Chemical Bank grew its position in Chevron Co. (NYSE:CVX) by 2.7% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 80,371 shares of the oil and gas company’s stock after purchasing an additional 2,075 shares during the period. Chevron makes up approximately 1.1% of Chemical Bank’s holdings, making the stock its 15th biggest position. Chemical Bank’s holdings in Chevron were worth $10,161,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of CVX. Cornerstone Wealth Management LLC grew its position in Chevron by 12,404.4% in the 2nd quarter. Cornerstone Wealth Management LLC now owns 1,938,051 shares of the oil and gas company’s stock worth $15,598,000 after purchasing an additional 1,922,552 shares during the last quarter. Summit Trail Advisors LLC boosted its holdings in shares of Chevron by 9,968.8% in the first quarter. Summit Trail Advisors LLC now owns 1,145,531 shares of the oil and gas company’s stock valued at $1,146,000 after acquiring an additional 1,134,154 shares in the last quarter. State of New Jersey Common Pension Fund D boosted its holdings in shares of Chevron by 87.0% in the first quarter. State of New Jersey Common Pension Fund D now owns 1,633,900 shares of the oil and gas company’s stock valued at $186,330,000 after acquiring an additional 760,000 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. boosted its holdings in shares of Chevron by 74.3% in the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 1,567,260 shares of the oil and gas company’s stock valued at $198,149,000 after acquiring an additional 667,960 shares in the last quarter. Finally, Ceredex Value Advisors LLC bought a new position in shares of Chevron in the first quarter valued at approximately $74,364,000. Hedge funds and other institutional investors own 64.66% of the company’s stock.
CVX stock opened at $119.51 on Friday. Chevron Co. has a 12 month low of $107.54 and a 12 month high of $133.88. The company has a market cap of $227.83 billion, a P/E ratio of 32.30, a price-to-earnings-growth ratio of 2.05 and a beta of 1.12. The company has a quick ratio of 0.87, a current ratio of 1.08 and a debt-to-equity ratio of 0.20.
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 business had revenue of $43.99 billion during the quarter, compared to analyst estimates of $47.17 billion. During the same period in the prior year, the business earned $1.03 earnings per share. The business’s quarterly revenue was up 21.5% on a year-over-year basis. Equities analysts predict that Chevron Co. will post 8.34 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 10th. Investors of record on Friday, November 16th will be paid a dividend of $1.12 per share. This represents a $4.48 annualized dividend and a yield of 3.75%. The ex-dividend date of this dividend is Thursday, November 15th. Chevron’s dividend payout ratio is presently 121.08%.
CVX has been the subject of several recent analyst reports. Wells Fargo & Co decreased their price objective on shares of Chevron from $160.00 to $158.00 and set an “outperform” rating for the company in a report on Monday, November 5th. ValuEngine cut shares of Chevron from a “buy” rating to a “hold” rating in a report on Thursday, August 2nd. Zacks Investment Research upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $137.00 price objective for the company in a report on Monday, October 1st. Redburn Partners cut shares of Chevron from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $130.00 to $115.00 in a report on Wednesday, October 3rd. Finally, Piper Jaffray Companies reiterated an “overweight” rating on shares of Chevron in a report on Tuesday, October 23rd. Eight research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $138.13.
In related news, insider James William Johnson sold 4,750 shares of the stock in a transaction that occurred on Thursday, October 11th. The shares were sold at an average price of $119.97, for a total transaction of $569,857.50. Following the completion of the sale, the insider now directly owns 4,750 shares of the company’s stock, valued at $569,857.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.38% of the stock is 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.
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