Beacon Investment Advisory Services Inc. raised its position in Chevron Co. (NYSE:CVX) by 21.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 40,258 shares of the oil and gas company’s stock after acquiring an additional 7,216 shares during the quarter. Beacon Investment Advisory Services Inc.’s holdings in Chevron were worth $5,090,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. South Street Advisors LLC raised its position in shares of Chevron by 5.1% in the first quarter. South Street Advisors LLC now owns 8,490 shares of the oil and gas company’s stock valued at $968,000 after purchasing an additional 410 shares during the period. Strategic Financial Services Inc raised its position in shares of Chevron by 1.1% in the second quarter. Strategic Financial Services Inc now owns 37,454 shares of the oil and gas company’s stock valued at $4,735,000 after purchasing an additional 413 shares during the period. Montgomery Investment Management Inc. increased its position in Chevron by 0.6% during the second quarter. Montgomery Investment Management Inc. now owns 74,541 shares of the oil and gas company’s stock worth $9,425,000 after acquiring an additional 430 shares during the period. Fagan Associates Inc. increased its position in Chevron by 7.1% during the second quarter. Fagan Associates Inc. now owns 6,596 shares of the oil and gas company’s stock worth $834,000 after acquiring an additional 435 shares during the period. Finally, Cornercap Investment Counsel Inc. increased its position in Chevron by 0.9% during the first quarter. Cornercap Investment Counsel Inc. now owns 49,002 shares of the oil and gas company’s stock worth $5,588,000 after acquiring an additional 440 shares during the period. Hedge funds and other institutional investors own 64.66% of the company’s stock.
CVX stock opened at $119.51 on Friday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.87 and a current ratio of 1.08. Chevron Co. has a 12 month low of $107.54 and a 12 month high of $133.88. The stock has a market capitalization of $227.83 billion, a price-to-earnings ratio of 32.30, a PEG ratio of 2.05 and a beta of 1.12.
Chevron (NYSE:CVX) last released its earnings results on Friday, November 2nd. The oil and gas company reported $2.11 EPS for the quarter, beating the consensus estimate of $2.06 by $0.05. Chevron had a net margin of 8.79% and a return on equity of 8.24%. The firm had revenue of $43.99 billion for the quarter, compared to analyst estimates of $47.17 billion. During the same period last year, the firm earned $1.03 EPS. The business’s quarterly revenue was up 21.5% compared to the same quarter last year. Equities research analysts forecast that Chevron Co. will post 8.34 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, December 10th. Shareholders of record on Friday, November 16th will be issued a $1.12 dividend. This represents a $4.48 annualized dividend and a yield of 3.75%. The ex-dividend date is Thursday, November 15th. Chevron’s dividend payout ratio is currently 121.08%.
In other Chevron news, insider James William Johnson sold 4,750 shares of the firm’s stock in a transaction dated Thursday, October 11th. The shares were sold at an average price of $119.97, for a total value of $569,857.50. Following the transaction, the insider now directly owns 4,750 shares of the company’s stock, valued at approximately $569,857.50. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.38% of the stock is owned by company insiders.
A number of equities analysts recently commented on the stock. Goldman Sachs Group reaffirmed a “buy” rating and set a $141.00 price target on shares of Chevron in a research report on Tuesday, July 31st. ValuEngine lowered shares of Chevron from a “buy” rating to a “hold” rating in a research report on Thursday, August 2nd. Redburn Partners lowered shares of Chevron from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $130.00 to $115.00 in a research report on Wednesday, October 3rd. Zacks Investment Research raised shares of Chevron from a “hold” rating to a “buy” rating and set a $137.00 price target on the stock in a research report on Monday, October 1st. Finally, Royal Bank of Canada set a $150.00 price target on shares of Chevron and gave the stock a “hold” rating in a research report on Thursday, September 20th. Eight analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the stock. Chevron has an average rating of “Buy” and a consensus target price of $138.13.
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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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