Investment Management Corp of Ontario Boosts Stock Position in Chevron Co. (NYSE:CVX)

Investment Management Corp of Ontario lifted its position in shares of Chevron Co. (NYSE:CVX) by 48.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 58,097 shares of the oil and gas company’s stock after buying an additional 18,900 shares during the quarter. Investment Management Corp of Ontario’s holdings in Chevron were worth $8,556,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the company. Rational Advisors LLC purchased a new position in Chevron during the third quarter worth approximately $29,000. Darwin Wealth Management LLC acquired a new stake in Chevron during the third quarter worth about $30,000. RPg Family Wealth Advisory LLC acquired a new position in shares of Chevron in the 3rd quarter valued at about $31,000. Anfield Capital Management LLC grew its holdings in shares of Chevron by 118.0% during the 2nd quarter. Anfield Capital Management LLC now owns 218 shares of the oil and gas company’s stock worth $34,000 after purchasing an additional 118 shares during the period. Finally, Cyrus J. Lawrence LLC boosted its position in Chevron by 66.7% during the 2nd quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company’s stock worth $39,000 after purchasing an additional 100 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Insider Activity at Chevron

In related news, CEO Michael K. Wirth sold 164,600 shares of the company’s stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $160.13, for a total value of $26,357,398.00. Following the completion of the sale, the chief executive officer now owns 4,280 shares in the company, valued at approximately $685,356.40. This represents a 97.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.20% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

CVX has been the topic of several recent research reports. Truist Financial boosted their price target on Chevron from $150.00 to $155.00 and gave the stock a “hold” rating in a research report on Monday, November 4th. Citigroup raised shares of Chevron from a “neutral” rating to a “buy” rating and increased their price target for the stock from $145.00 to $185.00 in a research report on Tuesday, November 26th. DZ Bank upgraded Chevron from a “hold” rating to a “buy” rating and set a $170.00 price objective on the stock in a research note on Tuesday, November 5th. Royal Bank of Canada boosted their price target on Chevron from $170.00 to $175.00 and gave the company an “outperform” rating in a report on Monday, November 4th. Finally, Mizuho decreased their price objective on shares of Chevron from $205.00 to $189.00 and set an “outperform” rating for the company in a report on Monday, September 16th. Four investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Chevron currently has an average rating of “Moderate Buy” and an average price target of $175.56.

Chevron Stock Up 0.5 %

Shares of NYSE:CVX opened at $163.07 on Tuesday. The company has a market capitalization of $293.05 billion, a PE ratio of 17.83, a P/E/G ratio of 3.58 and a beta of 1.10. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. The company’s fifty day moving average is $153.36 and its 200-day moving average is $152.46. Chevron Co. has a 52 week low of $135.37 and a 52 week high of $167.11.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, November 1st. The oil and gas company reported $2.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.47 by $0.04. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The firm had revenue of $50.67 billion during the quarter, compared to the consensus estimate of $48.86 billion. During the same quarter in the previous year, the company posted $3.05 EPS. The business’s revenue for the quarter was down 6.3% compared to the same quarter last year. Equities research analysts predict that Chevron Co. will post 10.53 earnings per share for the current fiscal year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th will be given a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 4.00%. The ex-dividend date of this dividend is Monday, November 18th. Chevron’s dividend payout ratio is 71.65%.

Chevron Company 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.