Mirae Asset Global Investments Co. Ltd. Acquires 102,422 Shares of Chevron Co. (NYSE:CVX)

Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Chevron Co. (NYSE:CVX) by 20.6% in the 3rd quarter, HoldingsChannel reports. The fund owned 599,513 shares of the oil and gas company’s stock after purchasing an additional 102,422 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Chevron were worth $87,437,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Ameriprise Financial Inc. increased its position in shares of Chevron by 3.0% during the second quarter. Ameriprise Financial Inc. now owns 17,111,051 shares of the oil and gas company’s stock worth $2,676,957,000 after acquiring an additional 501,969 shares in the last quarter. Capital World Investors boosted its holdings in Chevron by 3.2% during the first quarter. Capital World Investors now owns 16,009,766 shares of the oil and gas company’s stock worth $2,525,380,000 after purchasing an additional 495,879 shares during the last quarter. Legal & General Group Plc boosted its holdings in Chevron by 4.9% during the second quarter. Legal & General Group Plc now owns 13,570,971 shares of the oil and gas company’s stock worth $2,122,772,000 after purchasing an additional 629,644 shares during the last quarter. Capital International Investors boosted its holdings in Chevron by 5.9% during the first quarter. Capital International Investors now owns 13,418,287 shares of the oil and gas company’s stock worth $2,116,600,000 after purchasing an additional 743,042 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in Chevron by 1.0% during the second quarter. Dimensional Fund Advisors LP now owns 13,021,023 shares of the oil and gas company’s stock worth $2,036,846,000 after purchasing an additional 126,889 shares during the last quarter. 72.42% of the stock is owned by institutional investors.

Chevron Stock Performance

Chevron stock opened at $150.81 on Friday. The firm’s 50 day simple moving average is $146.59 and its 200 day simple moving average is $153.30. The company has a current ratio of 1.16, a quick ratio of 0.85 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $277.94 billion, a PE ratio of 13.87, a price-to-earnings-growth ratio of 3.30 and a beta of 1.09. Chevron Co. has a 1-year low of $135.37 and a 1-year high of $167.11.

Chevron (NYSE:CVX) last posted its earnings results on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.38). The firm had revenue of $51.18 billion for the quarter, compared to the consensus estimate of $48.68 billion. Chevron had a return on equity of 13.70% and a net margin of 9.31%. The business’s revenue was up 4.7% on a year-over-year basis. During the same period last year, the company posted $3.08 EPS. As a group, analysts expect that Chevron Co. will post 10.86 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Monday, August 19th were issued a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 4.32%. The ex-dividend date was Monday, August 19th. Chevron’s dividend payout ratio (DPR) is presently 59.98%.

Analyst Ratings Changes

Several research analysts recently weighed in on CVX shares. UBS Group boosted their price target on shares of Chevron from $189.00 to $192.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. Mizuho cut their price target on shares of Chevron from $205.00 to $189.00 and set an “outperform” rating on the stock in a report on Monday, September 16th. Truist Financial cut their price target on shares of Chevron from $154.00 to $150.00 and set a “hold” rating on the stock in a report on Monday, September 30th. Sanford C. Bernstein cut shares of Chevron from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $183.00 to $167.00 in a research note on Wednesday, July 17th. Finally, Scotiabank dropped their target price on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. Five research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $173.07.

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.