Narwhal Capital Management raised its position in shares of Chevron Co. (NYSE:CVX) by 1.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 27,245 shares of the oil and gas company’s stock after acquiring an additional 500 shares during the period. Narwhal Capital Management’s holdings in Chevron were worth $3,445,000 as of its most recent SEC filing.
A number of other hedge funds have also recently added to or reduced their stakes in the business. Geode Capital Management LLC raised its position in Chevron by 3.4% in the fourth quarter. Geode Capital Management LLC now owns 19,836,151 shares of the oil and gas company’s stock worth $2,478,038,000 after purchasing an additional 655,892 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Chevron by 4.4% during the first quarter. Dimensional Fund Advisors LP now owns 13,026,526 shares of the oil and gas company’s stock worth $1,485,545,000 after buying an additional 549,931 shares in the last quarter. Schwab Charles Investment Management Inc. increased its holdings in shares of Chevron by 3.3% during the first quarter. Schwab Charles Investment Management Inc. now owns 8,728,794 shares of the oil and gas company’s stock worth $995,432,000 after buying an additional 275,289 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its holdings in shares of Chevron by 0.4% during the first quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 7,624,550 shares of the oil and gas company’s stock worth $869,505,000 after buying an additional 31,022 shares in the last quarter. Finally, Boston Partners increased its holdings in shares of Chevron by 2.4% during the first quarter. Boston Partners now owns 7,482,304 shares of the oil and gas company’s stock worth $853,282,000 after buying an additional 175,360 shares in the last quarter. Institutional investors own 64.82% of the company’s stock.
In related news, insider James William Johnson sold 4,750 shares of the firm’s stock in a transaction on Thursday, September 13th. The shares were sold at an average price of $116.00, for a total transaction of $551,000.00. Following the sale, the insider now directly owns 4,750 shares in the company, valued at $551,000. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.46% of the company’s stock.
Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, July 27th. The oil and gas company reported $1.78 earnings per share for the quarter, missing analysts’ consensus estimates of $2.09 by ($0.31). Chevron had a return on equity of 6.89% and a net margin of 7.87%. The firm had revenue of $42.24 billion for the quarter, compared to the consensus estimate of $46.62 billion. During the same period in the prior year, the business earned $0.77 earnings per share. The company’s revenue for the quarter was up 22.5% compared to the same quarter last year. As a group, equities analysts anticipate that Chevron Co. will post 8.17 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, September 10th. Investors of record on Friday, August 17th were issued a dividend of $1.12 per share. The ex-dividend date was Thursday, August 16th. This represents a $4.48 dividend on an annualized basis and a dividend yield of 3.59%. Chevron’s payout ratio is 121.08%.
CVX has been the subject of several recent analyst reports. Goldman Sachs Group reaffirmed a “buy” rating and set a $141.00 price objective on shares of Chevron in a report on Tuesday, July 31st. HSBC raised shares of Chevron from a “hold” rating to a “buy” rating in a report on Tuesday, September 11th. Zacks Investment Research cut shares of Chevron from a “buy” rating to a “hold” rating in a research note on Monday, July 23rd. ValuEngine cut shares of Chevron from a “buy” rating to a “hold” rating in a research note on Thursday, August 2nd. Finally, Royal Bank of Canada reissued a “neutral” rating and set a $145.00 price target on shares of Chevron in a research note on Monday, July 2nd. Nine analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $136.83.
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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