Resona Asset Management Co. Ltd. Raises Stake in Chevron Corporation $CVX

Resona Asset Management Co. Ltd. raised its position in Chevron Corporation (NYSE:CVX) by 3.3% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 586,615 shares of the oil and gas company’s stock after acquiring an additional 19,001 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in Chevron were worth $84,055,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the company. Atlantic Union Bankshares Corp lifted its stake in Chevron by 39.1% in the second quarter. Atlantic Union Bankshares Corp now owns 113,982 shares of the oil and gas company’s stock worth $16,321,000 after acquiring an additional 32,048 shares during the last quarter. Asahi Life Asset Management CO. LTD. lifted its stake in Chevron by 0.9% in the second quarter. Asahi Life Asset Management CO. LTD. now owns 10,362 shares of the oil and gas company’s stock worth $1,484,000 after acquiring an additional 94 shares during the last quarter. ROI Financial Advisors LLC lifted its stake in Chevron by 6.6% in the second quarter. ROI Financial Advisors LLC now owns 2,408 shares of the oil and gas company’s stock worth $345,000 after acquiring an additional 149 shares during the last quarter. New Millennium Group LLC lifted its stake in Chevron by 107.3% in the second quarter. New Millennium Group LLC now owns 2,023 shares of the oil and gas company’s stock worth $290,000 after acquiring an additional 1,047 shares during the last quarter. Finally, Csenge Advisory Group lifted its stake in Chevron by 14.7% in the second quarter. Csenge Advisory Group now owns 32,315 shares of the oil and gas company’s stock worth $4,417,000 after acquiring an additional 4,143 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on CVX. Bank of America lifted their price target on shares of Chevron from $170.00 to $185.00 and gave the stock a “buy” rating in a research note on Wednesday, September 10th. Morgan Stanley boosted their price objective on shares of Chevron from $174.00 to $177.00 and gave the stock an “overweight” rating in a research report on Monday. TD Cowen boosted their price objective on shares of Chevron from $150.00 to $155.00 and gave the stock a “hold” rating in a research report on Monday, August 4th. Melius Research started coverage on shares of Chevron in a research report on Wednesday, August 20th. They set a “hold” rating and a $155.00 price objective for the company. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Chevron in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, nine have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, Chevron currently has an average rating of “Hold” and a consensus target price of $165.40.

Chevron Stock Down 0.4%

CVX stock opened at $152.76 on Thursday. The company has a fifty day moving average price of $155.78 and a 200 day moving average price of $149.45. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96. The company has a market cap of $263.97 billion, a price-to-earnings ratio of 19.66, a price-to-earnings-growth ratio of 4.40 and a beta of 0.84. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, October 31st. The oil and gas company reported $1.85 EPS for the quarter, beating the consensus estimate of $1.71 by $0.14. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The firm had revenue of $49.73 billion during the quarter, compared to the consensus estimate of $46.99 billion. During the same quarter in the prior year, the firm earned $2.48 EPS. Chevron’s revenue for the quarter was down 1.9% on a year-over-year basis. Sell-side analysts expect that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 10th. Investors of record on Tuesday, November 18th will be given a $1.71 dividend. The ex-dividend date is Tuesday, November 18th. This represents a $6.84 annualized dividend and a yield of 4.5%. Chevron’s dividend payout ratio is 96.20%.

Insider Buying and Selling at Chevron

In related news, VP Alana K. Knowles sold 3,978 shares of the company’s stock in a transaction on Friday, August 29th. The shares were sold at an average price of $160.00, for a total value of $636,480.00. Following the completion of the sale, the vice president owned 1,181 shares in the company, valued at $188,960. This represents a 77.11% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John B. Hess sold 375,000 shares of the company’s stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the completion of the sale, the director owned 1,403,045 shares of the company’s stock, valued at approximately $222,102,023.50. This trade represents a 21.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.21% of the stock is owned by corporate insiders.

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.