Allspring Global Investments Holdings LLC Decreases Stock Holdings in Chevron Corporation $CVX

Key Points

• Allspring Global Investments Holdings LLC has decreased its stake in Chevron Corporation by 5.1%, now holding 258,495 shares valued at approximately $37.63 million.
• Multiple financial institutions have shown varying levels of confidence in Chevron, with ratings ranging from "Buy" to "Sell," while the stock's current consensus price target is $165.40.
• Insider activity includes significant stock sales by VP Alana K. Knowles and Director John B. Hess, indicating a reduction in their personal holdings in Chevron.

Allspring Global Investments Holdings LLC lowered its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 5.1% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 258,495 shares of the oil and gas company's stock after selling 13,811 shares during the period. Allspring Global Investments Holdings LLC's holdings in Chevron were worth $37,629,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. GAMMA Investing LLC boosted its stake in shares of Chevron by 27.3% in the first quarter. GAMMA Investing LLC now owns 32,329 shares of the oil and gas company's stock valued at $5,408,000 after purchasing an additional 6,928 shares during the period. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Chevron by 10.1% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 1,133,752 shares of the oil and gas company's stock worth $189,666,000 after purchasing an additional 104,103 shares during the period. AA Financial Advisors LLC acquired a new stake in shares of Chevron during the first quarter worth $245,000. Chicago Capital LLC increased its holdings in shares of Chevron by 42.1% in the 1st quarter. Chicago Capital LLC now owns 10,995 shares of the oil and gas company's stock worth $1,839,000 after acquiring an additional 3,260 shares during the period. Finally, Optivise Advisory Services LLC increased its holdings in shares of Chevron by 10.8% in the 1st quarter. Optivise Advisory Services LLC now owns 1,641 shares of the oil and gas company's stock worth $274,000 after acquiring an additional 160 shares during the period. Institutional investors and hedge funds own 72.42% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have commented on CVX. Melius began coverage on shares of Chevron in a research note on Wednesday, August 20th. They set a "hold" rating and a $155.00 target price on the stock. Barclays cut their price target on shares of Chevron from $160.00 to $158.00 and set an "equal weight" rating on the stock in a report on Tuesday, October 7th. Evercore ISI reaffirmed an "outperform" rating and set a $180.00 target price on shares of Chevron in a research note on Thursday, July 31st. Melius Research initiated coverage on shares of Chevron in a report on Wednesday, August 20th. They set a "hold" rating and a $155.00 price target on the stock. Finally, Bank of America boosted their price target on shares of Chevron from $170.00 to $185.00 and gave the company a "buy" rating in a report on Wednesday, September 10th. Eleven research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $165.40.

Insider Activity

In other Chevron news, VP Alana K. Knowles sold 3,978 shares of the business's stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $160.00, for a total value of $636,480.00. Following the completion of the sale, the vice president owned 1,181 shares of the company's stock, valued at $188,960. The trade was a 77.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director John B. Hess sold 375,000 shares of the company's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the sale, the director directly owned 1,403,045 shares of the company's stock, valued at approximately $222,102,023.50. This trade represents a 21.09% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.21% of the company's stock.

Chevron Trading Down 0.3%

Shares of NYSE CVX opened at $151.99 on Thursday. The company's fifty day moving average is $156.10 and its 200-day moving average is $148.36. The stock has a market cap of $262.63 billion, a price-to-earnings ratio of 19.56, a P/E/G ratio of 1.99 and a beta of 0.84. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $168.96. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, beating the consensus estimate of $1.58 by $0.19. The business had revenue of $44.82 billion for the quarter, compared to analysts' expectations of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The firm's revenue was down 12.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.55 EPS. Equities research analysts predict that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were paid a dividend of $1.71 per share. The ex-dividend date was Tuesday, August 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.5%. Chevron's payout ratio is currently 88.03%.

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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