Sumitomo Life Insurance Co. Sells 5,399 Shares of Chevron Co. (NYSE:CVX)

Sumitomo Life Insurance Co. decreased its position in shares of Chevron Co. (NYSE:CVX) by 19.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 22,253 shares of the oil and gas company’s stock after selling 5,399 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Chevron were worth $3,223,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Deane Retirement Strategies Inc. grew its holdings in Chevron by 1.1% during the 4th quarter. Deane Retirement Strategies Inc. now owns 21,513 shares of the oil and gas company’s stock worth $3,116,000 after acquiring an additional 226 shares in the last quarter. Fulton Breakefield Broenniman LLC boosted its stake in shares of Chevron by 1.1% during the fourth quarter. Fulton Breakefield Broenniman LLC now owns 94,400 shares of the oil and gas company’s stock valued at $13,673,000 after purchasing an additional 1,028 shares in the last quarter. Capital Investment Counsel LLC increased its holdings in Chevron by 1.4% during the fourth quarter. Capital Investment Counsel LLC now owns 75,538 shares of the oil and gas company’s stock valued at $10,941,000 after buying an additional 1,030 shares during the period. NorthStar Asset Management LLC NJ raised its stake in Chevron by 3.2% in the fourth quarter. NorthStar Asset Management LLC NJ now owns 3,961 shares of the oil and gas company’s stock worth $574,000 after buying an additional 123 shares in the last quarter. Finally, Mayflower Financial Advisors LLC lifted its holdings in Chevron by 24.8% during the fourth quarter. Mayflower Financial Advisors LLC now owns 21,585 shares of the oil and gas company’s stock worth $3,126,000 after buying an additional 4,289 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Trading Down 0.3 %

Shares of NYSE:CVX opened at $155.79 on Thursday. The business has a 50-day moving average price of $153.67 and a 200-day moving average price of $151.13. The stock has a market cap of $279.97 billion, a price-to-earnings ratio of 17.12, a PEG ratio of 1.37 and a beta of 1.12. Chevron Co. has a 52-week low of $135.37 and a 52-week high of $167.11. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, November 1st. The oil and gas company reported $2.51 EPS for the quarter, beating the consensus estimate of $2.47 by $0.04. The business had revenue of $50.67 billion during the quarter, compared to analysts’ expectations of $48.86 billion. Chevron had a net margin of 8.44% and a return on equity of 13.15%. The business’s quarterly revenue was down 6.3% compared to the same quarter last year. During the same period in the previous year, the business posted $3.05 EPS. Equities analysts predict that Chevron Co. will post 10.18 EPS for the current year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th were given a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 4.19%. The ex-dividend date was Monday, November 18th. Chevron’s dividend payout ratio is currently 71.65%.

Analyst Upgrades and Downgrades

CVX has been the topic of a number of analyst reports. Piper Sandler cut their price target on Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. Scotiabank reduced their target price on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. Raymond James raised their price target on shares of Chevron from $175.00 to $180.00 and gave the company an “outperform” rating in a report on Friday, January 17th. Citigroup upgraded shares of Chevron from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $145.00 to $185.00 in a research note on Tuesday, November 26th. Finally, Royal Bank of Canada raised their target price on shares of Chevron from $170.00 to $175.00 and gave the company an “outperform” rating in a research note on Monday, November 4th. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $175.27.

Insider Buying and Selling at Chevron

In related news, CEO Michael K. Wirth sold 164,600 shares of the firm’s stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the sale, the chief executive officer now directly owns 4,280 shares of the company’s stock, valued at $685,356.40. This trade represents a 97.47 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.20% of the company’s stock.

Chevron 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.