State Street Corp Has $23.43 Billion Stake in Chevron Co. (NYSE:CVX)

State Street Corp increased its holdings in shares of Chevron Co. (NYSE:CVX) by 0.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 159,105,244 shares of the oil and gas company’s stock after purchasing an additional 874,962 shares during the quarter. Chevron makes up about 1.0% of State Street Corp’s investment portfolio, making the stock its 15th biggest holding. State Street Corp owned 0.09% of Chevron worth $23,431,429,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Rational Advisors LLC acquired a new stake in Chevron in the third quarter valued at $29,000. Darwin Wealth Management LLC bought a new position in shares of Chevron in the third quarter valued at about $30,000. RPg Family Wealth Advisory LLC bought a new position in shares of Chevron in the third quarter valued at about $31,000. Anfield Capital Management LLC raised its position in shares of Chevron by 118.0% in the second quarter. Anfield Capital Management LLC now owns 218 shares of the oil and gas company’s stock valued at $34,000 after purchasing an additional 118 shares during the period. Finally, Cyrus J. Lawrence LLC raised its position in shares of Chevron by 66.7% in the second quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company’s stock valued at $39,000 after purchasing an additional 100 shares during the period. Institutional investors and hedge funds own 72.42% of the company’s stock.

Chevron Price Performance

CVX opened at $158.32 on Thursday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80. The company has a market capitalization of $284.52 billion, a price-to-earnings ratio of 17.40, a P/E/G ratio of 3.57 and a beta of 1.10. The firm’s fifty day moving average price is $154.23 and its two-hundred day moving average price is $152.50. Chevron Co. has a 1 year low of $135.37 and a 1 year high of $167.11.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share for the quarter, topping analysts’ consensus estimates of $2.47 by $0.04. The company had revenue of $50.67 billion for the quarter, compared to the consensus estimate of $48.86 billion. Chevron had a net margin of 8.44% and a return on equity of 13.15%. The firm’s quarterly revenue was down 6.3% on a year-over-year basis. During the same period in the previous year, the firm earned $3.05 EPS. As a group, analysts anticipate that Chevron Co. will post 10.53 earnings per share for the current fiscal year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Monday, November 18th will be issued a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.12%. The ex-dividend date of this dividend is Monday, November 18th. Chevron’s dividend payout ratio (DPR) is currently 71.65%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CVX. Truist Financial increased their price objective on shares of Chevron from $150.00 to $155.00 and gave the company a “hold” rating in a research report on Monday, November 4th. DZ Bank upgraded shares of 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. Mizuho reduced their price objective on shares of Chevron from $205.00 to $189.00 and set an “outperform” rating on the stock in a research note on Monday, September 16th. Royal Bank of Canada increased their price objective on shares of Chevron from $170.00 to $175.00 and gave the stock an “outperform” rating in a research note on Monday, November 4th. Finally, UBS Group raised their price target on shares of Chevron from $194.00 to $195.00 and gave the company a “buy” rating in a research note on Tuesday. Four equities 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, the company has a consensus rating of “Moderate Buy” and a consensus price target of $175.63.

Insider Activity at Chevron

In related news, CEO Michael K. Wirth sold 164,600 shares of the business’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 sale, the chief executive officer now directly owns 4,280 shares in the company, valued at approximately $685,356.40. The trade was a 97.47 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.20% of the stock is currently owned by company insiders.

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.