Cullen Investment Group LTD. Boosts Stock Position in Chevron Co. (NYSE:CVX)

Cullen Investment Group LTD. raised its stake in shares of Chevron Co. (NYSE:CVX) by 1.7% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 24,695 shares of the oil and gas company’s stock after acquiring an additional 420 shares during the period. Cullen Investment Group LTD.’s holdings in Chevron were worth $3,577,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CVX. International Assets Investment Management LLC raised its stake in Chevron by 19,404.1% during the 3rd quarter. International Assets Investment Management LLC now owns 4,901,390 shares of the oil and gas company’s stock valued at $7,218,280,000 after acquiring an additional 4,876,260 shares during the last quarter. Pathway Financial Advisers LLC increased its position in Chevron by 15,750.1% during the 3rd quarter. Pathway Financial Advisers LLC now owns 3,901,345 shares of the oil and gas company’s stock worth $574,551,000 after purchasing an additional 3,876,731 shares during the period. Pacer Advisors Inc. increased its position in Chevron by 949.6% during the 3rd quarter. Pacer Advisors Inc. now owns 3,819,963 shares of the oil and gas company’s stock worth $562,566,000 after purchasing an additional 3,456,008 shares during the period. Charles Schwab Investment Management Inc. increased its position in Chevron by 11.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 31,108,760 shares of the oil and gas company’s stock worth $4,581,137,000 after purchasing an additional 3,203,899 shares during the period. Finally, Wulff Hansen & CO. increased its position in Chevron by 15,542.0% during the 2nd quarter. Wulff Hansen & CO. now owns 1,175,653 shares of the oil and gas company’s stock worth $183,896,000 after purchasing an additional 1,168,137 shares during the period. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Price Performance

CVX stock opened at $156.85 on Wednesday. Chevron Co. has a 1 year low of $135.37 and a 1 year high of $167.11. The firm has a market cap of $281.87 billion, a P/E ratio of 17.24, a PEG ratio of 2.93 and a beta of 1.12. The stock’s 50 day moving average price is $153.78 and its 200 day moving average price is $150.95. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07.

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. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The company had revenue of $50.67 billion for the quarter, compared to analyst estimates of $48.86 billion. During the same quarter in the prior 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. On average, sell-side analysts expect that Chevron Co. will post 10.5 earnings per share for the current fiscal year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th were paid a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.16%. The ex-dividend date of this dividend was Monday, November 18th. Chevron’s dividend payout ratio is presently 71.65%.

Analysts Set New Price Targets

CVX has been the topic of several recent analyst reports. Bank of America initiated coverage on Chevron in a research report on Thursday, October 17th. They set a “buy” rating and a $168.00 target price on the stock. Scotiabank lowered their price target on Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. UBS Group upped their price target on Chevron from $194.00 to $195.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. DZ Bank upgraded Chevron from a “hold” rating to a “buy” rating and set a $170.00 price target on the stock in a report on Tuesday, November 5th. Finally, Truist Financial upped their price target on Chevron from $160.00 to $164.00 and gave the stock a “hold” rating in a report on Monday. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $174.87.

Insiders Place Their Bets

In related news, CEO Michael K. Wirth sold 164,600 shares of the stock in a transaction on 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 transaction, the chief executive officer now directly owns 4,280 shares of the company’s stock, valued at approximately $685,356.40. This trade represents a 97.47 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.20% of the company’s stock.

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.