Mitsubishi UFJ Asset Management Co. Ltd. Raises Stock Position in Chevron Co. (NYSE:CVX)

Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in Chevron Co. (NYSE:CVX) by 7.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,033,989 shares of the oil and gas company’s stock after acquiring an additional 198,890 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Chevron were worth $448,575,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. United Bank boosted its holdings in shares of Chevron by 8.4% during the 3rd quarter. United Bank now owns 8,095 shares of the oil and gas company’s stock valued at $1,192,000 after purchasing an additional 629 shares during the last quarter. Loomis Sayles & Co. L P boosted its stake in Chevron by 7.2% during the third quarter. Loomis Sayles & Co. L P now owns 2,413 shares of the oil and gas company’s stock valued at $355,000 after buying an additional 163 shares during the last quarter. Truvestments Capital LLC purchased a new position in Chevron during the 3rd quarter valued at approximately $180,000. Townsquare Capital LLC increased its stake in Chevron by 16.9% in the 3rd quarter. Townsquare Capital LLC now owns 245,998 shares of the oil and gas company’s stock worth $36,228,000 after acquiring an additional 35,525 shares during the last quarter. Finally, Hardy Reed LLC raised its holdings in shares of Chevron by 9.2% during the 3rd quarter. Hardy Reed LLC now owns 11,387 shares of the oil and gas company’s stock worth $1,677,000 after acquiring an additional 963 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on CVX shares. Royal Bank of Canada restated an “outperform” rating and issued a $175.00 price target on shares of Chevron in a research report on Monday, February 3rd. Truist Financial lowered their price target on shares of Chevron from $164.00 to $160.00 and set a “hold” rating for the company in a report on Tuesday, February 4th. Wells Fargo & Company reduced their price objective on Chevron from $188.00 to $184.00 and set an “overweight” rating on the stock in a research note on Monday, February 3rd. Barclays decreased their price objective on Chevron from $174.00 to $171.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 5th. Finally, Piper Sandler cut their target price on Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Chevron presently has a consensus rating of “Moderate Buy” and an average price target of $174.13.

Chevron Price Performance

Chevron stock opened at $167.95 on Thursday. The stock has a market cap of $295.69 billion, a price-to-earnings ratio of 17.28, a price-to-earnings-growth ratio of 1.46 and a beta of 1.08. The firm has a 50-day moving average of $156.87 and a two-hundred day moving average of $153.11. Chevron Co. has a 1 year low of $135.37 and a 1 year high of $168.96. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, January 31st. The oil and gas company reported $2.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.42 by ($0.36). Chevron had a return on equity of 11.44% and a net margin of 8.71%. During the same period in the prior year, the firm posted $3.45 earnings per share. On average, research analysts forecast that Chevron Co. will post 10.79 earnings per share for the current year.

Chevron Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Friday, February 14th were paid a dividend of $1.71 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $6.84 annualized dividend and a dividend yield of 4.07%. This is a positive change from Chevron’s previous quarterly dividend of $1.63. Chevron’s dividend payout ratio (DPR) is currently 70.37%.

Insider Activity at Chevron

In other Chevron news, VP Jeff B. Gustavson sold 9,325 shares of the firm’s stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $152.50, for a total transaction of $1,422,062.50. Following the transaction, the vice president now owns 1,057 shares of the company’s stock, valued at approximately $161,192.50. This trade represents a 89.82 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.20% of the stock is currently owned by corporate insiders.

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.