Salem Capital Management Inc. lowered its position in Chevron Co. (NYSE:CVX) by 7.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,650 shares of the oil and gas company’s stock after selling 700 shares during the quarter. Salem Capital Management Inc.’s holdings in Chevron were worth $1,083,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in Chevron by 2.9% in the second quarter. Vanguard Group Inc. now owns 139,626,287 shares of the oil and gas company’s stock valued at $14,567,210,000 after acquiring an additional 3,920,240 shares during the last quarter. BlackRock Inc. lifted its stake in Chevron by 1.6% in the second quarter. BlackRock Inc. now owns 124,678,992 shares of the oil and gas company’s stock valued at $13,007,759,000 after acquiring an additional 1,975,865 shares during the last quarter. Capital World Investors lifted its stake in Chevron by 9.8% in the second quarter. Capital World Investors now owns 35,546,848 shares of the oil and gas company’s stock valued at $3,708,603,000 after acquiring an additional 3,182,250 shares during the last quarter. Northern Trust Corp lifted its stake in Chevron by 0.6% in the second quarter. Northern Trust Corp now owns 26,153,161 shares of the oil and gas company’s stock valued at $2,728,558,000 after acquiring an additional 157,021 shares during the last quarter. Finally, Franklin Resources Inc. lifted its stake in Chevron by 0.3% in the second quarter. Franklin Resources Inc. now owns 15,609,647 shares of the oil and gas company’s stock valued at $1,628,554,000 after acquiring an additional 49,083 shares during the last quarter. Hedge funds and other institutional investors own 65.04% of the company’s stock.
A number of analysts have commented on CVX shares. Zacks Investment Research upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $129.00 price target for the company in a research note on Friday, November 17th. Bank of America set a $125.00 price objective on shares of Chevron and gave the company a “buy” rating in a research report on Saturday, December 2nd. UBS Group set a $120.00 price objective on shares of Chevron and gave the company a “neutral” rating in a research report on Monday, December 4th. Credit Suisse Group initiated coverage on shares of Chevron in a research report on Monday, December 11th. They issued a “neutral” rating and a $123.00 price objective on the stock. Finally, Jefferies Group reissued a “buy” rating and issued a $140.00 price objective on shares of Chevron in a research report on Wednesday, December 20th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nineteen have assigned a buy rating to the stock. Chevron currently has a consensus rating of “Buy” and a consensus price target of $130.00.
Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, February 2nd. The oil and gas company reported $0.73 EPS for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.54). Chevron had a return on equity of 5.22% and a net margin of 6.49%. The business had revenue of $37.62 billion for the quarter, compared to the consensus estimate of $38.43 billion. During the same period in the prior year, the business posted $0.22 earnings per share. Chevron’s revenue was up 19.4% compared to the same quarter last year. analysts anticipate that Chevron Co. will post 6.37 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, March 12th. Investors of record on Friday, February 16th were given a dividend of $1.12 per share. This represents a $4.48 dividend on an annualized basis and a yield of 3.89%. This is a positive change from Chevron’s previous quarterly dividend of $1.08. The ex-dividend date was Thursday, February 15th. Chevron’s dividend payout ratio (DPR) is currently 92.37%.
Chevron Company Profile
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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