People s United Financial Inc. Decreases Holdings in Chevron Co. (NYSE:CVX)

People s United Financial Inc. cut its holdings in shares of Chevron Co. (NYSE:CVXGet Rating) by 18.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 150,175 shares of the oil and gas company’s stock after selling 33,890 shares during the quarter. People s United Financial Inc.’s holdings in Chevron were worth $17,623,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Renaissance Technologies LLC grew its holdings in Chevron by 317.1% during the 3rd quarter. Renaissance Technologies LLC now owns 2,523,725 shares of the oil and gas company’s stock valued at $256,032,000 after buying an additional 1,918,630 shares in the last quarter. Invesco Ltd. boosted its position in shares of Chevron by 16.0% during the 3rd quarter. Invesco Ltd. now owns 13,482,487 shares of the oil and gas company’s stock valued at $1,367,797,000 after acquiring an additional 1,859,425 shares during the last quarter. Neuberger Berman Group LLC boosted its position in shares of Chevron by 137.2% during the 3rd quarter. Neuberger Berman Group LLC now owns 2,658,662 shares of the oil and gas company’s stock valued at $267,659,000 after acquiring an additional 1,537,886 shares during the last quarter. Morgan Stanley boosted its position in shares of Chevron by 6.9% during the 2nd quarter. Morgan Stanley now owns 23,302,417 shares of the oil and gas company’s stock valued at $2,440,693,000 after acquiring an additional 1,513,296 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Chevron by 3.4% during the 3rd quarter. Geode Capital Management LLC now owns 31,582,362 shares of the oil and gas company’s stock valued at $3,196,349,000 after acquiring an additional 1,037,882 shares during the last quarter. 65.89% of the stock is owned by institutional investors.

In other news, Director Enrique Hernandez, Jr. sold 39,773 shares of the firm’s stock in a transaction that occurred on Monday, May 16th. The stock was sold at an average price of $173.99, for a total value of $6,920,104.27. Following the completion of the sale, the director now directly owns 22,978 shares of the company’s stock, valued at approximately $3,997,942.22. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Pierre R. Breber sold 18,500 shares of the firm’s stock in a transaction that occurred on Tuesday, February 22nd. The stock was sold at an average price of $132.90, for a total value of $2,458,650.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 461,588 shares of company stock valued at $74,297,290. 0.32% of the stock is owned by corporate insiders.

CVX traded up $3.84 during midday trading on Monday, reaching $171.66. The company had a trading volume of 166,910 shares, compared to its average volume of 15,041,559. The company has a quick ratio of 1.22, a current ratio of 1.43 and a debt-to-equity ratio of 0.20. The business has a 50-day moving average of $165.14 and a two-hundred day moving average of $141.07. The company has a market cap of $337.28 billion, a P/E ratio of 16.16, a P/E/G ratio of 0.85 and a beta of 1.09. Chevron Co. has a 1 year low of $92.86 and a 1 year high of $175.65.

Chevron (NYSE:CVXGet Rating) last released its earnings results on Friday, April 29th. The oil and gas company reported $3.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.44 by ($0.08). Chevron had a return on equity of 14.66% and a net margin of 11.10%. The business had revenue of $54.37 billion for the quarter, compared to analysts’ expectations of $54.96 billion. During the same quarter in the prior year, the business posted $0.90 EPS. The business’s revenue for the quarter was up 69.8% compared to the same quarter last year. On average, equities research analysts predict that Chevron Co. will post 16.98 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 10th. Investors of record on Thursday, May 19th will be given a dividend of $1.42 per share. This represents a $5.68 annualized dividend and a dividend yield of 3.31%. The ex-dividend date is Wednesday, May 18th. Chevron’s dividend payout ratio is currently 53.38%.

A number of equities analysts have commented on the company. Piper Sandler lifted their price target on Chevron from $150.00 to $173.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 2nd. Barclays boosted their target price on Chevron from $148.00 to $183.00 in a research note on Wednesday, March 9th. Raymond James upped their price target on Chevron from $173.00 to $191.00 and gave the stock an “outperform” rating in a research note on Monday, April 18th. StockNews.com began coverage on Chevron in a research note on Thursday, March 31st. They issued a “hold” rating on the stock. Finally, Morgan Stanley upped their price target on Chevron from $166.00 to $188.00 and gave the stock an “equal weight” rating in a research note on Friday, April 22nd. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, Chevron currently has a consensus rating of “Buy” and a consensus target price of $168.76.

Chevron Profile (Get Rating)

Chevron Corporation, through its subsidiaries, engages in integrated energy and chemicals operations worldwide. 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 associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.

See Also

Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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