Cinctive Capital Management LP Invests $4.37 Million in Chevron Co. (NYSE:CVX)

Cinctive Capital Management LP purchased a new stake in shares of Chevron Co. (NYSE:CVX) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 30,154 shares of the oil and gas company’s stock, valued at approximately $4,368,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. IMG Wealth Management Inc. purchased a new position in Chevron during the 4th quarter valued at about $25,000. Legacy Investment Solutions LLC bought a new stake in shares of Chevron in the 3rd quarter worth approximately $29,000. Mizuho Securities Co. Ltd. bought a new position in shares of Chevron during the fourth quarter valued at approximately $29,000. Fairway Wealth LLC raised its holdings in shares of Chevron by 75.9% during the fourth quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company’s stock valued at $30,000 after acquiring an additional 88 shares in the last quarter. Finally, New Wave Wealth Advisors LLC purchased a new stake in Chevron in the fourth quarter worth $39,000. 72.42% of the stock is currently owned by institutional investors.

Insider Activity

In other Chevron news, VP Jeff B. Gustavson sold 9,325 shares of the business’s stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $152.50, for a total value of $1,422,062.50. Following the completion of the transaction, the vice president now owns 1,057 shares of the company’s stock, valued at approximately $161,192.50. The trade was a 89.82 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.20% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on CVX shares. Piper Sandler decreased their price objective on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Truist Financial decreased their price target on shares of Chevron from $164.00 to $160.00 and set a “hold” rating for the company in a research note on Tuesday, February 4th. Barclays cut their price objective on Chevron from $174.00 to $171.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 5th. UBS Group decreased their target price on Chevron from $195.00 to $194.00 and set a “buy” rating for the company in a research report on Monday, February 3rd. Finally, Wells Fargo & Company dropped their price target on Chevron from $188.00 to $184.00 and set an “overweight” rating on the stock in a research report on Monday, February 3rd. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $174.13.

Chevron Stock Down 1.1 %

NYSE:CVX opened at $166.62 on Thursday. 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 firm has a market cap of $293.35 billion, a P/E ratio of 17.14, a P/E/G ratio of 1.46 and a beta of 1.08. Chevron Co. has a fifty-two week low of $135.37 and a fifty-two week high of $168.96. The firm has a 50-day simple moving average of $157.63 and a two-hundred day simple moving average of $154.08.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share for the quarter, missing the consensus estimate of $2.42 by ($0.36). Chevron had a net margin of 8.71% and a return on equity of 11.44%. During the same quarter in the prior year, the company posted $3.45 EPS. Analysts predict that Chevron Co. will post 10.79 earnings per share for the current fiscal year.

Chevron Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Friday, February 14th were paid a $1.71 dividend. The ex-dividend date was Friday, February 14th. This represents a $6.84 annualized dividend and a dividend yield of 4.11%. This is a boost from Chevron’s previous quarterly dividend of $1.63. Chevron’s payout ratio is currently 70.37%.

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.