Oliver Luxxe Assets LLC increased its stake in shares of Chevron Co. (NYSE:CVX) by 1.9% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 33,455 shares of the oil and gas company’s stock after acquiring an additional 638 shares during the period. Chevron comprises approximately 2.5% of Oliver Luxxe Assets LLC’s investment portfolio, making the stock its 11th largest holding. Oliver Luxxe Assets LLC’s holdings in Chevron were worth $4,188,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CVX. Beach Investment Management LLC. bought a new stake in Chevron during the second quarter worth about $2,588,000. Convergence Investment Partners LLC raised its stake in Chevron by 24.2% in the second quarter. Convergence Investment Partners LLC now owns 2,847 shares of the oil and gas company’s stock valued at $297,000 after buying an additional 554 shares during the period. Nippon Life Global Investors Americas Inc. raised its stake in Chevron by 68.7% in the second quarter. Nippon Life Global Investors Americas Inc. now owns 169,020 shares of the oil and gas company’s stock valued at $17,634,000 after buying an additional 68,850 shares during the period. Signature Financial Management Inc. raised its stake in Chevron by 54.7% in the second quarter. Signature Financial Management Inc. now owns 3,344 shares of the oil and gas company’s stock valued at $349,000 after buying an additional 1,182 shares during the period. Finally, Advisors Asset Management Inc. raised its stake in Chevron by 5.7% in the second quarter. Advisors Asset Management Inc. now owns 284,419 shares of the oil and gas company’s stock valued at $29,673,000 after buying an additional 15,368 shares during the period. Institutional investors and hedge funds own 65.04% of the company’s stock.
CVX has been the topic of several research analyst reports. Morgan Stanley upped their price objective on Chevron from $130.00 to $145.00 and gave the company an “overweight” rating in a research note on Wednesday, January 24th. Zacks Investment Research lowered Chevron from a “buy” rating to a “hold” rating in a research note on Tuesday, November 14th. BMO Capital Markets upgraded Chevron from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $120.00 to $140.00 in a research note on Thursday, January 11th. Vetr upgraded Chevron from a “hold” rating to a “buy” rating and set a $134.35 price objective on the stock in a research note on Tuesday, December 26th. Finally, HSBC lowered Chevron from a “buy” rating to a “hold” rating in a research note on Thursday, January 18th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nineteen have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $130.00.
Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, February 2nd. The oil and gas company reported $0.73 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.27 by ($0.54). The company had revenue of $37.62 billion for the quarter, compared to analyst estimates of $38.43 billion. Chevron had a return on equity of 5.22% and a net margin of 6.49%. The company’s quarterly revenue was up 19.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.22 EPS. analysts forecast that Chevron Co. will post 6.37 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, March 12th. Investors of record on Friday, February 16th were given a dividend of $1.12 per share. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $4.48 dividend on an annualized basis and a yield of 3.85%. This is an increase from Chevron’s previous quarterly dividend of $1.08. Chevron’s dividend payout ratio is currently 92.37%.
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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