First Manhattan Co. lessened its stake in shares of Chevron Co. (NYSE:CVX) by 5.9% during the fourth quarter, Holdings Channel reports. The fund owned 37,119 shares of the oil and gas company’s stock after selling 2,333 shares during the quarter. First Manhattan Co.’s holdings in Chevron were worth $4,038,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Oakworth Capital Inc. boosted its holdings in shares of Chevron by 4.7% in the third quarter. Oakworth Capital Inc. now owns 14,101 shares of the oil and gas company’s stock worth $1,724,000 after buying an additional 636 shares during the last quarter. Robeco Institutional Asset Management B.V. purchased a new position in shares of Chevron in the third quarter worth approximately $95,515,000. Brightworth boosted its holdings in shares of Chevron by 1.9% in the third quarter. Brightworth now owns 56,499 shares of the oil and gas company’s stock worth $6,909,000 after buying an additional 1,059 shares during the last quarter. Alpha Cubed Investments LLC boosted its holdings in shares of Chevron by 131.5% in the third quarter. Alpha Cubed Investments LLC now owns 15,548 shares of the oil and gas company’s stock worth $1,837,000 after buying an additional 8,831 shares during the last quarter. Finally, Alps Advisors Inc. boosted its holdings in shares of Chevron by 5.6% in the third quarter. Alps Advisors Inc. now owns 210,549 shares of the oil and gas company’s stock worth $25,746,000 after buying an additional 11,259 shares during the last quarter. 65.93% of the stock is currently owned by hedge funds and other institutional investors.
A number of research firms recently issued reports on CVX. Zacks Investment Research downgraded shares of Chevron from a “buy” rating to a “hold” rating in a report on Tuesday, May 7th. Cowen reissued a “buy” rating and issued a $142.00 price objective on shares of Chevron in a report on Wednesday, April 17th. Citigroup raised their price objective on shares of Chevron from $135.00 to $142.00 and gave the stock a “buy” rating in a report on Monday, April 15th. Bank of America raised shares of Chevron from a “neutral” rating to a “buy” rating and set a $140.00 price objective on the stock in a report on Friday, April 12th. Finally, Morgan Stanley began coverage on shares of Chevron in a report on Friday, April 12th. They issued an “overweight” rating and a $150.00 price objective on the stock. Seven research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $135.84.
Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, April 26th. The oil and gas company reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.26 by $0.13. Chevron had a net margin of 8.45% and a return on equity of 9.07%. The business had revenue of $35.20 billion for the quarter, compared to the consensus estimate of $38.42 billion. During the same quarter in the previous year, the firm earned $1.90 earnings per share. The company’s revenue for the quarter was down 6.8% on a year-over-year basis. On average, equities research analysts predict that Chevron Co. will post 7.24 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, June 10th. Shareholders of record on Friday, May 17th will be issued a dividend of $1.19 per share. This represents a $4.76 annualized dividend and a yield of 3.90%. The ex-dividend date of this dividend is Thursday, May 16th. Chevron’s dividend payout ratio is currently 57.70%.
In other Chevron news, insider James William Johnson sold 4,750 shares of Chevron stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $124.84, for a total transaction of $592,990.00. Following the transaction, the insider now owns 4,750 shares of the company’s stock, valued at $592,990. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.46% of the stock is owned by insiders.
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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