Chevron Co. (NYSE:CVX) Shares Purchased by AlTi Global Inc.

AlTi Global Inc. boosted its holdings in Chevron Co. (NYSE:CVX) by 0.3% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 186,949 shares of the oil and gas company’s stock after purchasing an additional 512 shares during the quarter. Chevron accounts for approximately 0.7% of AlTi Global Inc.’s investment portfolio, making the stock its 22nd largest holding. AlTi Global Inc.’s holdings in Chevron were worth $27,691,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CVX. Geode Capital Management LLC lifted its holdings in shares of 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 acquiring an additional 392,916 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of 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 purchasing an additional 746,806 shares in the last quarter. Norges Bank purchased a new stake in shares of Chevron in the fourth quarter worth about $3,017,750,000. Northern Trust Corp grew its stake in shares of Chevron by 7.3% in the fourth quarter. Northern Trust Corp now owns 20,471,800 shares of the oil and gas company’s stock valued at $2,965,135,000 after buying an additional 1,394,091 shares in the last quarter. Finally, Fisher Asset Management LLC raised its holdings in shares of Chevron by 2.1% during 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 buying an additional 410,460 shares during the period. 72.42% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CVX. Scotiabank downgraded shares of Chevron from a “sector outperform” rating to a “sector perform” rating and lowered their price objective 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 report on Tuesday, April 15th. Raymond James cut their price objective on shares of Chevron from $180.00 to $175.00 and set an “outperform” rating on the stock in a report on Monday, February 3rd. Truist Financial lowered their target price on Chevron from $164.00 to $160.00 and set a “hold” rating for the company in a research note on Tuesday, February 4th. Finally, UBS Group cut their price target on Chevron from $194.00 to $185.00 and set a “buy” rating on the stock in a research note on Monday, April 7th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $165.27.

Chevron Price Performance

Shares of CVX opened at $138.53 on Friday. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. The firm has a market cap of $243.90 billion, a price-to-earnings ratio of 14.25, a PEG ratio of 1.46 and a beta of 0.93. Chevron Co. has a 52 week low of $132.04 and a 52 week high of $168.96. The stock has a 50 day moving average of $149.76 and a 200-day moving average of $152.53.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, May 2nd. The oil and gas company reported $2.18 EPS for the quarter, topping analysts’ consensus estimates of $2.15 by $0.03. The firm had revenue of $47.61 billion during the quarter, compared to the consensus estimate of $49.05 billion. Chevron had a net margin of 8.71% and a return on equity of 11.44%. The firm’s revenue was down 2.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.93 earnings per share. As a group, analysts forecast that Chevron Co. will post 10.79 EPS for the current year.

Chevron Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Monday, May 19th will be given a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.94%. Chevron’s dividend payout ratio is presently 70.37%.

Insider Buying and Selling

In other news, VP Jeff B. Gustavson sold 9,325 shares of the company’s stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $152.50, for a total transaction of $1,422,062.50. Following the completion of the transaction, the vice president now directly owns 1,057 shares of the company’s stock, valued at approximately $161,192.50. This represents a 89.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.20% of the stock is owned by company insiders.

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.