Bank of Nova Scotia Boosts Holdings in Chevron Corporation $CVX

Bank of Nova Scotia lifted its position in Chevron Corporation (NYSE:CVX) by 33.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 271,443 shares of the oil and gas company’s stock after buying an additional 67,641 shares during the period. Bank of Nova Scotia’s holdings in Chevron were worth $38,868,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in CVX. Solitude Financial Services increased its position in Chevron by 8.2% during the second quarter. Solitude Financial Services now owns 25,325 shares of the oil and gas company’s stock valued at $3,626,000 after acquiring an additional 1,913 shares during the last quarter. Shell Asset Management Co. grew its stake in shares of Chevron by 21.4% during the 2nd quarter. Shell Asset Management Co. now owns 51,115 shares of the oil and gas company’s stock valued at $7,319,000 after purchasing an additional 9,002 shares during the period. Mutual Advisors LLC increased its position in shares of Chevron by 7.3% during the 2nd quarter. Mutual Advisors LLC now owns 88,759 shares of the oil and gas company’s stock valued at $13,743,000 after purchasing an additional 6,058 shares during the last quarter. Costello Asset Management INC lifted its stake in shares of Chevron by 26.9% in the 2nd quarter. Costello Asset Management INC now owns 16,694 shares of the oil and gas company’s stock worth $2,390,000 after purchasing an additional 3,541 shares during the period. Finally, Jones Financial Companies Lllp lifted its stake in shares of Chevron by 25.7% in the 1st quarter. Jones Financial Companies Lllp now owns 697,011 shares of the oil and gas company’s stock worth $115,887,000 after purchasing an additional 142,662 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Price Performance

NYSE:CVX opened at $148.62 on Tuesday. The business’s 50-day simple moving average is $153.08 and its two-hundred day simple moving average is $151.82. Chevron Corporation has a 52 week low of $132.04 and a 52 week high of $168.96. The stock has a market cap of $299.25 billion, a PE ratio of 20.90, a P/E/G ratio of 8.85 and a beta of 0.68. The company has a quick ratio of 0.86, a current ratio of 1.15 and a debt-to-equity ratio of 0.19.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, October 31st. The oil and gas company reported $1.85 earnings per share for the quarter, topping analysts’ consensus estimates of $1.71 by $0.14. The firm had revenue of $48.17 billion during the quarter, compared to analyst estimates of $46.99 billion. Chevron had a return on equity of 8.74% and a net margin of 6.57%.The business’s quarterly revenue was down 1.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.48 earnings per share. As a group, analysts forecast that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 10th. Shareholders of record on Tuesday, November 18th will be paid a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 4.6%. The ex-dividend date is Tuesday, November 18th. Chevron’s dividend payout ratio is presently 96.20%.

Insider Transactions at Chevron

In other Chevron news, Director John B. Hess sold 275,000 shares of the stock in a transaction that occurred on Thursday, November 20th. The shares were sold at an average price of $150.75, for a total transaction of $41,456,250.00. Following the completion of the sale, the director directly owned 1,128,045 shares of the company’s stock, valued at $170,052,783.75. This trade represents a 19.60% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.20% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages recently issued reports on CVX. Mizuho boosted their target price on shares of Chevron from $191.00 to $204.00 and gave the company an “outperform” rating in a research report on Thursday, November 13th. Melius Research began coverage on shares of Chevron in a research report on Wednesday, August 20th. They set a “hold” rating and a $155.00 price objective for the company. Barclays decreased their target price on Chevron from $160.00 to $158.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 7th. UBS Group reissued a “buy” rating on shares of Chevron in a report on Monday, December 1st. Finally, Raymond James Financial reaffirmed an “outperform” rating and issued a $160.00 price objective (down previously from $170.00) on shares of Chevron in a research note on Friday, October 17th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, seven have issued a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat, Chevron has an average rating of “Hold” and an average target price of $166.16.

Chevron Company Profile

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. 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 of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.