Empire Life Investments Inc. Has $37.84 Million Stock Position in Chevron Co. (NYSE:CVX)

Empire Life Investments Inc. grew its position in Chevron Co. (NYSE:CVXFree Report) by 129.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 253,665 shares of the oil and gas company’s stock after purchasing an additional 143,142 shares during the period. Chevron comprises about 2.4% of Empire Life Investments Inc.’s holdings, making the stock its 12th largest position. Empire Life Investments Inc.’s holdings in Chevron were worth $37,837,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Massachusetts Financial Services Co. MA grew its position in shares of Chevron by 73,888.2% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 4,602,805 shares of the oil and gas company’s stock valued at $686,554,000 after purchasing an additional 4,596,584 shares during the last quarter. International Assets Investment Management LLC increased its position in shares of Chevron by 15,548.2% during the fourth quarter. International Assets Investment Management LLC now owns 3,202,411 shares of the oil and gas company’s stock valued at $4,776,720,000 after purchasing an additional 3,181,946 shares during the period. Morgan Stanley raised its stake in shares of Chevron by 7.0% in the third quarter. Morgan Stanley now owns 34,166,899 shares of the oil and gas company’s stock valued at $5,761,223,000 after purchasing an additional 2,244,995 shares in the last quarter. J.P. Morgan Private Wealth Advisors LLC bought a new position in Chevron in the third quarter worth $348,789,000. Finally, Charles Schwab Investment Management Inc. increased its holdings in Chevron by 8.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 26,235,473 shares of the oil and gas company’s stock valued at $3,886,821,000 after buying an additional 1,999,332 shares during the period. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Chevron

In other news, Director Enrique Hernandez, Jr. sold 2,549 shares of the stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $165.24, for a total value of $421,196.76. Following the completion of the sale, the director now owns 27,725 shares of the company’s stock, valued at approximately $4,581,279. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, Director Enrique Hernandez, Jr. sold 2,549 shares of the firm’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $165.24, for a total value of $421,196.76. Following the completion of the sale, the director now directly owns 27,725 shares in the company, valued at approximately $4,581,279. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Alana K. Knowles sold 2,800 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $165.00, for a total value of $462,000.00. Following the transaction, the vice president now directly owns 276 shares in the company, valued at approximately $45,540. The disclosure for this sale can be found here. Insiders sold a total of 15,796 shares of company stock worth $2,575,361 over the last ninety days. 0.20% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on CVX shares. Wells Fargo & Company lifted their target price on shares of Chevron from $198.00 to $206.00 and gave the company an “overweight” rating in a research report on Tuesday, April 30th. Piper Sandler upped their target price on shares of Chevron from $180.00 to $204.00 and gave the stock an “overweight” rating in a report on Thursday, April 18th. Raymond James increased their price target on Chevron from $170.00 to $174.00 and gave the stock an “outperform” rating in a research report on Monday, April 15th. Scotiabank raised Chevron from a “sector perform” rating to a “sector outperform” rating and boosted their price objective for the stock from $170.00 to $195.00 in a research note on Thursday, April 11th. Finally, The Goldman Sachs Group reissued a “buy” rating on shares of Chevron in a research note on Monday, April 1st. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $186.10.

Check Out Our Latest Analysis on Chevron

Chevron Stock Down 0.6 %

Shares of CVX traded down $1.00 during midday trading on Tuesday, hitting $163.53. The stock had a trading volume of 4,919,531 shares, compared to its average volume of 8,340,108. The firm has a market cap of $302.04 billion, a price-to-earnings ratio of 15.04, a price-to-earnings-growth ratio of 2.44 and a beta of 1.11. The company has a 50 day simple moving average of $158.67 and a two-hundred day simple moving average of $151.67. Chevron Co. has a twelve month low of $139.62 and a twelve month high of $171.70. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.23 and a quick ratio of 0.93.

Chevron (NYSE:CVXGet Free Report) last released its quarterly earnings results on Friday, April 26th. The oil and gas company reported $2.93 earnings per share for the quarter, topping analysts’ consensus estimates of $2.84 by $0.09. The firm had revenue of $48.72 billion during the quarter, compared to the consensus estimate of $48.42 billion. Chevron had a return on equity of 14.40% and a net margin of 10.21%. The business’s revenue was down 4.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.55 EPS. On average, analysts anticipate that Chevron Co. will post 13.57 EPS for the current year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 10th. Investors of record on Friday, May 17th will be issued a dividend of $1.63 per share. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $6.52 annualized dividend and a yield of 3.99%. Chevron’s payout ratio is presently 59.98%.

About Chevron

(Free Report)

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.

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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