Resona Asset Management Co. Ltd. Makes New Investment in Chevron Co. (NYSE:CVX)

Resona Asset Management Co. Ltd. acquired a new stake in shares of Chevron Co. (NYSE:CVX) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 536,675 shares of the oil and gas company’s stock, valued at approximately $77,664,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Life Planning Partners Inc acquired a new position in Chevron during the 4th quarter valued at approximately $25,000. IMG Wealth Management Inc. purchased a new stake in shares of Chevron during the fourth quarter valued at $25,000. Legacy Investment Solutions LLC purchased a new position in Chevron in the 3rd quarter worth $29,000. Mizuho Securities Co. Ltd. acquired a new stake in Chevron during the 4th quarter worth about $29,000. Finally, Fairway Wealth LLC lifted its position in Chevron by 75.9% during the 4th quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company’s stock worth $30,000 after acquiring an additional 88 shares during the period. 72.42% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Chevron

In other news, VP Jeff B. Gustavson sold 9,325 shares of the 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 directly owns 1,057 shares in the company, valued at $161,192.50. This represents a 89.82 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.20% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

CVX has been the subject of several research analyst reports. UBS Group reduced their price objective on Chevron from $195.00 to $194.00 and set a “buy” rating for the company in a research note on Monday, February 3rd. Wells Fargo & Company dropped their price objective on shares of Chevron from $188.00 to $184.00 and set an “overweight” rating on the stock in a report on Monday, February 3rd. Raymond James cut their price objective on shares of Chevron from $180.00 to $175.00 and set an “outperform” rating on the stock in a research note on Monday, February 3rd. Royal Bank of Canada restated an “outperform” rating and set a $175.00 target price on shares of Chevron in a research report on Monday, February 3rd. Finally, Barclays cut their price target on Chevron from $174.00 to $171.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 5th. Four investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $174.13.

Chevron Price Performance

Shares of NYSE CVX opened at $143.10 on Friday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. The firm has a market cap of $251.95 billion, a PE ratio of 14.72, a PEG ratio of 1.46 and a beta of 0.93. Chevron Co. has a one year low of $135.37 and a one year high of $168.96. The firm has a fifty day moving average of $157.38 and a 200 day moving average of $154.10.

Chevron (NYSE:CVX) last released its quarterly 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 last year, the company posted $3.45 EPS. As a group, research analysts predict that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Increases Dividend

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

Chevron Company 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.