Allspring Global Investments Holdings LLC Boosts Position in Chevron Corporation (NYSE:CVX)

Allspring Global Investments Holdings LLC boosted its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 3.2% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 272,306 shares of the oil and gas company's stock after purchasing an additional 8,434 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Chevron were worth $45,886,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. IMG Wealth Management Inc. purchased a new stake in Chevron during the fourth quarter worth $25,000. Life Planning Partners Inc purchased a new stake in Chevron during the fourth quarter worth $25,000. Mizuho Securities Co. Ltd. purchased a new stake in Chevron during the fourth quarter worth $29,000. 10Elms LLP purchased a new stake in shares of Chevron in the fourth quarter valued at $29,000. Finally, Fairway Wealth LLC lifted its position in shares of Chevron by 75.9% in the fourth quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company's stock valued at $30,000 after acquiring an additional 88 shares in the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently issued reports on CVX shares. BNP Paribas downgraded Chevron to a "cautious" rating in a research report on Tuesday, April 15th. TD Cowen reduced their price objective on Chevron from $155.00 to $150.00 and set a "hold" rating on the stock in a research report on Monday, May 5th. UBS Group reduced their price objective on Chevron from $194.00 to $185.00 and set a "buy" rating on the stock in a research report on Monday, April 7th. Hsbc Global Res downgraded Chevron from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 13th. Finally, Piper Sandler reduced their price objective on Chevron from $173.00 to $162.00 and set an "overweight" rating on the stock in a research report on Tuesday, May 13th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $160.29.

Chevron Stock Performance

Shares of NYSE:CVX opened at $143.87 on Monday. The firm has a market capitalization of $251.26 billion, a PE ratio of 16.44, a P/E/G ratio of 2.52 and a beta of 0.83. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.08 and a quick ratio of 0.82. The business has a 50-day moving average of $140.20 and a two-hundred day moving average of $148.17. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings results on Friday, May 2nd. The oil and gas company reported $2.18 EPS for the quarter, topping the consensus estimate of $2.15 by $0.03. The company had revenue of $47.61 billion during the quarter, compared to analyst estimates of $49.05 billion. Chevron had a return on equity of 10.73% and a net margin of 7.76%. The firm's revenue was down 2.3% on a year-over-year basis. During the same period in the prior year, the firm posted $2.93 earnings per share. As a group, research analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th were paid a dividend of $1.71 per share. The ex-dividend date was Monday, May 19th. This represents a $6.84 annualized dividend and a yield of 4.75%. Chevron's dividend payout ratio is presently 78.17%.

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.

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