Capital Market Strategies LLC acquired a new stake in Chevron Co. (NYSE:CVX – Get Rating) in Q1, Holdings Channel.com reports. The fund acquired 3,068 shares of the oil and gas company, valued at around $500,000.
A number of other hedge funds and other institutional investors also changed their holdings in CVX. Geode Capital Management LLC increased its stake in Chevron by 2.1% during the 4th quarter. Geode Capital Management LLC now owns 32,250,237 shares of the oil and gas company worth $3,776,323,000 after acquiring 667,875 additional shares in the last quarter. Norges Bank bought a new stake in shares of Chevron in the fourth quarter worth $3,111,594,000. Charles Schwab Investment Management Inc. increased its stake in Chevron shares by 1.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 14,507,398 shares of the oil and gas company worth $1,702,446,000 after buying 254,353 additional shares in the last quarter. Invesco Ltd. increased its position in Chevron by 6.8% during the 4th quarter. Invesco Ltd. now owns 14,400,260 shares of the oil and gas company worth $1,689,870,000 after purchasing an additional 917,773 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Chevron by 4.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 8,326,228 shares of the oil and gas company worth $977,069,000 after purchasing an additional 346,881 shares during the period. Institutional investors and hedge funds own 65.89% of the company’s shares.
Shares of Chevron opened at $144.78 on Friday. The company has a current ratio of 1.43, a quick ratio of 1.22 and a debt ratio of 0.20. The stock has a fifty-day simple moving average of $164.42 and a 200-day simple moving average of $150.64. Chevron Co. has a 12-month low of $92.86 and a 12-month high of $182.40. The company has a market cap of $284.47 billion, a P/E ratio of 13.61, a price-to-earnings growth ratio of 0.63, and a beta of 1.09.
Chevron (NYSE:CVX – Get Rating) last announced its results on Friday, April 29. The oil and gas company reported EPS of $3.36 for the quarter, missing the consensus estimate of $3.44 per ($0.08). Chevron had a net margin of 11.10% and a return on equity of 14.66%. The company posted revenue of $54.37 billion in the quarter, compared to $54.96 billion expected by analysts. During the same quarter of the previous year, the company achieved EPS of $0.90. The company’s revenue for the quarter increased 69.8% year over year. On average, analysts predict Chevron Co. will post 17.5 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, June 10. Shareholders of record on Thursday, May 19 received a dividend of $1.42. The ex-dividend date was Wednesday, May 18. This represents a dividend of $5.68 on an annualized basis and a dividend yield of 3.92%. Chevron’s payout ratio is currently 53.38%.
A number of stock analysts have recently commented on the company. Citigroup raised its price target on Chevron from $160.00 to $170.00 and gave the stock a “neutral” rating in a Thursday, May 19 research note. Goldman Sachs Group cut its price target on Chevron shares from $181.00 to $162.00 and set a “neutral” rating on the stock in a Wednesday, June 22 research note. Wells Fargo & Company raised its price target on Chevron shares from $150.00 to $184.00 and gave the stock an “overweight” rating in a Friday, March 11 research note. Raymond James raised his price target on Chevron shares from $173.00 to $191.00 and gave the company an “outperform” rating in a Monday, April 18 report. Finally, Royal Bank of Canada downgraded Chevron from an “outperform” rating to an “sector performance” rating and raised its target price for the stock from $160.00 to $165.00 in a note. research on Thursday, April 21. One analyst rated the stock with a sell rating, eight gave the company a hold rating and fifteen gave the company a buy rating. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $169.05.
Separately, director Wanda M. Austin sold 12,039 shares of the company in a trade on Friday, May 27. The stock was sold at an average price of $177.29, for a total value of $2,134,394.31. Following the sale, the director now directly owns 3,543 shares of the company, valued at $628,138.47. The sale was disclosed in a legal filing with the SEC, which is available on the SEC’s website. Additionally, insider David A. Inchausti sold 4,700 shares of Chevron in a trade that took place on Tuesday, May 3. The shares were sold at an average price of $161.09, for a total transaction of $757,123.00. The disclosure of this sale can be found here. In the past ninety days, insiders have sold 561,726 shares of the company valued at $94,057,396. 0.32% of the shares are currently held by insiders.
About Herringbone (Get a rating)
Chevron Corporation, through its subsidiaries, has integrated energy and chemical businesses worldwide. 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 associated with liquefied natural gas; transportation of crude oil by pipelines; and the transportation, storage and marketing of natural gas, as well as the operation of a gas-to-liquids plant.
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