Legal & General Group Plc Decreases Stock Holdings in Chevron Co. (NYSE:CVX)

Legal & General Group Plc lessened its stake in Chevron Co. (NYSE:CVX) by 33.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 8,773,842 shares of the oil and gas company’s stock after selling 4,330,219 shares during the quarter. Legal & General Group Plc owned about 0.49% of Chevron worth $1,270,803,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Life Planning Partners Inc acquired a new position in shares of Chevron during the 4th quarter valued at about $25,000. IMG Wealth Management Inc. acquired a new position in Chevron in the 4th quarter valued at about $25,000. Legacy Investment Solutions LLC purchased a new stake in shares of Chevron in the 3rd quarter valued at approximately $29,000. Mizuho Securities Co. Ltd. acquired a new stake in shares of Chevron during the 4th quarter worth approximately $29,000. Finally, Fairway Wealth LLC raised its position in shares of Chevron by 75.9% during the 4th quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company’s stock valued at $30,000 after buying an additional 88 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Insider Activity at Chevron

In other Chevron news, VP Jeff B. Gustavson sold 9,325 shares of Chevron stock in a transaction that occurred on 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 transaction, the vice president now owns 1,057 shares of the company’s stock, 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 SEC, which is available at this hyperlink. Insiders own 0.20% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on CVX. Truist Financial cut their target price on Chevron from $164.00 to $160.00 and set a “hold” rating for the company in a research note on Tuesday, February 4th. Wells Fargo & Company reduced their price objective on shares of Chevron from $188.00 to $184.00 and set an “overweight” rating on the stock in a report on Monday, February 3rd. Piper Sandler lowered their target price on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. Barclays reduced their price target on shares of Chevron from $174.00 to $171.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 5th. Finally, UBS Group dropped their target price on shares of Chevron from $195.00 to $194.00 and set a “buy” rating for the company in a report on Monday, February 3rd. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $174.13.

Chevron Stock Performance

Shares of CVX stock opened at $143.10 on Monday. Chevron Co. has a 12 month low of $135.37 and a 12 month high of $168.96. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. The company has a market cap of $251.95 billion, a P/E ratio of 14.72, a PEG ratio of 1.46 and a beta of 0.93. The firm has a fifty day moving average price of $157.38 and a 200 day moving average price of $154.25.

Chevron (NYSE:CVX) last issued its earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share for the quarter, missing the consensus estimate of $2.42 by ($0.36). Chevron had a return on equity of 11.44% and a net margin of 8.71%. During the same period last year, the business posted $3.45 EPS. Sell-side analysts predict that Chevron Co. will post 10.79 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 10th. Stockholders of record on Friday, February 14th were issued a $1.71 dividend. This is a boost from Chevron’s previous quarterly dividend of $1.63. The ex-dividend date was Friday, February 14th. This represents a $6.84 annualized dividend and a dividend yield of 4.78%. Chevron’s dividend payout ratio is presently 70.37%.

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.