paribas lowered shares of Chevron to a “cautious” rating in a research note on Tuesday. UBS Group dropped their price objective on Chevron from $194.00 to $185.00 and set a “buy” rating on the stock in a research note on Monday, April 7th. Truist Financial decreased their target price on Chevron from $164.00 to $160.00 and set a “hold” rating for the company in a research report on Tuesday, February 4th. Finally, Wells Fargo & Company dropped their price target on Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 15th. One analyst has rated the stock with a sell rating, five have given a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Chevron has a consensus rating of “Moderate Buy” and an average price target of $169.50.

Insider Activity

In related news, VP Jeff B. Gustavson sold 9,325 shares of the 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.20% of the company’s stock.

About Chevron

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.