Wasatch Advisors LP Makes New $2.37 Million Investment in Chevron Co. (NYSE:CVX)

Wasatch Advisors LP acquired a new position in shares of Chevron Co. (NYSE:CVX) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 15,025 shares of the oil and gas company’s stock, valued at approximately $2,370,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Chevron by 0.3% in the third quarter. Vanguard Group Inc. now owns 161,924,375 shares of the oil and gas company’s stock valued at $27,303,688,000 after acquiring an additional 458,080 shares during the last quarter. Berkshire Hathaway Inc boosted its stake in Chevron by 14.4% during the fourth quarter. Berkshire Hathaway Inc now owns 126,093,326 shares of the oil and gas company’s stock worth $18,808,081,000 after buying an additional 15,845,037 shares during the period. Morgan Stanley raised its stake in shares of Chevron by 7.0% in the 3rd quarter. Morgan Stanley now owns 34,166,899 shares of the oil and gas company’s stock valued at $5,761,223,000 after acquiring an additional 2,244,995 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Chevron by 8.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 26,235,473 shares of the oil and gas company’s stock worth $3,886,821,000 after acquiring an additional 1,999,332 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Chevron during the 4th quarter worth approximately $2,902,007,000. Institutional investors and hedge funds own 72.42% of the company’s stock.

Insiders Place Their Bets

In other news, Director Enrique Hernandez, Jr. sold 5,098 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $163.50, for a total value of $833,523.00. Following the transaction, the director now owns 2,549 shares of the company’s stock, valued at $416,761.50. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Director Enrique Hernandez, Jr. sold 5,098 shares of the stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $163.50, for a total transaction of $833,523.00. Following the completion of the transaction, the director now directly owns 2,549 shares of the company’s stock, valued at approximately $416,761.50. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Alana K. Knowles sold 2,800 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $165.00, for a total value of $462,000.00. Following the completion of the sale, the vice president now directly owns 276 shares of the company’s stock, valued at $45,540. The disclosure for this sale can be found here. In the last ninety days, insiders sold 16,746 shares of company stock valued at $2,727,971. 0.20% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CVX. The Goldman Sachs Group reissued a “buy” rating on shares of Chevron in a research report on Monday, April 1st. Barclays initiated coverage on Chevron in a research report on Wednesday, April 10th. They set an “overweight” rating and a $203.00 price objective for the company. HSBC lifted their price objective on shares of Chevron from $175.00 to $178.00 and gave the stock a “buy” rating in a research report on Tuesday, April 30th. Scotiabank raised Chevron from a “sector perform” rating to a “sector outperform” rating and increased their target price for the company from $170.00 to $195.00 in a report on Thursday, April 11th. Finally, Piper Sandler lifted their price target on Chevron from $180.00 to $204.00 and gave the stock an “overweight” rating in a report on Thursday, April 18th. Five research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $186.95.

Chevron Stock Performance

Shares of Chevron stock opened at $156.75 on Wednesday. The firm’s fifty day simple moving average is $159.11 and its 200-day simple moving average is $154.82. Chevron Co. has a 12 month low of $139.62 and a 12 month high of $171.70. The stock has a market capitalization of $288.89 billion, a price-to-earnings ratio of 14.42, a PEG ratio of 2.38 and a beta of 1.10. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.23 and a quick ratio of 0.93.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, April 26th. The oil and gas company reported $2.93 EPS for the quarter, beating analysts’ consensus estimates of $2.84 by $0.09. Chevron had a net margin of 10.21% and a return on equity of 14.40%. The company had revenue of $48.72 billion for the quarter, compared to analyst estimates of $48.42 billion. During the same period in the previous year, the business posted $3.55 earnings per share. Chevron’s quarterly revenue was down 4.1% on a year-over-year basis. As a group, equities analysts forecast that Chevron Co. will post 13.15 earnings per share for the current year.

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 10th. Shareholders of record on Friday, May 17th were paid a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 4.16%. The ex-dividend date was Thursday, May 16th. Chevron’s dividend payout ratio is presently 59.98%.

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.