Chevron Co. (NYSE:CVX) Shares Bought by Bank of New York Mellon Corp

Bank of New York Mellon Corp boosted its position in shares of Chevron Co. (NYSE:CVX) by 17.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,496,687 shares of the oil and gas company’s stock after buying an additional 2,432,756 shares during the period. Bank of New York Mellon Corp’s holdings in Chevron were worth $2,389,380,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Pettinga Financial Advisors LLC raised its position in shares of Chevron by 10.1% in the third quarter. Pettinga Financial Advisors LLC now owns 2,972 shares of the oil and gas company’s stock valued at $438,000 after buying an additional 272 shares during the last quarter. Modera Wealth Management LLC raised its holdings in Chevron by 5.5% in the 3rd quarter. Modera Wealth Management LLC now owns 30,629 shares of the oil and gas company’s stock valued at $4,511,000 after acquiring an additional 1,600 shares during the last quarter. Mattern Capital Management LLC lifted its stake in Chevron by 14.4% in the 3rd quarter. Mattern Capital Management LLC now owns 5,534 shares of the oil and gas company’s stock worth $815,000 after purchasing an additional 697 shares in the last quarter. Smith Salley Wealth Management lifted its stake in Chevron by 3.1% in the 3rd quarter. Smith Salley Wealth Management now owns 123,190 shares of the oil and gas company’s stock worth $18,142,000 after purchasing an additional 3,759 shares in the last quarter. Finally, Kavar Capital Partners Group LLC boosted its holdings in shares of Chevron by 5.3% during the 3rd quarter. Kavar Capital Partners Group LLC now owns 20,699 shares of the oil and gas company’s stock worth $3,048,000 after purchasing an additional 1,037 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $175.00 price target on shares of Chevron in a report on Monday, February 3rd. Citigroup raised Chevron from a “neutral” rating to a “buy” rating and raised their target price for the stock from $145.00 to $185.00 in a research note on Tuesday, November 26th. Wells Fargo & Company lowered their price target on shares of Chevron from $188.00 to $184.00 and set an “overweight” rating on the stock in a research report on Monday, February 3rd. UBS Group dropped their price objective on shares of Chevron from $195.00 to $194.00 and set a “buy” rating for the company in a report on Monday, February 3rd. Finally, Piper Sandler reduced their target price on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $174.13.

Chevron Stock Up 0.6 %

Shares of NYSE CVX opened at $157.85 on Tuesday. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. The business’s 50 day moving average is $152.14 and its two-hundred day moving average is $151.20. Chevron Co. has a 52-week low of $135.37 and a 52-week high of $167.11. The firm has a market cap of $283.68 billion, a price-to-earnings ratio of 16.24, a PEG ratio of 1.46 and a beta of 1.11.

Chevron (NYSE:CVX) last posted 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 net margin of 8.71% and a return on equity of 11.44%. During the same period in the previous year, the company posted $3.45 earnings per share. Research analysts predict that Chevron Co. will post 10.79 EPS for the current year.

Chevron Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 10th. Stockholders of record on Friday, February 14th will be given a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 4.33%. The ex-dividend date of this dividend is Friday, February 14th. This is a boost from Chevron’s previous quarterly dividend of $1.63. Chevron’s dividend payout ratio is currently 70.37%.

Insider Activity

In other Chevron news, VP Jeff B. Gustavson sold 9,325 shares of the stock in a transaction that occurred on 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 sale, the vice president now directly owns 1,057 shares in the company, valued at $161,192.50. This represents a 89.82 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.20% of the company’s stock.

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.