Van ECK Associates Corp lessened its position in shares of Chevron Co. (NYSE:CVX) by 5.1% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 22,540 shares of the oil and gas company’s stock after selling 1,222 shares during the period. Van ECK Associates Corp’s holdings in Chevron were worth $2,648,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Shine Investment Advisory Services Inc. acquired a new stake in Chevron in the second quarter worth $106,000. Winfield Associates Inc. grew its holdings in Chevron by 5.1% in the second quarter. Winfield Associates Inc. now owns 1,301 shares of the oil and gas company’s stock worth $136,000 after purchasing an additional 63 shares during the period. Acrospire Investment Management LLC grew its holdings in Chevron by 133.3% in the second quarter. Acrospire Investment Management LLC now owns 1,400 shares of the oil and gas company’s stock worth $146,000 after purchasing an additional 800 shares during the period. Accurate Investment Solutions Inc. grew its holdings in Chevron by 59.1% in the third quarter. Accurate Investment Solutions Inc. now owns 1,352 shares of the oil and gas company’s stock worth $159,000 after purchasing an additional 502 shares during the period. Finally, Ffcm LLC grew its holdings in Chevron by 121.1% in the second quarter. Ffcm LLC now owns 1,501 shares of the oil and gas company’s stock worth $160,000 after purchasing an additional 822 shares during the period. 63.72% of the stock is owned by institutional investors and hedge funds.
CVX has been the subject of a number of research reports. Morgan Stanley raised their price target on shares of Chevron from $120.00 to $130.00 and gave the stock an “overweight” rating in a report on Wednesday, October 18th. Citigroup raised their price target on shares of Chevron from $118.00 to $128.00 and gave the stock a “buy” rating in a report on Monday, October 30th. Zacks Investment Research cut shares of Chevron from a “buy” rating to a “hold” rating in a report on Tuesday, November 14th. BMO Capital Markets upgraded shares of Chevron from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $120.00 to $140.00 in a report on Thursday, January 11th. Finally, Vetr upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $134.35 price objective for the company in a report on Tuesday, December 26th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $130.30.
Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, February 2nd. The oil and gas company reported $0.73 earnings per share for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.54). Chevron had a net margin of 6.49% and a return on equity of 5.23%. The firm had revenue of $37.62 billion for the quarter, compared to the consensus estimate of $38.43 billion. During the same period in the previous year, the business earned $0.22 earnings per share. The firm’s revenue for the quarter was up 19.4% on a year-over-year basis. research analysts predict that Chevron Co. will post 6.36 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 12th. Shareholders of record on Friday, February 16th will be given a $1.12 dividend. This is a positive change from Chevron’s previous quarterly dividend of $1.08. The ex-dividend date is Thursday, February 15th. This represents a $4.48 annualized dividend and a yield of 4.00%. Chevron’s payout ratio is currently 114.29%.
In other Chevron news, insider Pierre R. Breber sold 23,250 shares of Chevron stock in a transaction dated Thursday, November 30th. The shares were sold at an average price of $119.00, for a total value of $2,766,750.00. Following the sale, the insider now owns 42,182 shares of the company’s stock, valued at $5,019,658. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Patricia E. Yarrington sold 116,857 shares of Chevron stock in a transaction dated Tuesday, November 21st. The stock was sold at an average price of $115.29, for a total transaction of $13,472,443.53. Following the completion of the sale, the chief financial officer now directly owns 39,506 shares in the company, valued at approximately $4,554,646.74. The disclosure for this sale can be found here. In the last ninety days, insiders sold 250,878 shares of company stock worth $29,107,461. Insiders own 0.38% of the company’s stock.
Chevron Corporation (Chevron) manages its investments in subsidiaries and affiliates, and provides administrative, financial, management and technology support to the United States and international subsidiaries that engage in integrated energy and chemicals operations. The Company operates through two business segments: Upstream and Downstream.
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