Convergence Investment Partners LLC raised its stake in shares of Chevron Co. (NYSE:CVX) by 669.3% during the third quarter, Holdings Channel reports. The institutional investor owned 21,902 shares of the oil and gas company’s stock after buying an additional 19,055 shares during the period. Convergence Investment Partners LLC’s holdings in Chevron were worth $2,573,000 at the end of the most recent reporting period.
Other large investors also recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in shares of Chevron by 2.9% during the second quarter. Vanguard Group Inc. now owns 139,626,287 shares of the oil and gas company’s stock worth $14,567,210,000 after purchasing an additional 3,920,240 shares during the last quarter. BlackRock Inc. boosted its holdings in shares of Chevron by 1.6% during the second quarter. BlackRock Inc. now owns 124,678,992 shares of the oil and gas company’s stock worth $13,007,759,000 after purchasing an additional 1,975,865 shares during the last quarter. Capital World Investors boosted its holdings in shares of Chevron by 9.8% during the second quarter. Capital World Investors now owns 35,546,848 shares of the oil and gas company’s stock worth $3,708,603,000 after purchasing an additional 3,182,250 shares during the last quarter. Northern Trust Corp boosted its holdings in shares of Chevron by 0.6% during the second quarter. Northern Trust Corp now owns 26,153,161 shares of the oil and gas company’s stock worth $2,728,558,000 after purchasing an additional 157,021 shares during the last quarter. Finally, Franklin Resources Inc. boosted its holdings in shares of Chevron by 0.3% during the second quarter. Franklin Resources Inc. now owns 15,609,647 shares of the oil and gas company’s stock worth $1,628,554,000 after purchasing an additional 49,083 shares during the last quarter. Hedge funds and other institutional investors own 64.10% of the company’s stock.
Chevron Co. (NYSE CVX) opened at $112.14 on Tuesday. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.04 and a quick ratio of 0.84. Chevron Co. has a 52-week low of $102.55 and a 52-week high of $133.88. The company has a market capitalization of $212,995.78, a PE ratio of 27.49, a price-to-earnings-growth ratio of 2.20 and a beta of 1.15.
Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, February 2nd. The oil and gas company reported $0.73 EPS for the quarter, missing the consensus estimate of $1.27 by ($0.54). Chevron had a net margin of 6.49% and a return on equity of 5.23%. The company had revenue of $37.62 billion during the quarter, compared to analysts’ expectations of $38.43 billion. During the same period last year, the business earned $0.22 earnings per share. The company’s revenue for the quarter was up 19.4% compared to the same quarter last year. equities research analysts anticipate that Chevron Co. will post 6.36 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 12th. Shareholders of record on Friday, February 16th will be given a $1.12 dividend. The ex-dividend date is Thursday, February 15th. This is a positive change from Chevron’s previous quarterly dividend of $1.08. This represents a $4.48 annualized dividend and a yield of 4.00%. Chevron’s dividend payout ratio (DPR) is 92.37%.
Several equities research analysts have recently issued reports on the company. Royal Bank of Canada upgraded Chevron from an “underperform” rating to a “sector perform” rating and set a $125.00 price objective on the stock in a report on Friday, February 9th. Barclays upgraded Chevron from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $130.00 to $135.00 in a report on Tuesday, February 6th. Wells Fargo & Co decreased their price objective on Chevron from $125.00 to $125.00 and set an “outperform” rating on the stock in a report on Monday, February 5th. Credit Suisse Group cut their target price on Chevron from $130.00 to $129.00 and set a “neutral” rating on the stock in a research report on Monday, February 5th. Finally, Goldman Sachs Group lowered Chevron from a “conviction-buy” rating to a “buy” rating in a research report on Monday, February 5th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $130.30.
In other Chevron news, insider Pierre R. Breber sold 23,250 shares of the firm’s stock in a transaction dated Thursday, November 30th. The stock was sold at an average price of $119.00, for a total value of $2,766,750.00. Following the transaction, the insider now directly owns 42,182 shares of the company’s stock, valued at $5,019,658. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Michael K. Wirth sold 110,771 shares of the firm’s stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $116.17, for a total value of $12,868,267.07. Following the completion of the transaction, the executive vice president now directly owns 110,771 shares in the company, valued at $12,868,267.07. The disclosure for this sale can be found here. Company insiders own 0.38% of the company’s stock.
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Chevron Company Profile
Chevron Corporation (Chevron) manages its investments in subsidiaries and affiliates, and provides administrative, financial, management and technology support to the United States and international subsidiaries that engage in integrated energy and chemicals operations. The Company operates through two business segments: Upstream and Downstream.
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