Resona Asset Management Co. Ltd. Grows Stock Holdings in Chevron Corporation (NYSE:CVX)

Key Points

• Resona Asset Management Co. Ltd. has increased its holdings in Chevron Corporation by 5.8%, now owning 567,614 shares valued at approximately $94.8 million.
• Chevron has received mixed ratings from analysts, with a consensus rating of "Hold" and an average target price of $164.11.
• The company recently announced a quarterly dividend of $1.71 per share, reflecting an annual yield of 4.5% and a payout ratio of 88.03%.

Resona Asset Management Co. Ltd. grew its stake in Chevron Corporation (NYSE:CVX - Free Report) by 5.8% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 567,614 shares of the oil and gas company's stock after buying an additional 30,939 shares during the quarter. Chevron accounts for approximately 0.5% of Resona Asset Management Co. Ltd.'s portfolio, making the stock its 29th biggest position. Resona Asset Management Co. Ltd.'s holdings in Chevron were worth $94,845,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Harvest Fund Management Co. Ltd increased its position in Chevron by 420.7% during the first quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock worth $25,000 after buying an additional 122 shares during the period. 10Elms LLP purchased a new position in shares of Chevron during the fourth quarter worth approximately $29,000. Navigoe LLC acquired a new position in shares of Chevron in the 4th quarter valued at $33,000. IFS Advisors LLC raised its position in Chevron by 119.6% in the 1st quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock valued at $36,000 after purchasing an additional 116 shares during the last quarter. Finally, Cloud Capital Management LLC purchased a new stake in shares of Chevron in the first quarter valued at about $39,000. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Trading Up 0.9%

CVX stock traded up $1.36 during midday trading on Friday, hitting $156.52. The stock had a trading volume of 11,576,590 shares, compared to its average volume of 9,386,726. The firm has a market cap of $270.46 billion, a PE ratio of 20.14, a price-to-earnings-growth ratio of 2.34 and a beta of 0.87. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96. The company's 50-day moving average price is $149.80 and its 200 day moving average price is $148.59.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.58 by $0.19. Chevron had a return on equity of 9.90% and a net margin of 7.02%. The firm had revenue of $44.82 billion for the quarter, compared to analyst estimates of $44.59 billion. During the same period last year, the company earned $2.55 EPS. The firm's quarterly revenue was down 12.4% on a year-over-year basis. On average, equities research analysts predict that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th will be issued a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date is Tuesday, August 19th. Chevron's payout ratio is presently 88.03%.

Analysts Set New Price Targets

A number of analysts have weighed in on CVX shares. Redburn Atlantic reaffirmed a "sell" rating and set a $124.00 price objective (down from $156.00) on shares of Chevron in a research report on Wednesday, April 23rd. TD Cowen lifted their price objective on shares of Chevron from $150.00 to $155.00 and gave the company a "hold" rating in a research report on Monday, August 4th. Piper Sandler reissued an "overweight" rating on shares of Chevron in a research note on Tuesday, July 15th. Wells Fargo & Company restated an "overweight" rating and issued a $178.00 target price on shares of Chevron in a research note on Friday, August 1st. Finally, Barclays restated an "equal weight" rating on shares of Chevron in a research report on Tuesday, July 15th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $164.11.

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.