Mackenzie Financial Corp Lowers Stock Position in Chevron Co. (NYSE:CVX)

Mackenzie Financial Corp lowered its position in Chevron Co. (NYSE:CVX) by 8.6% in the 4th quarter, HoldingsChannel.com reports. The firm owned 1,611,835 shares of the oil and gas company’s stock after selling 152,581 shares during the period. Mackenzie Financial Corp’s holdings in Chevron were worth $240,421,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in CVX. Invesco LLC grew its position in Chevron by 4.4% during the fourth quarter. Invesco LLC now owns 7,047 shares of the oil and gas company’s stock valued at $1,051,000 after buying an additional 300 shares during the period. B&D White Capital Company LLC bought a new position in Chevron during the fourth quarter valued at about $4,191,000. Bison Wealth LLC grew its position in Chevron by 4.0% during the fourth quarter. Bison Wealth LLC now owns 9,587 shares of the oil and gas company’s stock valued at $1,430,000 after buying an additional 365 shares during the period. Cullen Investment Group LTD. bought a new position in Chevron during the fourth quarter valued at about $4,136,000. Finally, BOK Financial Private Wealth Inc. grew its position in Chevron by 4.2% during the fourth quarter. BOK Financial Private Wealth Inc. now owns 4,766 shares of the oil and gas company’s stock valued at $711,000 after buying an additional 192 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Trading Down 0.9 %

Shares of CVX opened at $157.59 on Tuesday. The firm’s 50 day simple moving average is $155.03 and its 200 day simple moving average is $151.92. The company has a market capitalization of $292.69 billion, a P/E ratio of 13.87, a P/E/G ratio of 2.40 and a beta of 1.12. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.27 and a quick ratio of 1.01. Chevron Co. has a 1-year low of $139.62 and a 1-year high of $172.54.

Chevron (NYSE:CVX) last announced its earnings results on Friday, February 2nd. The oil and gas company reported $3.45 earnings per share for the quarter, beating analysts’ consensus estimates of $3.19 by $0.26. The business had revenue of $47.18 billion for the quarter, compared to the consensus estimate of $50.93 billion. Chevron had a net margin of 10.63% and a return on equity of 15.24%. Chevron’s quarterly revenue was down 16.5% on a year-over-year basis. During the same period last year, the firm posted $4.09 earnings per share. Sell-side analysts forecast that Chevron Co. will post 13.24 earnings per share for the current fiscal year.

Chevron Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 11th. Shareholders of record on Friday, February 16th were paid a dividend of $1.63 per share. The ex-dividend date of this dividend was Thursday, February 15th. This is an increase from Chevron’s previous quarterly dividend of $1.51. This represents a $6.52 annualized dividend and a dividend yield of 4.14%. Chevron’s dividend payout ratio (DPR) is 57.39%.

Insiders Place Their Bets

In related news, VP Alana K. Knowles sold 2,800 shares of Chevron stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $160.09, for a total value of $448,252.00. Following the transaction, the vice president now directly owns 276 shares of the company’s stock, valued at $44,184.84. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.18% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on CVX shares. Raymond James increased their target price on shares of Chevron from $170.00 to $174.00 and gave the stock an “outperform” rating in a research report on Monday. The Goldman Sachs Group reiterated a “buy” rating on shares of Chevron in a research report on Monday, April 1st. Truist Financial cut their target price on shares of Chevron from $168.00 to $156.00 and set a “hold” rating for the company in a research report on Friday, April 5th. Barclays started coverage on shares of Chevron in a research report on Wednesday, April 10th. They set an “overweight” rating and a $203.00 target price for the company. Finally, Piper Sandler cut their price objective on shares of Chevron from $188.00 to $180.00 and set an “overweight” rating for the company in a research report on Thursday, March 14th. Six analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, Chevron has a consensus rating of “Moderate Buy” and a consensus price target of $183.55.

Chevron Company 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.