Ipswich Investment Management Co. Inc. increased its holdings in shares of Chevron Co. (NYSE:CVX) by 1.7% in the third quarter, Holdings Channel reports. The institutional investor owned 49,450 shares of the oil and gas company’s stock after purchasing an additional 812 shares during the quarter. Chevron accounts for 2.0% of Ipswich Investment Management Co. Inc.’s portfolio, making the stock its 10th biggest position. Ipswich Investment Management Co. Inc.’s holdings in Chevron were worth $6,047,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also bought and sold shares of CVX. Viking Fund Management LLC increased its stake in Chevron by 6.0% in the third quarter. Viking Fund Management LLC now owns 24,000 shares of the oil and gas company’s stock valued at $2,935,000 after purchasing an additional 1,350 shares in the last quarter. Nelson Roberts Investment Advisors LLC increased its stake in Chevron by 2.1% in the third quarter. Nelson Roberts Investment Advisors LLC now owns 61,195 shares of the oil and gas company’s stock valued at $7,483,000 after purchasing an additional 1,281 shares in the last quarter. Kovack Advisors Inc. increased its stake in Chevron by 8.8% in the third quarter. Kovack Advisors Inc. now owns 21,774 shares of the oil and gas company’s stock valued at $2,662,000 after purchasing an additional 1,761 shares in the last quarter. EFG Asset Management Americas Corp. increased its stake in Chevron by 1.2% in the third quarter. EFG Asset Management Americas Corp. now owns 35,320 shares of the oil and gas company’s stock valued at $4,319,000 after purchasing an additional 418 shares in the last quarter. Finally, Beese Fulmer Investment Management Inc. increased its stake in Chevron by 1.3% in the third quarter. Beese Fulmer Investment Management Inc. now owns 56,482 shares of the oil and gas company’s stock valued at $6,907,000 after purchasing an additional 730 shares in the last quarter. 64.62% of the stock is owned by institutional investors and hedge funds.
Several equities research analysts have commented on CVX shares. Credit Suisse Group set a $138.00 target price on shares of Chevron and gave the company a “buy” rating in a research note on Saturday, December 8th. Wells Fargo & Co lowered their target price on shares of Chevron from $160.00 to $158.00 and set an “outperform” rating for the company in a research note on Monday, November 5th. Zacks Investment Research raised shares of Chevron from a “hold” rating to a “buy” rating and set a $137.00 target price for the company in a research note on Monday, October 1st. Redburn Partners downgraded shares of Chevron from a “buy” rating to a “neutral” rating and lowered their target price for the company from $130.00 to $115.00 in a research note on Wednesday, October 3rd. Finally, Piper Jaffray Companies reaffirmed an “overweight” rating on shares of Chevron in a research note on Tuesday, October 23rd. Seven 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 company. The company currently has an average rating of “Buy” and a consensus target price of $139.13.
Chevron stock opened at $109.74 on Wednesday. The company has a market capitalization of $214.87 billion, a PE ratio of 29.66, a P/E/G ratio of 2.07 and a beta of 1.13. Chevron Co. has a twelve month low of $107.54 and a twelve month high of $133.88. The company has a quick ratio of 1.01, a current ratio of 1.22 and a debt-to-equity ratio of 0.19.
Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, November 2nd. The oil and gas company reported $2.11 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.06 by $0.05. The company had revenue of $43.99 billion during the quarter, compared to analysts’ expectations of $47.17 billion. Chevron had a net margin of 8.79% and a return on equity of 8.19%. The business’s quarterly revenue was up 21.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.03 earnings per share. As a group, equities research analysts predict that Chevron Co. will post 7.76 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, December 10th. Stockholders of record on Friday, November 16th were issued a $1.12 dividend. This represents a $4.48 annualized dividend and a dividend yield of 4.08%. The ex-dividend date was Thursday, November 15th. Chevron’s dividend payout ratio (DPR) is presently 121.08%.
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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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