Dai ichi Life Insurance Company Ltd Sells 9,594 Shares of Chevron Co. (NYSE:CVX)

Dai ichi Life Insurance Company Ltd lowered its position in shares of Chevron Co. (NYSE:CVX) by 8.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 99,659 shares of the oil and gas company’s stock after selling 9,594 shares during the period. Dai ichi Life Insurance Company Ltd’s holdings in Chevron were worth $14,677,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the company. China Universal Asset Management Co. Ltd. bought a new stake in shares of Chevron in the first quarter worth approximately $566,000. Kennedy Capital Management LLC purchased a new stake in Chevron during the first quarter valued at $5,563,000. Creekmur Asset Management LLC lifted its holdings in Chevron by 13.5% in the first quarter. Creekmur Asset Management LLC now owns 880 shares of the oil and gas company’s stock valued at $139,000 after acquiring an additional 105 shares during the period. Tidal Investments LLC grew its stake in shares of Chevron by 35.2% during the 1st quarter. Tidal Investments LLC now owns 158,849 shares of the oil and gas company’s stock valued at $25,042,000 after purchasing an additional 41,370 shares during the period. Finally, Coppell Advisory Solutions Corp. bought a new position in shares of Chevron in the 1st quarter worth approximately $2,613,000. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Stock Down 1.2 %

Shares of NYSE:CVX opened at $160.38 on Tuesday. The company has a 50-day moving average price of $151.94 and a 200 day moving average price of $152.51. 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 Co. has a 12 month low of $135.37 and a 12 month high of $167.11. The company has a market cap of $288.22 billion, a price-to-earnings ratio of 17.62, a PEG ratio of 3.58 and a beta of 1.09.

Chevron (NYSE:CVX) last released its earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share for the quarter, beating the consensus estimate of $2.47 by $0.04. The firm had revenue of $50.67 billion for the quarter, compared to the consensus estimate of $48.86 billion. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The company’s revenue for the quarter was down 6.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.05 EPS. As a group, equities research analysts predict that Chevron Co. will post 10.55 earnings per share for the current year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Monday, November 18th will be paid a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 4.07%. The ex-dividend date of this dividend is Monday, November 18th. Chevron’s dividend payout ratio is presently 71.65%.

Insider Transactions at Chevron

In other news, CEO Michael K. Wirth sold 164,600 shares of Chevron stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $160.13, for a total value of $26,357,398.00. Following the transaction, the chief executive officer now directly owns 4,280 shares in the company, valued at approximately $685,356.40. This trade represents a 97.47 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.20% of the company’s stock.

Analysts Set New Price Targets

CVX has been the topic of several recent research reports. Citigroup upgraded shares of Chevron from a “neutral” rating to a “buy” rating and increased their price target for the stock from $145.00 to $185.00 in a research report on Tuesday. DZ Bank raised Chevron from a “hold” rating to a “buy” rating and set a $170.00 price objective on the stock in a research note on Tuesday, November 5th. Wells Fargo & Company cut their price objective on Chevron from $196.00 to $169.00 and set an “overweight” rating for the company in a research note on Friday, September 27th. Royal Bank of Canada lifted their price target on shares of Chevron from $170.00 to $175.00 and gave the company an “outperform” rating in a report on Monday, November 4th. Finally, Scotiabank lowered their target price on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. Four research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $175.56.

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.