Hilton Capital Management LLC acquired a new position in shares of Chevron Co. (NYSE:CVX – Get Rating) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 2,157 shares of the oil and gas company’s stock, valued at approximately $351,000.
Several other hedge funds and other institutional investors also recently modified their holdings of CVX. Quadrant Capital Group LLC boosted its stake in Chevron by 6.9% in the first quarter. Quadrant Capital Group LLC now owns 15,613 shares of the oil and gas company’s stock worth $2,542,000 after buying an additional 1,012 shares in the last quarter. Sargent Investment Group LLC boosted its stake in Chevron by 1.2% in the first quarter. Sargent Investment Group LLC now owns 8,723 shares of the oil and gas company’s stock worth $1,420,000 after buying an additional 100 shares in the last quarter. Omnia Family Wealth LLC purchased a new stake in Chevron in the first quarter worth approximately $269,000. Cadent Capital Advisors LLC boosted its stake in Chevron by 16.0% in the first quarter. Cadent Capital Advisors LLC now owns 2,949 shares of the oil and gas company’s stock worth $480,000 after buying an additional 406 shares in the last quarter. Finally, Klingman & Associates LLC purchased a new stake in Chevron in the first quarter worth approximately $591,000. Hedge funds and other institutional investors own 65.89% of the company’s stock.
Insider Activity at Chevron
In related news, EVP Mark A. Nelson sold 117,400 shares of the stock in a transaction on Tuesday, May 10th. The stock was sold at an average price of $159.47, for a total transaction of $18,721,778.00. Following the sale, the executive vice president now directly owns 788 shares of the company’s stock, valued at $125,662.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Chevron news, insider David A. Inchausti sold 5,600 shares of the stock in a transaction dated Wednesday, May 11th. The stock was sold at an average price of $164.85, for a total value of $923,160.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Mark A. Nelson sold 117,400 shares of the stock in a transaction dated Tuesday, May 10th. The shares were sold at an average price of $159.47, for a total value of $18,721,778.00. Following the completion of the transaction, the executive vice president now directly owns 788 shares in the company, valued at approximately $125,662.36. The disclosure for this sale can be found here. Insiders have sold 399,043 shares of company stock valued at $67,010,843 over the last ninety days. Insiders own 0.32% of the company’s stock.
Chevron Trading Down 2.7 %
Chevron (NYSE:CVX – Get Rating) last released its earnings results on Friday, July 29th. The oil and gas company reported $5.82 EPS for the quarter, topping analysts’ consensus estimates of $4.66 by $1.16. Chevron had a return on equity of 20.19% and a net margin of 13.45%. The firm had revenue of $68.76 billion for the quarter, compared to analysts’ expectations of $57.69 billion. During the same period in the prior year, the firm posted $1.71 earnings per share. The company’s quarterly revenue was up 82.9% on a year-over-year basis. As a group, equities analysts forecast that Chevron Co. will post 17.51 EPS for the current fiscal year.
Chevron Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 12th. Investors of record on Friday, August 19th will be given a dividend of $1.42 per share. The ex-dividend date of this dividend is Thursday, August 18th. This represents a $5.68 annualized dividend and a dividend yield of 3.76%. Chevron’s dividend payout ratio (DPR) is presently 37.89%.
Wall Street Analysts Forecast Growth
Several analysts have weighed in on the company. Credit Suisse Group boosted their price objective on Chevron from $190.00 to $202.00 and gave the company an “outperform” rating in a research report on Thursday, June 9th. Truist Financial lowered their price objective on Chevron from $170.00 to $166.00 and set a “hold” rating for the company in a research report on Tuesday, July 19th. Raymond James boosted their price objective on Chevron from $173.00 to $191.00 and gave the company an “outperform” rating in a research report on Monday, April 18th. Cowen decreased their target price on Chevron from $179.00 to $160.00 and set an “outperform” rating for the company in a report on Friday, July 1st. Finally, HSBC upgraded Chevron from a “hold” rating to a “buy” rating and decreased their target price for the company from $183.00 to $167.00 in a report on Wednesday, July 20th. One analyst has rated the stock with a sell rating, six have issued a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $173.00.
Chevron Corporation, through its subsidiaries, engages in integrated energy and chemicals operations 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 through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.
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