AIA Group Ltd Trims Stock Position in Chevron Co. (NYSE:CVX)

AIA Group Ltd cut its stake in Chevron Co. (NYSE:CVX) by 16.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 16,901 shares of the oil and gas company’s stock after selling 3,346 shares during the period. AIA Group Ltd’s holdings in Chevron were worth $2,521,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Integral Investment Advisors Inc. lifted its position in Chevron by 34.1% in the fourth quarter. Integral Investment Advisors Inc. now owns 7,012 shares of the oil and gas company’s stock valued at $1,046,000 after acquiring an additional 1,782 shares during the last quarter. SFE Investment Counsel lifted its position in Chevron by 432.1% in the fourth quarter. SFE Investment Counsel now owns 14,192 shares of the oil and gas company’s stock valued at $2,117,000 after acquiring an additional 11,525 shares during the last quarter. Cambridge Trust Co. lifted its position in Chevron by 0.3% in the fourth quarter. Cambridge Trust Co. now owns 116,207 shares of the oil and gas company’s stock valued at $17,333,000 after acquiring an additional 388 shares during the last quarter. CapWealth Advisors LLC lifted its position in Chevron by 3.9% in the fourth quarter. CapWealth Advisors LLC now owns 178,296 shares of the oil and gas company’s stock valued at $26,595,000 after acquiring an additional 6,736 shares during the last quarter. Finally, Federated Hermes Inc. lifted its position in Chevron by 14.2% in the fourth quarter. Federated Hermes Inc. now owns 1,363,970 shares of the oil and gas company’s stock valued at $203,450,000 after acquiring an additional 169,381 shares during the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Trading Up 0.3 %

Shares of CVX opened at $158.07 on Friday. The company has a current ratio of 1.27, a quick ratio of 1.01 and a debt-to-equity ratio of 0.13. The firm’s 50-day moving average is $155.26 and its two-hundred day moving average is $151.90. Chevron Co. has a twelve month low of $139.62 and a twelve month high of $172.38. The firm has a market capitalization of $293.58 billion, a P/E ratio of 13.86, a PEG ratio of 2.36 and a beta of 1.12.

Chevron (NYSE:CVX) last issued its earnings results on Friday, February 2nd. The oil and gas company reported $3.45 earnings per share for the quarter, topping the consensus estimate of $3.19 by $0.26. Chevron had a net margin of 10.63% and a return on equity of 15.24%. The company had revenue of $47.18 billion for the quarter, compared to analyst estimates of $50.93 billion. During the same period in the prior year, the business posted $4.09 earnings per share. The firm’s revenue for the quarter was down 16.5% compared to the same quarter last year. On average, research analysts predict that Chevron Co. will post 13.27 earnings per share for the current fiscal year.

Chevron Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 11th. Shareholders of record on Friday, February 16th were given a dividend of $1.63 per share. This is a positive change from Chevron’s previous quarterly dividend of $1.51. This represents a $6.52 annualized dividend and a yield of 4.12%. The ex-dividend date of this dividend was Thursday, February 15th. Chevron’s dividend payout ratio is presently 57.39%.

Analyst Upgrades and Downgrades

CVX has been the topic of a number of recent research reports. Jefferies Financial Group upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $184.00 price objective on the stock in a research note on Monday, January 8th. Wells Fargo & Company lifted their price objective on shares of Chevron from $185.00 to $198.00 and gave the company an “overweight” rating in a research note on Thursday, April 4th. Truist Financial dropped their price objective on shares of Chevron from $168.00 to $156.00 and set a “hold” rating on the stock in a research note on Friday, April 5th. TD Cowen lowered shares of Chevron from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $170.00 to $150.00 in a research note on Tuesday, January 23rd. Finally, The Goldman Sachs Group restated a “buy” rating on shares of Chevron in a research note on Monday, April 1st. Six equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, Chevron has an average rating of “Moderate Buy” and an average price target of $184.75.

Insider Buying and Selling at Chevron

In other Chevron news, VP Alana K. Knowles sold 2,800 shares of the company’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $160.09, for a total value of $448,252.00. Following the sale, the vice president now owns 276 shares of the company’s stock, valued at $44,184.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.18% of the company’s stock.

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.