Sterling Investment Management Inc. Acquires 2,877 Shares of Chevron Co. (CVX)

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Sterling Investment Management Inc. grew its holdings in Chevron Co. (NYSE:CVX) by 53.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,236 shares of the oil and gas company’s stock after acquiring an additional 2,877 shares during the period. Sterling Investment Management Inc.’s holdings in Chevron were worth $1,041,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. HC Financial Advisors Inc. bought a new position in shares of Chevron during the 4th quarter worth approximately $565,000. Robeco Institutional Asset Management B.V. lifted its position in shares of Chevron by 38.4% during the 1st quarter. Robeco Institutional Asset Management B.V. now owns 335,277 shares of the oil and gas company’s stock worth $38,236,000 after buying an additional 93,062 shares during the period. Chase Investment Counsel Corp lifted its position in shares of Chevron by 25.4% during the 1st quarter. Chase Investment Counsel Corp now owns 2,074 shares of the oil and gas company’s stock worth $236,000 after buying an additional 420 shares during the period. Castleview Partners LLC bought a new position in shares of Chevron during the 1st quarter worth approximately $374,000. Finally, Bradley Foster & Sargent Inc. CT lifted its position in shares of Chevron by 36.7% during the 1st quarter. Bradley Foster & Sargent Inc. CT now owns 213,258 shares of the oil and gas company’s stock worth $24,320,000 after buying an additional 57,280 shares during the period. 64.66% of the stock is currently owned by institutional investors and hedge funds.

Shares of CVX opened at $118.90 on Wednesday. The company has a quick ratio of 0.87, a current ratio of 1.08 and a debt-to-equity ratio of 0.20. Chevron Co. has a 52-week low of $107.54 and a 52-week high of $133.88. The firm has a market capitalization of $219.84 billion, a price-to-earnings ratio of 32.14, a price-to-earnings-growth ratio of 2.01 and a beta of 1.12.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, November 2nd. The oil and gas company reported $2.11 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.06 by $0.05. Chevron had a return on equity of 8.24% and a net margin of 8.79%. The firm had revenue of $43.99 billion during the quarter, compared to the consensus estimate of $47.17 billion. During the same quarter in the previous year, the company posted $1.03 EPS. The business’s revenue for the quarter was up 21.5% compared to the same quarter last year. On average, equities research analysts forecast that Chevron Co. will post 8.21 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 10th. Shareholders of record on Friday, November 16th will be given a $1.12 dividend. The ex-dividend date is Thursday, November 15th. This represents a $4.48 annualized dividend and a yield of 3.77%. Chevron’s payout ratio is 121.08%.

In other Chevron news, insider James William Johnson sold 4,750 shares of Chevron stock in a transaction on Thursday, October 11th. The stock was sold at an average price of $119.97, for a total value of $569,857.50. Following the completion of the transaction, the insider now owns 4,750 shares in the company, valued at approximately $569,857.50. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.46% of the company’s stock.

Several research firms recently commented on CVX. Barclays raised their target price on Chevron from $145.00 to $148.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 11th. Bank of America downgraded Chevron from a “buy” rating to a “neutral” rating and cut their target price for the stock from $150.00 to $135.00 in a research report on Thursday, September 6th. Royal Bank of Canada set a $150.00 target price on Chevron and gave the stock a “hold” rating in a research report on Thursday, September 20th. Berenberg Bank began coverage on Chevron in a research report on Tuesday, September 11th. They set a “hold” rating and a $135.00 target price for the company. Finally, Zacks Investment Research upgraded Chevron from a “hold” rating to a “buy” rating and set a $137.00 target price for the company in a research report on Monday, October 1st. Eight equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $138.13.

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Chevron Company Profile

Chevron Corporation, through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, and production 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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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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