Highland Private Wealth Management lessened its stake in Chevron Co. (NYSE:CVX) by 1.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,812 shares of the oil and gas company’s stock after selling 106 shares during the quarter. Highland Private Wealth Management’s holdings in Chevron were worth $609,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CVX. Norges Bank bought a new stake in Chevron in the fourth quarter valued at about $1,787,982,000. Amundi Pioneer Asset Management Inc. increased its holdings in Chevron by 222.3% in the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 7,625,448 shares of the oil and gas company’s stock valued at $643,967,000 after purchasing an additional 5,259,579 shares during the last quarter. UBS Asset Management Americas Inc. increased its holdings in Chevron by 18.2% in the fourth quarter. UBS Asset Management Americas Inc. now owns 7,727,794 shares of the oil and gas company’s stock valued at $652,612,000 after purchasing an additional 1,188,386 shares during the last quarter. Morgan Stanley increased its holdings in Chevron by 6.4% in the fourth quarter. Morgan Stanley now owns 19,122,688 shares of the oil and gas company’s stock valued at $1,614,912,000 after purchasing an additional 1,158,022 shares during the last quarter. Finally, Lazard Freres Gestion S.A.S. bought a new stake in shares of Chevron in the fourth quarter worth about $83,788,000. Institutional investors and hedge funds own 62.27% of the company’s stock.
CVX has been the subject of several recent analyst reports. Zacks Investment Research upgraded Chevron from a “hold” rating to a “strong-buy” rating and set a $102.00 price target for the company in a report on Friday, January 29th. Barclays increased their price target on Chevron from $108.00 to $110.00 and gave the stock an “overweight” rating in a report on Thursday, January 14th. Citigroup began coverage on Chevron in a report on Wednesday, March 10th. They issued a “neutral” rating and a $105.00 price target for the company. Cowen upped their price objective on Chevron from $111.00 to $113.00 and gave the stock an “outperform” rating in a research report on Wednesday, March 10th. Finally, DZ Bank raised Chevron from a “hold” rating to a “buy” rating and set a $124.00 price target for the company in a research report on Wednesday, March 17th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. Chevron presently has a consensus rating of “Buy” and an average target price of $110.75.
Chevron (NYSE:CVX) last issued its quarterly earnings data on Thursday, January 28th. The oil and gas company reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.09). The firm had revenue of $25.25 billion for the quarter, compared to the consensus estimate of $25.97 billion. Chevron had a positive return on equity of 1.75% and a negative net margin of 10.86%. The company’s revenue was down 30.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.49 EPS. On average, research analysts forecast that Chevron Co. will post 0.03 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 10th. Investors of record on Wednesday, February 17th were given a dividend of $1.29 per share. The ex-dividend date of this dividend was Tuesday, February 16th. This represents a $5.16 dividend on an annualized basis and a yield of 5.07%. Chevron’s dividend payout ratio is currently 82.30%.
In other Chevron news, VP Rhonda J. Morris sold 14,700 shares of the company’s stock in a transaction dated Thursday, January 14th. The stock was sold at an average price of $94.81, for a total value of $1,393,707.00. Following the sale, the vice president now owns 8,014 shares in the company, valued at approximately $759,807.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Pierre R. Breber sold 13,000 shares of the company’s stock in a transaction dated Wednesday, January 20th. The shares were sold at an average price of $95.00, for a total value of $1,235,000.00. Following the completion of the sale, the chief financial officer now owns 13,686 shares in the company, valued at approximately $1,300,170. The disclosure for this sale can be found here. Insiders have sold a total of 159,700 shares of company stock worth $15,133,067 in the last 90 days. 0.28% of the stock is currently owned by corporate insiders.
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.
Further Reading: What is Cost of Goods Sold (COGS)?
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