Mitsubishi UFJ Asset Management Co. Ltd. Buys 141,087 Shares of Chevron Corporation $CVX

Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of Chevron Corporation (NYSE:CVX) by 4.2% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,480,743 shares of the oil and gas company’s stock after purchasing an additional 141,087 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.20% of Chevron worth $498,408,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CVX. Analyst IMS Investment Management Services Ltd. lifted its stake in shares of Chevron by 1.0% in the 2nd quarter. Analyst IMS Investment Management Services Ltd. now owns 6,751 shares of the oil and gas company’s stock valued at $966,000 after purchasing an additional 67 shares during the period. Greenfield Savings Bank lifted its stake in Chevron by 0.6% in the second quarter. Greenfield Savings Bank now owns 11,611 shares of the oil and gas company’s stock valued at $1,663,000 after buying an additional 68 shares during the period. Atwater Malick LLC lifted its stake in Chevron by 2.4% in the second quarter. Atwater Malick LLC now owns 2,886 shares of the oil and gas company’s stock valued at $413,000 after buying an additional 68 shares during the period. Hubbell Strickland Wealth Management LLC boosted its holdings in shares of Chevron by 0.7% during the 2nd quarter. Hubbell Strickland Wealth Management LLC now owns 10,081 shares of the oil and gas company’s stock worth $1,443,000 after buying an additional 68 shares in the last quarter. Finally, Mowery & Schoenfeld Wealth Management LLC grew its position in shares of Chevron by 10.3% during the 2nd quarter. Mowery & Schoenfeld Wealth Management LLC now owns 750 shares of the oil and gas company’s stock worth $107,000 after buying an additional 70 shares during the period. Institutional investors and hedge funds own 72.42% of the company’s stock.

Chevron Stock Performance

CVX stock opened at $155.10 on Friday. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16. The firm has a market cap of $268.01 billion, a PE ratio of 19.96, a P/E/G ratio of 4.40 and a beta of 0.83. The business has a 50 day moving average of $155.55 and a 200-day moving average of $149.62. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, October 31st. The oil and gas company reported $1.85 earnings per share for the quarter, topping the consensus estimate of $1.71 by $0.14. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The business had revenue of $48.17 billion for the quarter, compared to analysts’ expectations of $46.99 billion. During the same quarter in the previous year, the firm earned $2.48 earnings per share. The business’s revenue was down 1.9% on a year-over-year basis. As a group, sell-side analysts expect that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 10th. Stockholders of record on Tuesday, November 18th will be given a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date of this dividend is Tuesday, November 18th. Chevron’s dividend payout ratio is currently 96.20%.

Insider Buying and Selling at Chevron

In related news, VP Alana K. Knowles sold 3,978 shares of Chevron stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $160.00, for a total value of $636,480.00. Following the completion of the sale, the vice president owned 1,181 shares of the company’s stock, valued at approximately $188,960. This trade represents a 77.11% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director John B. Hess sold 375,000 shares of the company’s stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the sale, the director directly owned 1,403,045 shares in the company, valued at approximately $222,102,023.50. This trade represents a 21.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.21% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have recently commented on CVX shares. UBS Group raised their target price on Chevron from $186.00 to $197.00 and gave the company a “buy” rating in a research note on Wednesday, August 20th. Morgan Stanley increased their price target on Chevron from $174.00 to $177.00 and gave the stock an “overweight” rating in a report on Monday, November 3rd. Evercore ISI restated an “outperform” rating and set a $180.00 price objective on shares of Chevron in a report on Thursday, July 31st. Wells Fargo & Company assumed coverage on Chevron in a report on Friday, October 17th. They set an “overweight” rating and a $190.00 price objective for the company. Finally, Mizuho cut their target price on Chevron from $192.00 to $191.00 and set an “outperform” rating on the stock in a report on Monday, September 15th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $165.40.

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.