Arthur M. Cohen & Associates LLC acquired a new stake in Chevron Co. (NYSE:CVX) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 1,985 shares of the oil and gas company’s stock, valued at approximately $235,000.
Several other hedge funds have also recently added to or reduced their stakes in CVX. Nuveen Asset Management LLC raised its holdings in shares of Chevron by 2,073.6% in the second quarter. Nuveen Asset Management LLC now owns 14,886,232 shares of the oil and gas company’s stock valued at $1,852,443,000 after acquiring an additional 14,201,379 shares in the last quarter. BlackRock Inc. raised its holdings in Chevron by 3.5% in the second quarter. BlackRock Inc. now owns 131,522,440 shares of the oil and gas company’s stock worth $16,366,651,000 after purchasing an additional 4,401,622 shares in the last quarter. Thoroughbred Financial Services LLC raised its holdings in Chevron by 12,204.4% in the second quarter. Thoroughbred Financial Services LLC now owns 3,259,805 shares of the oil and gas company’s stock worth $325,980,000 after purchasing an additional 3,233,312 shares in the last quarter. APG Asset Management N.V. raised its holdings in Chevron by 59.6% in the second quarter. APG Asset Management N.V. now owns 5,518,090 shares of the oil and gas company’s stock worth $602,978,000 after purchasing an additional 2,061,187 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in Chevron by 1.0% in the second quarter. Vanguard Group Inc. now owns 157,513,617 shares of the oil and gas company’s stock worth $19,600,995,000 after purchasing an additional 1,572,940 shares in the last quarter. Hedge funds and other institutional investors own 65.68% of the company’s stock.
A number of equities analysts have commented on the stock. Independent Research set a $127.00 target price on shares of Chevron and gave the stock a “neutral” rating in a report on Thursday, August 29th. JPMorgan Chase & Co. reduced their target price on shares of Chevron from $142.00 to $139.00 and set an “overweight” rating for the company in a report on Monday, November 4th. BMO Capital Markets assumed coverage on shares of Chevron in a report on Tuesday, August 20th. They issued an “outperform” rating and a $165.00 target price for the company. Barclays assumed coverage on shares of Chevron in a report on Monday, August 19th. They issued an “overweight” rating and a $145.00 target price for the company. Finally, Morgan Stanley reduced their target price on shares of Chevron from $144.00 to $142.00 and set an “overweight” rating for the company in a report on Monday, November 4th. Five research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $135.88.
In related news, insider Joseph C. Geagea sold 8,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $122.50, for a total value of $980,000.00. Following the sale, the insider now owns 9,243 shares in the company, valued at $1,132,267.50. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider David A. Inchausti sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $119.89, for a total value of $1,798,350.00. Following the completion of the sale, the insider now owns 15,000 shares in the company, valued at approximately $1,798,350. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 91,750 shares of company stock worth $11,216,850. Corporate insiders own 0.31% of the company’s stock.
CVX opened at $120.93 on Friday. Chevron Co. has a 52-week low of $100.22 and a 52-week high of $127.34. The company has a quick ratio of 0.91, a current ratio of 1.15 and a debt-to-equity ratio of 0.16. The company has a market cap of $231.49 billion, a P/E ratio of 14.66, a price-to-earnings-growth ratio of 3.25 and a beta of 0.99. The firm’s 50-day moving average price is $117.65 and its 200-day moving average price is $119.96.
Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, November 1st. The oil and gas company reported $1.36 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.47 by ($0.11). Chevron had a net margin of 8.70% and a return on equity of 8.89%. The company had revenue of $36.12 billion for the quarter, compared to analyst estimates of $37.69 billion. During the same quarter last year, the company earned $2.11 EPS. The business’s revenue was down 17.9% compared to the same quarter last year. On average, research analysts anticipate that Chevron Co. will post 6.25 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th will be issued a dividend of $1.19 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $4.76 annualized dividend and a dividend yield of 3.94%. Chevron’s dividend payout ratio (DPR) is currently 57.70%.
Chevron Corporation, through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, and production of crude oil and natural gas; processing, liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.
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