Chevron Co. (NYSE:CVX) Shares Acquired by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board lifted its stake in shares of Chevron Co. (NYSE:CVX) by 683.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 218,031 shares of the oil and gas company’s stock after buying an additional 190,200 shares during the quarter. Canada Pension Plan Investment Board’s holdings in Chevron were worth $34,307,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in CVX. Cantor Fitzgerald Investment Advisor L.P grew its position in shares of Chevron by 85.1% during the first quarter. Cantor Fitzgerald Investment Advisor L.P now owns 159,115 shares of the oil and gas company’s stock worth $25,908,000 after buying an additional 73,141 shares in the last quarter. Axiom Financial Strategies LLC boosted its holdings in Chevron by 25.2% in the first quarter. Axiom Financial Strategies LLC now owns 7,335 shares of the oil and gas company’s stock worth $1,155,000 after purchasing an additional 1,476 shares during the period. GQG Partners LLC boosted its holdings in Chevron by 4.7% in the first quarter. GQG Partners LLC now owns 40,538 shares of the oil and gas company’s stock worth $6,598,000 after purchasing an additional 1,813 shares during the period. Lumature Wealth Partners LLC boosted its holdings in Chevron by 43.5% in the first quarter. Lumature Wealth Partners LLC now owns 5,837 shares of the oil and gas company’s stock worth $950,000 after purchasing an additional 1,770 shares during the period. Finally, First Trust Advisors LP boosted its holdings in Chevron by 13.8% in the first quarter. First Trust Advisors LP now owns 2,068,600 shares of the oil and gas company’s stock worth $336,830,000 after purchasing an additional 250,840 shares during the period. Institutional investors and hedge funds own 68.87% of the company’s stock.

Chevron Price Performance

Shares of NYSE CVX opened at $145.06 on Wednesday. Chevron Co. has a fifty-two week low of $141.73 and a fifty-two week high of $188.43. The firm’s 50-day simple moving average is $160.05 and its 200 day simple moving average is $158.59. The company has a quick ratio of 0.97, a current ratio of 1.25 and a debt-to-equity ratio of 0.12. The stock has a market cap of $273.84 billion, a P/E ratio of 10.77, a P/E/G ratio of 0.74 and a beta of 1.16.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, October 27th. The oil and gas company reported $3.05 earnings per share for the quarter, missing analysts’ consensus estimates of $3.70 by ($0.65). Chevron had a net margin of 12.11% and a return on equity of 16.15%. The company had revenue of $54.08 billion for the quarter, compared to the consensus estimate of $51.41 billion. During the same quarter in the prior year, the firm earned $5.56 earnings per share. Chevron’s revenue for the quarter was down 18.9% compared to the same quarter last year. Equities analysts expect that Chevron Co. will post 13.59 EPS for the current year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 11th. Shareholders of record on Friday, November 17th will be issued a $1.51 dividend. This represents a $6.04 dividend on an annualized basis and a yield of 4.16%. The ex-dividend date is Thursday, November 16th. Chevron’s payout ratio is 44.84%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on CVX. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $180.00 price objective on shares of Chevron in a report on Tuesday, October 24th. Truist Financial decreased their price objective on shares of Chevron from $175.00 to $169.00 and set a “hold” rating for the company in a report on Tuesday, October 24th. The Goldman Sachs Group raised shares of Chevron from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $166.00 to $187.00 in a report on Monday, July 31st. BNP Paribas raised shares of Chevron from a “neutral” rating to an “outperform” rating and set a $190.00 price objective for the company in a report on Thursday, October 12th. Finally, Morgan Stanley decreased their price objective on shares of Chevron from $203.00 to $201.00 and set an “equal weight” rating for the company in a report on Tuesday, October 17th. Four analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $187.89.

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; liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and processing, transportation, storage, and marketing of natural gas, as well as a gas-to-liquids plant.