Chevron Co. (NYSE:CVX) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC reduced its position in shares of Chevron Co. (NYSE:CVXFree Report) by 21.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 303,936 shares of the oil and gas company’s stock after selling 81,418 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Chevron were worth $47,943,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Chevron by 0.3% during the third quarter. Vanguard Group Inc. now owns 161,924,375 shares of the oil and gas company’s stock valued at $27,303,688,000 after purchasing an additional 458,080 shares during the last quarter. Berkshire Hathaway Inc grew its holdings in shares of Chevron by 14.4% in the 4th quarter. Berkshire Hathaway Inc now owns 126,093,326 shares of the oil and gas company’s stock worth $18,808,081,000 after acquiring an additional 15,845,037 shares during the last quarter. Morgan Stanley raised its position in shares of Chevron by 7.0% during the third quarter. Morgan Stanley now owns 34,166,899 shares of the oil and gas company’s stock worth $5,761,223,000 after purchasing an additional 2,244,995 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Chevron by 8.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 26,235,473 shares of the oil and gas company’s stock valued at $3,886,821,000 after purchasing an additional 1,999,332 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of Chevron in the 4th quarter valued at $2,902,007,000. 72.42% of the stock is currently owned by institutional investors.

Chevron Stock Performance

CVX opened at $156.75 on Thursday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.93 and a current ratio of 1.23. The company has a market cap of $288.89 billion, a PE ratio of 14.42, a price-to-earnings-growth ratio of 2.38 and a beta of 1.10. The stock has a 50-day moving average of $158.99 and a 200-day moving average of $154.88. Chevron Co. has a 52-week low of $139.62 and a 52-week high of $171.70.

Chevron (NYSE:CVXGet Free Report) last announced its earnings results on Friday, April 26th. The oil and gas company reported $2.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.84 by $0.09. Chevron had a return on equity of 14.40% and a net margin of 10.21%. The firm had revenue of $48.72 billion during the quarter, compared to analysts’ expectations of $48.42 billion. During the same quarter in the prior year, the business earned $3.55 earnings per share. The company’s revenue was down 4.1% on a year-over-year basis. As a group, equities research analysts forecast that Chevron Co. will post 13.15 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 10th. Shareholders of record on Friday, May 17th were given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 4.16%. The ex-dividend date was Thursday, May 16th. Chevron’s dividend payout ratio is 59.98%.

Insider Buying and Selling at Chevron

In related news, VP Jeff B. Gustavson sold 3,750 shares of the business’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $160.23, for a total transaction of $600,862.50. Following the completion of the transaction, the vice president now owns 477 shares of the company’s stock, valued at approximately $76,429.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Chevron news, VP Jeff B. Gustavson sold 3,750 shares of Chevron stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $160.23, for a total value of $600,862.50. Following the transaction, the vice president now directly owns 477 shares of the company’s stock, valued at approximately $76,429.71. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Enrique Hernandez, Jr. sold 2,549 shares of the firm’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $165.24, for a total transaction of $421,196.76. Following the completion of the sale, the director now owns 27,725 shares in the company, valued at approximately $4,581,279. The disclosure for this sale can be found here. Insiders sold 16,746 shares of company stock worth $2,727,971 over the last ninety days. Company insiders own 0.20% of the company’s stock.

Analyst Ratings Changes

A number of research firms have commented on CVX. Piper Sandler upped their price objective on shares of Chevron from $180.00 to $204.00 and gave the company an “overweight” rating in a research note on Thursday, April 18th. Raymond James upped their price target on shares of Chevron from $170.00 to $174.00 and gave the company an “outperform” rating in a research report on Monday, April 15th. Mizuho lifted their price objective on shares of Chevron from $200.00 to $205.00 and gave the stock a “buy” rating in a research report on Monday, May 13th. Truist Financial increased their target price on Chevron from $156.00 to $166.00 and gave the company a “hold” rating in a report on Friday, May 10th. Finally, Scotiabank upgraded Chevron from a “sector perform” rating to a “sector outperform” rating and lifted their price target for the company from $170.00 to $195.00 in a report on Thursday, April 11th. Five research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Chevron has an average rating of “Moderate Buy” and a consensus target price of $186.95.

Read Our Latest Analysis on CVX

About Chevron

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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