Cim Investment Management Inc. Purchases 6,552 Shares of Chevron Corporation $CVX

Cim Investment Management Inc. boosted its position in Chevron Corporation (NYSE:CVX) by 99.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 13,127 shares of the oil and gas company’s stock after acquiring an additional 6,552 shares during the period. Cim Investment Management Inc.’s holdings in Chevron were worth $1,891,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Solitude Financial Services raised its holdings in Chevron by 8.2% in the second quarter. Solitude Financial Services now owns 25,325 shares of the oil and gas company’s stock worth $3,626,000 after purchasing an additional 1,913 shares during the period. Shell Asset Management Co. increased its position in shares of Chevron by 21.4% in 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 buying an additional 9,002 shares in the last quarter. Mutual Advisors LLC raised its stake in Chevron by 7.3% during the 2nd quarter. Mutual Advisors LLC now owns 88,759 shares of the oil and gas company’s stock worth $13,743,000 after buying an additional 6,058 shares during the period. Costello Asset Management INC lifted its holdings in Chevron by 26.9% during the second quarter. Costello Asset Management INC now owns 16,694 shares of the oil and gas company’s stock worth $2,390,000 after acquiring an additional 3,541 shares in the last quarter. Finally, Jones Financial Companies Lllp grew its stake in Chevron by 25.7% in the first quarter. Jones Financial Companies Lllp now owns 697,011 shares of the oil and gas company’s stock valued at $115,887,000 after acquiring an additional 142,662 shares during the period. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Chevron

In related news, Director John B. Hess sold 275,000 shares of the firm’s stock in a transaction on Thursday, November 20th. The shares were sold at an average price of $150.75, for a total value of $41,456,250.00. Following the completion of the transaction, the director directly owned 1,128,045 shares of the company’s stock, valued at approximately $170,052,783.75. This trade represents a 19.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CVX. HSBC set a $169.00 price target on Chevron and gave the stock a “buy” rating in a research report on Monday, December 1st. Melius Research assumed coverage on shares of Chevron in a report on Wednesday, August 20th. They set a “hold” rating and a $155.00 target price on the stock. Melius assumed coverage on shares of Chevron in a report on Wednesday, August 20th. They issued a “hold” rating and a $155.00 price target for the company. Mizuho increased their price objective on shares of Chevron from $204.00 to $206.00 and gave the stock an “outperform” rating in a research report on Friday. Finally, Bank of America dropped their price objective on shares of Chevron from $183.00 to $180.00 and set a “buy” rating on the stock in a report on Thursday. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, seven have given a Hold rating and four have given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $166.00.

Chevron Stock Performance

Shares of CVX stock opened at $149.95 on Monday. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96. The company’s fifty day simple moving average is $152.74 and its 200-day simple moving average is $152.19. The firm has a market cap of $301.93 billion, a PE ratio of 21.09, a P/E/G ratio of 8.91 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 issued its quarterly earnings results on Friday, October 31st. The oil and gas company reported $1.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.71 by $0.14. Chevron had a net margin of 6.57% and a return on equity of 8.74%. The firm had revenue of $48.17 billion for the quarter, compared to analyst estimates of $46.99 billion. During the same period in the previous year, the business earned $2.48 EPS. The company’s revenue was down 1.9% compared to the same quarter last year. Equities research analysts expect that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 10th. Stockholders of record on Tuesday, November 18th were issued a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 4.6%. The ex-dividend date of this dividend was Tuesday, November 18th. Chevron’s dividend payout ratio is presently 96.20%.

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.