Mackenzie Financial Corp Has $126.93 Million Stake in Chevron Co. (NYSE:CVX)

Mackenzie Financial Corp trimmed its holdings in Chevron Co. (NYSE:CVX) by 11.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 876,351 shares of the oil and gas company’s stock after selling 112,703 shares during the period. Mackenzie Financial Corp’s holdings in Chevron were worth $126,931,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Allianz SE acquired a new position in shares of Chevron during the fourth quarter worth about $9,369,000. Nicholas Company Inc. boosted its position in shares of Chevron by 4.3% during the fourth quarter. Nicholas Company Inc. now owns 80,025 shares of the oil and gas company’s stock worth $11,591,000 after buying an additional 3,280 shares during the period. Applied Finance Capital Management LLC boosted its position in shares of Chevron by 1.6% during the fourth quarter. Applied Finance Capital Management LLC now owns 179,815 shares of the oil and gas company’s stock worth $26,044,000 after buying an additional 2,755 shares during the period. Cerity Partners LLC boosted its position in shares of Chevron by 4.5% during the fourth quarter. Cerity Partners LLC now owns 1,205,747 shares of the oil and gas company’s stock worth $174,817,000 after buying an additional 52,307 shares during the period. Finally, Wedbush Securities Inc. boosted its position in shares of Chevron by 6.8% during the fourth quarter. Wedbush Securities Inc. now owns 118,066 shares of the oil and gas company’s stock worth $17,101,000 after buying an additional 7,557 shares during the period. 72.42% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CVX has been the subject of several recent research reports. Mizuho reduced their price objective on Chevron from $188.00 to $186.00 and set an “outperform” rating for the company in a research report on Tuesday, May 13th. Wells Fargo & Company reduced their price objective on Chevron from $173.00 to $164.00 and set an “overweight” rating for the company in a research report on Monday, May 5th. Redburn Atlantic reaffirmed a “sell” rating and set a $124.00 price objective (down from $156.00) on shares of Chevron in a research report on Wednesday, April 23rd. BNP Paribas lowered Chevron to a “cautious” rating in a report on Tuesday, April 15th. Finally, Truist Financial dropped their target price on Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a report on Tuesday, February 4th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, Chevron currently has a consensus rating of “Hold” and an average price target of $160.24.

Chevron Stock Performance

CVX opened at $136.66 on Friday. Chevron Co. has a 12-month low of $132.04 and a 12-month high of $168.96. The stock has a market cap of $238.66 billion, a price-to-earnings ratio of 14.06, a PEG ratio of 1.46 and a beta of 0.83. The business has a 50 day moving average of $144.66 and a 200-day moving average of $151.21. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.15 by $0.03. Chevron had a return on equity of 11.44% and a net margin of 8.71%. The company had revenue of $47.61 billion during the quarter, compared to analysts’ expectations of $49.05 billion. During the same period last year, the firm posted $2.93 earnings per share. The business’s revenue was down 2.3% on a year-over-year basis. On average, equities research analysts expect that Chevron Co. will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th will be paid a dividend of $1.71 per share. The ex-dividend date is Monday, May 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 5.01%. Chevron’s dividend payout ratio (DPR) is currently 78.17%.

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.