Investors Buy Chevron (CVX) on Weakness
Investors purchased shares of Chevron Co. (NYSE:CVX) on weakness during trading hours on Monday. $168.18 million flowed into the stock on the tick-up and $99.84 million flowed out of the stock on the tick-down, for a money net flow of $68.34 million into the stock. Of all stocks tracked, Chevron had the 16th highest net in-flow for the day. Chevron traded down ($0.63) for the day and closed at $116.95
Several research firms have recently commented on CVX. Raymond James set a $135.00 target price on shares of Chevron and gave the stock a “buy” rating in a report on Thursday, December 20th. HSBC downgraded shares of Chevron from a “buy” rating to a “hold” rating and lowered their target price for the stock from $136.00 to $122.00 in a report on Monday, January 14th. Royal Bank of Canada reissued a “hold” rating and issued a $130.00 target price on shares of Chevron in a report on Monday, January 7th. Zacks Investment Research downgraded shares of Chevron from a “hold” rating to a “strong sell” rating in a report on Thursday, January 3rd. Finally, UBS Group raised shares of Chevron from a “neutral” rating to a “buy” rating and set a $112.95 target price on the stock in a report on Friday, January 18th. Nine equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. Chevron has a consensus rating of “Buy” and a consensus price target of $133.20.
The stock has a market capitalization of $224.67 billion, a price-to-earnings ratio of 14.18, a price-to-earnings-growth ratio of 4.03 and a beta of 1.02. The company has a current ratio of 1.22, a quick ratio of 1.01 and a debt-to-equity ratio of 0.19.
The firm also recently declared a quarterly dividend, which will be paid on Monday, March 11th. Investors of record on Friday, February 15th will be given a $1.19 dividend. This represents a $4.76 annualized dividend and a yield of 4.07%. The ex-dividend date of this dividend is Thursday, February 14th. This is a boost from Chevron’s previous quarterly dividend of $1.12. Chevron’s payout ratio is currently 54.30%.
In related news, insider Jeanette L. Ourada sold 7,200 shares of the business’s stock in a transaction on Monday, February 4th. The shares were sold at an average price of $116.50, for a total value of $838,800.00. Following the sale, the insider now owns 7,200 shares in the company, valued at $838,800. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP James William Johnson sold 4,750 shares of the business’s stock in a transaction on Monday, December 3rd. The shares were sold at an average price of $120.92, for a total transaction of $574,370.00. Following the transaction, the executive vice president now owns 4,750 shares in the company, valued at approximately $574,370. The disclosure for this sale can be found here. Insiders sold 26,200 shares of company stock worth $3,072,725 in the last 90 days. 0.46% of the stock is currently owned by company insiders.
A number of hedge funds have recently bought and sold shares of CVX. Oregon Public Employees Retirement Fund increased its position in Chevron by 10,867.9% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 55,998,891 shares of the oil and gas company’s stock valued at $515,000 after acquiring an additional 55,488,319 shares during the last quarter. Capital International Investors increased its position in Chevron by 157.4% during the third quarter. Capital International Investors now owns 23,757,783 shares of the oil and gas company’s stock valued at $2,905,102,000 after acquiring an additional 14,528,219 shares during the last quarter. BlackRock Inc. increased its position in Chevron by 5.2% during the fourth quarter. BlackRock Inc. now owns 127,839,017 shares of the oil and gas company’s stock valued at $13,907,606,000 after acquiring an additional 6,328,133 shares during the last quarter. Charles Schwab Investment Advisory Inc. bought a new position in Chevron during the second quarter valued at $413,622,000. Finally, Standard Life Aberdeen plc increased its position in Chevron by 78.9% during the second quarter. Standard Life Aberdeen plc now owns 6,790,689 shares of the oil and gas company’s stock valued at $858,547,000 after acquiring an additional 2,994,612 shares during the last quarter. Institutional investors and hedge funds own 67.51% of the company’s stock.
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About Chevron (NYSE:CVX)
Chevron Corporation, through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, and production of crude oil and natural gas; processing, liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.
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