50,103 Chevron Corporation $CVX Shares Purchased by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments Holdings increased its Chevron stake by 14.6%, buying 50,103 shares and bringing its holdings to 394,248 shares, valued at about $81.6 million.
• Chevron beat quarterly earnings and revenue estimates: EPS was $5.28 versus $4.87 expected, while revenue reached $65.24 billion and rose 36.3% year over year. Analysts’ consensus rating was “Moderate Buy,” with a $221.88 price target.
• Chevron declared a quarterly dividend of $1.78 per share, equivalent to $7.12 annually and a 3.4% yield.

Allspring Global Investments Holdings LLC grew its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 14.6% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 394,248 shares of the oil and gas company's stock after acquiring an additional 50,103 shares during the period. Allspring Global Investments Holdings LLC's holdings in Chevron were worth $81,649,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in shares of Chevron in the second quarter worth about $25,663,729,000. Bank of New York Mellon Corp acquired a new position in shares of Chevron during the 2nd quarter valued at about $2,378,114,000. Legal & General Group Plc acquired a new position in Chevron during the second quarter valued at approximately $1,462,412,000. Deutsche Bank AG acquired a new position in Chevron in the 2nd quarter valued at $1,189,577,000. Finally, State Street Corp boosted its holdings in Chevron by 3.9% during the second quarter. State Street Corp now owns 159,136,768 shares of the oil and gas company's stock valued at $28,016,651,000 after acquiring an additional 5,998,852 shares during the period. 72.42% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on CVX shares. UBS Group raised their price target on Chevron from $235.00 to $265.00 and gave the company a "buy" rating in a research report on Monday, November 2nd. BMO Capital Markets boosted their price objective on Chevron from $210.00 to $235.00 and gave the stock an "outperform" rating in a research report on Thursday, September 3rd. TD Cowen increased their target price on Chevron from $215.00 to $225.00 and gave the company a "hold" rating in a research note on Monday, October 12th. Zacks Research raised Chevron from a "hold" rating to a "strong-buy" rating in a report on Monday, October 5th. Finally, Wall Street Zen raised Chevron from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. One research analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $221.88.

Chevron Stock Down 0.8%

Shares of CVX opened at $210.91 on Tuesday. The company has a 50-day simple moving average of $215.09 and a 200-day simple moving average of $194.63. The firm has a market capitalization of $416.71 billion, a P/E ratio of 15.43, a P/E/G ratio of 0.51 and a beta of 0.47. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.98 and a current ratio of 1.25. Chevron Corporation has a 52 week low of $146.49 and a 52 week high of $236.48.

Chevron (NYSE:CVX - Get Free Report) last released its earnings results on Friday, October 30th. The oil and gas company reported $5.28 earnings per share for the quarter, topping analysts' consensus estimates of $4.87 by $0.41. Chevron had a return on equity of 14.64% and a net margin of 11.56%. The business had revenue of $65.24 billion for the quarter, compared to the consensus estimate of $61.82 billion. During the same period last year, the business earned $1.85 earnings per share. The firm's revenue for the quarter was up 36.3% compared to the same quarter last year. On average, equities research analysts expect that Chevron Corporation will post 18.56 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 10th. Shareholders of record on Wednesday, November 18th will be issued a $1.78 dividend. The ex-dividend date of this dividend is Wednesday, November 18th. This represents a $7.12 annualized dividend and a yield of 3.4%. Chevron's dividend payout ratio is 52.08%.

Insiders Place Their Bets

In other news, insider Andrew Walz sold 16,800 shares of the business's stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $201.06, for a total transaction of $3,377,808.00. Following the sale, the insider directly owned 14 shares in the company, valued at approximately $2,814.84. The trade was a 99.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Michael K. Wirth sold 317,100 shares of the business's stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $200.46, for a total value of $63,565,866.00. Following the sale, the chief executive officer owned 26,308 shares in the company, valued at approximately $5,273,701.68. This represents a 92.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 379,470 shares of company stock worth $77,216,415. 0.56% of the stock is currently owned by company insiders.

Chevron Company Profile

Chevron Corporation NYSE: CVX is an integrated energy company engaged in the exploration, development, production, transportation and sale of crude oil and natural gas. Its upstream operations include oil and gas exploration and production, while its downstream business includes refining crude oil, marketing fuels and manufacturing and distributing lubricants, petrochemicals and fuel additives.

The company also invests in lower-carbon businesses and technologies, including renewable fuels, carbon capture and storage, hydrogen and other opportunities intended to reduce emissions from its operations and energy products.

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