Ninety One UK Ltd Acquires New Stake in Chevron Corporation (NYSE:CVX)

Ninety One UK Ltd acquired a new position in Chevron Corporation (NYSE:CVX - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 239,368 shares of the oil and gas company's stock, valued at approximately $40,044,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Geode Capital Management LLC raised its stake in Chevron by 1.1% during the 4th quarter. Geode Capital Management LLC now owns 36,269,270 shares of the oil and gas company's stock valued at $5,247,142,000 after purchasing an additional 392,916 shares during the period. Norges Bank bought a new stake in Chevron during the 4th quarter valued at approximately $3,017,750,000. Northern Trust Corp raised its stake in Chevron by 7.3% during the 4th quarter. Northern Trust Corp now owns 20,471,800 shares of the oil and gas company's stock valued at $2,965,135,000 after purchasing an additional 1,394,091 shares during the period. Franklin Resources Inc. raised its stake in Chevron by 0.5% during the 4th quarter. Franklin Resources Inc. now owns 17,280,105 shares of the oil and gas company's stock valued at $2,502,850,000 after purchasing an additional 79,917 shares during the period. Finally, Ameriprise Financial Inc. raised its stake in Chevron by 1.3% during the 4th quarter. Ameriprise Financial Inc. now owns 16,718,838 shares of the oil and gas company's stock valued at $2,421,564,000 after purchasing an additional 211,023 shares during the period. Institutional investors own 72.42% of the company's stock.

Chevron Trading Up 0.8%

Shares of Chevron stock traded up $1.21 on Friday, reaching $155.38. The company had a trading volume of 8,332,244 shares, compared to its average volume of 8,352,057. The firm has a market cap of $271.35 billion, a price-to-earnings ratio of 17.76, a P/E/G ratio of 2.61 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 firm's 50-day moving average price is $142.62 and its two-hundred day moving average price is $148.41. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $168.96.

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

Chevron Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Monday, May 19th were issued a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 4.40%. The ex-dividend date of this dividend was Monday, May 19th. Chevron's payout ratio is currently 78.17%.

Wall Street Analyst Weigh In

CVX has been the topic of several recent analyst reports. Mizuho decreased their target price on Chevron from $188.00 to $186.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 13th. Hsbc Global Res downgraded Chevron from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 13th. Piper Sandler lifted their price objective on Chevron from $162.00 to $164.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 2nd. Barclays lifted their price objective on Chevron from $152.00 to $156.00 and gave the stock an "equal weight" rating in a research note on Monday. Finally, DZ Bank downgraded Chevron from a "buy" rating to a "sell" rating and set a $130.00 price objective on the stock. in a research note on Tuesday, May 6th. 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. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $161.65.

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.