Aster Capital Management DIFC Ltd Sells 8,592 Shares of Chevron Corporation $CVX

Aster Capital Management DIFC Ltd reduced its stake in Chevron Corporation (NYSE:CVX) by 60.0% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,727 shares of the oil and gas company’s stock after selling 8,592 shares during the period. Aster Capital Management DIFC Ltd’s holdings in Chevron were worth $889,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the stock. Perigon Wealth Management LLC increased its stake in shares of Chevron by 19.3% in the third quarter. Perigon Wealth Management LLC now owns 73,448 shares of the oil and gas company’s stock valued at $11,406,000 after buying an additional 11,875 shares during the period. New York State Teachers Retirement System boosted its holdings in Chevron by 15.3% in the third quarter. New York State Teachers Retirement System now owns 1,620,231 shares of the oil and gas company’s stock valued at $251,606,000 after acquiring an additional 215,345 shares during the last quarter. Pictet North America Advisors SA acquired a new stake in Chevron during the 3rd quarter valued at approximately $5,662,000. New York State Common Retirement Fund raised its holdings in Chevron by 10.2% during the 3rd quarter. New York State Common Retirement Fund now owns 1,894,470 shares of the oil and gas company’s stock worth $294,192,000 after purchasing an additional 175,439 shares during the last quarter. Finally, Envestnet Asset Management Inc. lifted its position in shares of Chevron by 8.7% in the 3rd quarter. Envestnet Asset Management Inc. now owns 4,891,609 shares of the oil and gas company’s stock worth $759,618,000 after purchasing an additional 389,694 shares during the period. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Chevron Stock Down 0.1%

Shares of NYSE:CVX opened at $184.07 on Friday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.86 and a current ratio of 1.15. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $187.90. The business’s 50 day simple moving average is $168.75 and its two-hundred day simple moving average is $159.34. The firm has a market cap of $367.29 billion, a P/E ratio of 27.64, a PEG ratio of 12.19 and a beta of 0.70.

Chevron (NYSE:CVX) last issued its earnings results on Friday, January 30th. The oil and gas company reported $1.52 earnings per share for the quarter, topping analysts’ consensus estimates of $1.44 by $0.08. Chevron had a return on equity of 7.89% and a net margin of 6.51%.The company had revenue of $45.79 billion for the quarter, compared to analyst estimates of $48.18 billion. During the same period in the prior year, the firm earned $2.06 earnings per share. Chevron’s revenue for the quarter was down 10.2% on a year-over-year basis. As a group, research analysts forecast that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 10th. Shareholders of record on Tuesday, February 17th will be paid a $1.78 dividend. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.9%. This is a positive change from Chevron’s previous quarterly dividend of $1.71. The ex-dividend date of this dividend is Tuesday, February 17th. Chevron’s payout ratio is 106.91%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on CVX shares. Sanford C. Bernstein increased their price objective on shares of Chevron from $170.00 to $172.00 and gave the stock a “market perform” rating in a research report on Monday, January 5th. JPMorgan Chase & Co. upgraded Chevron from a “neutral” rating to an “overweight” rating and set a $176.00 price target for the company in a report on Tuesday, January 20th. Piper Sandler dropped their price objective on Chevron from $178.00 to $174.00 and set an “overweight” rating on the stock in a research note on Thursday, January 8th. TD Cowen upped their target price on Chevron from $160.00 to $168.00 and gave the company a “hold” rating in a research report on Monday, February 2nd. Finally, Mizuho lifted their target price on Chevron from $204.00 to $206.00 and gave the stock an “outperform” rating in a report on Friday, December 12th. Thirteen analysts have rated the stock with a Buy rating, seven have given a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $176.36.

Insider Activity at Chevron

In related news, insider R. Hewitt Pate sold 41,134 shares of the company’s stock in a transaction dated Friday, January 30th. The shares were sold at an average price of $176.40, for a total value of $7,256,037.60. Following the sale, the insider owned 4,169 shares in the company, valued at $735,411.60. This represents a 90.80% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Andrew Benjamin Walz sold 1,463 shares of Chevron stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $183.83, for a total value of $268,943.29. The SEC filing for this sale provides additional information. Insiders sold a total of 534,898 shares of company stock valued at $89,543,711 over the last quarter. 0.21% of the stock is currently owned by company insiders.

About Chevron

Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.