Allstate Corp Buys 50,177 Shares of Chevron Co. (NYSE:CVX)

Allstate Corp raised its stake in Chevron Co. (NYSE:CVX) by 3,103.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 51,794 shares of the oil and gas company’s stock after purchasing an additional 50,177 shares during the quarter. Allstate Corp’s holdings in Chevron were worth $7,502,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. IMG Wealth Management Inc. purchased a new position in Chevron during the 4th quarter worth $25,000. Legacy Investment Solutions LLC bought a new position in shares of Chevron during the third quarter valued at about $29,000. Mizuho Securities Co. Ltd. purchased a new position in Chevron during the fourth quarter worth about $29,000. Fairway Wealth LLC grew its position in Chevron by 75.9% in the 4th quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company’s stock worth $30,000 after purchasing an additional 88 shares in the last quarter. Finally, New Wave Wealth Advisors LLC purchased a new stake in Chevron in the 4th quarter valued at about $39,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Wall Street Analysts Forecast Growth

CVX has been the subject of several recent analyst reports. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $175.00 target price on shares of Chevron in a report on Monday, February 3rd. Truist Financial decreased their target price on Chevron from $164.00 to $160.00 and set a “hold” rating for the company in a research report on Tuesday, February 4th. Raymond James cut their price target on shares of Chevron from $180.00 to $175.00 and set an “outperform” rating on the stock in a report on Monday, February 3rd. Barclays decreased their price objective on shares of Chevron from $174.00 to $171.00 and set an “overweight” rating for the company in a report on Wednesday, February 5th. Finally, Wells Fargo & Company lowered their price objective on shares of Chevron from $188.00 to $184.00 and set an “overweight” rating on the stock in a research report on Monday, February 3rd. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, Chevron presently has an average rating of “Moderate Buy” and a consensus target price of $174.13.

Chevron Price Performance

Chevron stock opened at $166.06 on Friday. The firm has a market capitalization of $292.37 billion, a P/E ratio of 17.08, a PEG ratio of 1.46 and a beta of 1.08. Chevron Co. has a one year low of $135.37 and a one year high of $168.96. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80. The business has a fifty day moving average price of $157.10 and a 200-day moving average price of $153.38.

Chevron (NYSE:CVX) last posted its earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share for the quarter, missing analysts’ consensus estimates of $2.42 by ($0.36). Chevron had a net margin of 8.71% and a return on equity of 11.44%. During the same period in the previous year, the business posted $3.45 EPS. As a group, equities research analysts forecast that Chevron Co. will post 10.79 EPS for the current year.

Chevron Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Friday, February 14th were issued a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 4.12%. The ex-dividend date was Friday, February 14th. This is a positive change from Chevron’s previous quarterly dividend of $1.63. Chevron’s dividend payout ratio is 70.37%.

Insiders Place Their Bets

In related news, VP Jeff B. Gustavson sold 9,325 shares of the business’s stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $152.50, for a total transaction of $1,422,062.50. Following the completion of the transaction, the vice president now directly owns 1,057 shares in the company, valued at $161,192.50. The trade was a 89.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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.