Martin & Co. Inc. TN decreased its stake in shares of Chevron Co. (NYSE:CVX – Free Report) by 4.5% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 13,475 shares of the oil and gas company’s stock after selling 640 shares during the quarter. Martin & Co. Inc. TN’s holdings in Chevron were worth $2,120,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds also recently modified their holdings of the stock. Bank Julius Baer & Co. Ltd Zurich raised its holdings in shares of Chevron by 100,509.4% during the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 426,861,553 shares of the oil and gas company’s stock valued at $67,166,665,000 after purchasing an additional 426,437,277 shares during the period. Morgan Stanley increased its position in Chevron by 12.7% in the 4th quarter. Morgan Stanley now owns 32,906,060 shares of the oil and gas company’s stock valued at $5,906,309,000 after buying an additional 3,711,923 shares in the last quarter. Moneta Group Investment Advisors LLC raised its stake in Chevron by 104,997.3% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 24,490,824 shares of the oil and gas company’s stock worth $4,395,858,000 after buying an additional 24,467,521 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Chevron by 0.8% in the second quarter. Charles Schwab Investment Management Inc. now owns 23,867,243 shares of the oil and gas company’s stock worth $3,732,044,000 after acquiring an additional 199,759 shares in the last quarter. Finally, Norges Bank acquired a new stake in Chevron in the fourth quarter valued at approximately $3,058,235,000. Institutional investors own 68.87% of the company’s stock.
Analyst Ratings Changes
A number of brokerages have recently weighed in on CVX. The Goldman Sachs Group raised Chevron from a “neutral” rating to a “buy” rating and upped their target price for the stock from $166.00 to $187.00 in a research report on Monday, July 31st. Morgan Stanley dropped their price objective on shares of Chevron from $203.00 to $201.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 17th. Truist Financial decreased their target price on shares of Chevron from $175.00 to $169.00 and set a “hold” rating for the company in a research report on Tuesday, October 24th. Sanford C. Bernstein upgraded Chevron from a “market perform” rating to an “outperform” rating and cut their price target for the company from $184.00 to $182.00 in a research note on Thursday, November 2nd. Finally, HSBC boosted their price objective on Chevron from $180.00 to $184.00 in a report on Wednesday, August 9th. Four equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $187.89.
Chevron Stock Performance
Shares of CVX traded up $1.01 during trading hours on Monday, hitting $145.47. The company’s stock had a trading volume of 1,725,214 shares, compared to its average volume of 8,350,733. The business has a 50 day simple moving average of $158.68 and a two-hundred day simple moving average of $158.22. Chevron Co. has a 52-week low of $140.74 and a 52-week high of $187.81. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.25 and a quick ratio of 0.97. The company has a market cap of $274.61 billion, a price-to-earnings ratio of 10.82, a PEG ratio of 0.73 and a beta of 1.16.
Chevron (NYSE:CVX – Get Free Report) last issued its earnings results on Friday, October 27th. The oil and gas company reported $3.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.70 by ($0.65). Chevron had a net margin of 12.11% and a return on equity of 16.15%. The business had revenue of $54.08 billion for the quarter, compared to the consensus estimate of $51.41 billion. During the same period in the previous year, the firm earned $5.56 EPS. The company’s revenue was down 18.9% compared to the same quarter last year. On average, equities analysts expect that Chevron Co. will post 13.59 earnings per share for the current fiscal year.
Chevron Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Monday, December 11th. Shareholders of record on Friday, November 17th will be paid a $1.51 dividend. The ex-dividend date of this dividend is Thursday, November 16th. This represents a $6.04 annualized dividend and a yield of 4.15%. Chevron’s dividend payout ratio is currently 44.84%.
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; liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and processing, transportation, storage, and marketing of natural gas, as well as a gas-to-liquids plant.
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