Chevron Co. (NYSE:CVX) Shares Sold by Cullen Capital Management LLC

Cullen Capital Management LLC reduced its holdings in Chevron Co. (NYSE:CVX) by 0.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,482,088 shares of the oil and gas company’s stock after selling 11,332 shares during the period. Chevron comprises 2.5% of Cullen Capital Management LLC’s holdings, making the stock its 10th largest position. Cullen Capital Management LLC owned about 0.08% of Chevron worth $214,666,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in CVX. Allianz SE acquired a new position in Chevron during the fourth quarter worth $9,369,000. Nicholas Company Inc. lifted its stake in Chevron by 4.3% in the 4th quarter. Nicholas Company Inc. now owns 80,025 shares of the oil and gas company’s stock valued at $11,591,000 after buying an additional 3,280 shares in the last quarter. Dale Q Rice Investment Management Ltd acquired a new stake in Chevron in the 4th quarter worth about $594,000. Unified Investment Management purchased a new stake in Chevron during the 4th quarter worth approximately $729,000. Finally, ING Groep NV raised its holdings in shares of Chevron by 3,942.6% during the fourth quarter. ING Groep NV now owns 200,998 shares of the oil and gas company’s stock valued at $29,113,000 after acquiring an additional 196,026 shares during the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CVX. UBS Group lowered their price target on Chevron from $195.00 to $194.00 and set a “buy” rating on the stock in a research note on Monday, February 3rd. Piper Sandler dropped their target price on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Raymond James reduced their target price on shares of Chevron from $180.00 to $175.00 and set an “outperform” rating for the company in a research report on Monday, February 3rd. Wells Fargo & Company lowered their price target on shares of Chevron from $188.00 to $184.00 and set an “overweight” rating on the stock in a research report on Monday, February 3rd. Finally, Truist Financial cut their price objective on shares of Chevron from $164.00 to $160.00 and set a “hold” rating for the company in a report on Tuesday, February 4th. Four investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, Chevron presently has an average rating of “Moderate Buy” and an average target price of $174.13.

Insider Transactions at Chevron

In related news, VP Jeff B. Gustavson sold 9,325 shares of the stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $152.50, for a total transaction of $1,422,062.50. Following the transaction, the vice president now owns 1,057 shares of the company’s stock, valued at approximately $161,192.50. This represents a 89.82 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.20% of the company’s stock.

Chevron Stock Performance

NYSE CVX opened at $143.10 on Friday. The stock has a market cap of $251.95 billion, a PE ratio of 14.72, a P/E/G ratio of 1.46 and a beta of 0.93. Chevron Co. has a twelve month low of $135.37 and a twelve month high of $168.96. The stock has a fifty day simple moving average of $157.38 and a 200-day simple moving average of $154.10. 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 earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share 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 in the previous year, the business posted $3.45 EPS. Equities analysts anticipate that Chevron Co. will post 10.79 earnings per share for the current year.

Chevron Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 10th. Shareholders of record on Friday, February 14th were given a $1.71 dividend. This is a positive change from Chevron’s previous quarterly dividend of $1.63. The ex-dividend date of this dividend was Friday, February 14th. This represents a $6.84 dividend on an annualized basis and a yield of 4.78%. Chevron’s payout ratio is presently 70.37%.

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.