Factory Mutual Insurance Co. Cuts Position in Chevron Co. (NYSE:CVX)

Factory Mutual Insurance Co. lessened its stake in shares of Chevron Co. (NYSE:CVX - Free Report) by 89.2% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 15,550 shares of the oil and gas company's stock after selling 129,000 shares during the period. Factory Mutual Insurance Co.'s holdings in Chevron were worth $2,601,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Sage Capital Advisors llc increased its position in shares of Chevron by 2.2% during the first quarter. Sage Capital Advisors llc now owns 42,421 shares of the oil and gas company's stock worth $7,097,000 after purchasing an additional 919 shares in the last quarter. Pines Wealth Management LLC boosted its stake in Chevron by 3.3% during the 1st quarter. Pines Wealth Management LLC now owns 7,808 shares of the oil and gas company's stock worth $1,306,000 after purchasing an additional 253 shares during the last quarter. Viking Fund Management LLC grew its holdings in shares of Chevron by 9.3% during the first quarter. Viking Fund Management LLC now owns 117,000 shares of the oil and gas company's stock worth $19,573,000 after buying an additional 10,000 shares in the last quarter. Allianz SE acquired a new stake in shares of Chevron in the fourth quarter valued at about $9,369,000. Finally, Nicholas Company Inc. lifted its stake in shares of Chevron by 4.3% in the fourth quarter. Nicholas Company Inc. now owns 80,025 shares of the oil and gas company's stock worth $11,591,000 after buying an additional 3,280 shares in the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CVX has been the subject of several research reports. Scotiabank cut shares of Chevron from a "sector outperform" rating to a "sector perform" rating and dropped their price objective for the company from $160.00 to $143.00 in a research note on Friday, April 11th. Barclays lowered Chevron from an "overweight" rating to an "equal weight" rating and dropped their price target for the company from $171.00 to $152.00 in a research report on Wednesday, April 23rd. HSBC cut Chevron from a "buy" rating to a "hold" rating and cut their price target for the company from $176.00 to $158.00 in a report on Tuesday, May 13th. Redburn Atlantic reissued a "sell" rating and set a $124.00 price objective (down previously from $156.00) on shares of Chevron in a research note on Wednesday, April 23rd. Finally, Piper Sandler dropped their target price on Chevron from $173.00 to $162.00 and set an "overweight" rating for the company in a report on Tuesday, May 13th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, Chevron has an average rating of "Hold" and a consensus price target of $160.24.

Chevron Trading Up 0.5%

Shares of CVX stock traded up $0.77 during trading hours on Friday, hitting $145.74. The company had a trading volume of 14,126,704 shares, compared to its average volume of 8,182,686. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80. The stock has a market capitalization of $254.52 billion, a PE ratio of 14.99, a price-to-earnings-growth ratio of 1.46 and a beta of 0.83. The company's fifty day moving average is $138.53 and its 200 day moving average is $149.11. Chevron Co. has a fifty-two week low of $132.04 and a fifty-two week high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.15 by $0.03. The company had revenue of $47.61 billion for the quarter, compared to analyst estimates of $49.05 billion. Chevron had a net margin of 8.71% and a return on equity of 11.44%. The business's revenue for the quarter was down 2.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.93 earnings per share. Research analysts expect that Chevron Co. will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th were paid a $1.71 dividend. The ex-dividend date of this dividend was Monday, May 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.69%. Chevron's dividend payout ratio (DPR) is 78.17%.

Chevron Profile

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.