Chevron Co. (NYSE:CVX) Shares Bought by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board grew its position in Chevron Co. (NYSE:CVX) by 107.0% in the 4th quarter, Holdings Channel.com reports. The fund owned 784,196 shares of the oil and gas company’s stock after acquiring an additional 405,411 shares during the quarter. Canada Pension Plan Investment Board’s holdings in Chevron were worth $113,583,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. GKV Capital Management Co. Inc. acquired a new stake in Chevron during the 4th quarter worth $2,680,000. First Commonwealth Financial Corp PA boosted its stake in shares of Chevron by 2.6% during the fourth quarter. First Commonwealth Financial Corp PA now owns 7,957 shares of the oil and gas company’s stock worth $1,152,000 after buying an additional 204 shares during the period. Capital Square LLC grew its holdings in shares of Chevron by 20.8% during the fourth quarter. Capital Square LLC now owns 5,186 shares of the oil and gas company’s stock worth $807,000 after buying an additional 894 shares during the last quarter. Osterweis Capital Management Inc. raised its stake in Chevron by 5.7% during the 4th quarter. Osterweis Capital Management Inc. now owns 1,850 shares of the oil and gas company’s stock valued at $267,000 after acquiring an additional 100 shares during the last quarter. Finally, Farringdon Capital Ltd. acquired a new stake in Chevron during the 4th quarter worth approximately $1,746,000. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. UBS Group cut their price target on Chevron from $194.00 to $185.00 and set a “buy” rating for the company in a research note on Monday, April 7th. Barclays reduced their target price on shares of Chevron from $174.00 to $171.00 and set an “overweight” rating for the company in a research note on Wednesday, February 5th. Scotiabank cut shares of Chevron from a “sector outperform” rating to a “sector perform” rating and cut their price target for the stock from $160.00 to $143.00 in a report on Friday, April 11th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $175.00 price objective on shares of Chevron in a report on Monday, February 3rd. Finally, BNP Paribas downgraded Chevron to a “cautious” rating in a research note on Tuesday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $169.50.

Insider Activity at Chevron

In other Chevron news, VP Jeff B. Gustavson sold 9,325 shares of Chevron stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $152.50, for a total value of $1,422,062.50. Following the completion of the sale, the vice president now directly owns 1,057 shares of the company’s stock, valued at approximately $161,192.50. The trade was a 89.82 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.20% of the stock is currently owned by corporate insiders.

Chevron Stock Performance

Shares of CVX opened at $137.68 on Friday. The company has a 50-day moving average of $153.94 and a two-hundred day moving average of $153.50. The stock has a market cap of $242.39 billion, a P/E ratio of 14.16, a PEG ratio of 1.46 and a beta of 0.93. Chevron Co. has a 12-month low of $132.04 and a 12-month high of $168.96. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last posted its earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.42 by ($0.36). Chevron had a net margin of 8.71% and a return on equity of 11.44%. During the same period in the previous year, the business posted $3.45 earnings per share. As a group, research analysts predict that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Friday, February 14th were given a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 4.97%. The ex-dividend date of this dividend was Friday, February 14th. This is a boost from Chevron’s previous quarterly dividend of $1.63. Chevron’s dividend payout ratio (DPR) is currently 70.37%.

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.