Alberta Investment Management Corp Buys 118,190 Shares of Chevron Co. (NYSE:CVX)

Alberta Investment Management Corp increased its stake in Chevron Co. (NYSE:CVX) by 862.7% in the fourth quarter, Holdings Channel reports. The institutional investor owned 131,890 shares of the oil and gas company’s stock after acquiring an additional 118,190 shares during the period. Alberta Investment Management Corp’s holdings in Chevron were worth $19,103,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Legacy Investment Solutions LLC bought a new stake in Chevron in the third quarter worth $29,000. Rational Advisors LLC purchased a new stake in Chevron in the third quarter worth $29,000. Darwin Wealth Management LLC purchased a new stake in Chevron in the third quarter worth $30,000. RPg Family Wealth Advisory LLC purchased a new stake in Chevron in the third quarter worth $31,000. Finally, New Wave Wealth Advisors LLC purchased a new stake in Chevron in the fourth quarter worth $39,000. 72.42% of the stock is currently owned by institutional investors.

Chevron Stock Up 0.6 %

Shares of NYSE CVX opened at $156.23 on Wednesday. Chevron Co. has a 12-month low of $135.37 and a 12-month high of $167.11. The company has a 50-day moving average of $151.80 and a 200 day moving average of $150.81. The stock has a market cap of $280.76 billion, a PE ratio of 16.07, a P/E/G ratio of 1.43 and a beta of 1.11. 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 (NYSE:CVX) last announced its quarterly earnings results on Friday, January 31st. The oil and gas company reported $2.06 EPS for the quarter, missing the consensus estimate of $2.42 by ($0.36). Chevron had a return on equity of 11.44% and a net margin of 8.71%. During the same quarter last year, the business earned $3.45 EPS. As a group, sell-side analysts predict that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 10th. Stockholders of record on Friday, February 14th will be issued a $1.71 dividend. This is an increase from Chevron’s previous quarterly dividend of $1.63. The ex-dividend date is Friday, February 14th. This represents a $6.84 annualized dividend and a dividend yield of 4.38%. Chevron’s payout ratio is presently 70.37%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Barclays reduced their target price on Chevron from $174.00 to $171.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 5th. Royal Bank of Canada reiterated an “outperform” rating and issued a $175.00 target price on shares of Chevron in a research note on Monday, February 3rd. Raymond James reduced their target price on Chevron from $180.00 to $175.00 and set an “outperform” rating on the stock in a research note on Monday, February 3rd. Wells Fargo & Company cut their price target on Chevron from $188.00 to $184.00 and set an “overweight” rating on the stock in a research note on Monday, February 3rd. Finally, Truist Financial cut their price target on Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a research note on Tuesday, February 4th. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $174.13.

Insider Activity

In related news, VP Jeff B. Gustavson sold 9,325 shares of the firm’s stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $152.50, for a total value of $1,422,062.50. Following the completion of the sale, the vice president now owns 1,057 shares in the company, valued at $161,192.50. This trade represents a 89.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.20% of the company’s stock.

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.