Fort Pitt Capital Group LLC decreased its position in Chevron Co. (NYSE:CVX) by 10.1% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 8,849 shares of the oil and gas company’s stock after selling 995 shares during the period. Fort Pitt Capital Group LLC’s holdings in Chevron were worth $1,119,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Dimensional Fund Advisors LP boosted its stake in Chevron by 4.4% in the 1st 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 purchasing an additional 549,931 shares during the period. Schwab Charles Investment Management Inc. boosted its stake in Chevron by 2.3% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 8,933,341 shares of the oil and gas company’s stock worth $1,129,443,000 after purchasing an additional 204,547 shares during the period. Barrow Hanley Mewhinney & Strauss LLC boosted its stake in Chevron by 0.4% in the 1st 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 purchasing an additional 31,022 shares during the period. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in Chevron by 10.3% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 6,391,206 shares of the oil and gas company’s stock worth $808,040,000 after purchasing an additional 594,253 shares during the period. Finally, Swiss National Bank boosted its stake in Chevron by 3.6% in the 2nd quarter. Swiss National Bank now owns 6,360,623 shares of the oil and gas company’s stock worth $804,174,000 after purchasing an additional 222,500 shares during the period. 64.66% of the stock is owned by hedge funds and other institutional investors.
Shares of CVX stock opened at $119.51 on Friday. The company has a current ratio of 1.08, a quick ratio of 0.87 and a debt-to-equity ratio of 0.20. The stock has a market capitalization of $231.60 billion, a PE ratio of 32.30, a PEG ratio of 2.07 and a beta of 1.12. Chevron Co. has a 52-week low of $107.54 and a 52-week high of $133.88.
Chevron (NYSE:CVX) last issued its earnings results on Friday, November 2nd. The oil and gas company reported $2.11 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.06 by $0.05. The company had revenue of $43.99 billion for the quarter, compared to analysts’ expectations of $47.17 billion. Chevron had a net margin of 8.79% and a return on equity of 8.24%. Chevron’s quarterly revenue was up 21.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.03 EPS. As a group, equities analysts forecast that Chevron Co. will post 8.31 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, December 10th. Stockholders of record on Friday, November 16th will be issued a $1.12 dividend. The ex-dividend date is Thursday, November 15th. This represents a $4.48 dividend on an annualized basis and a dividend yield of 3.75%. Chevron’s payout ratio is 121.08%.
A number of equities analysts recently weighed in on the stock. Berenberg Bank assumed coverage on shares of Chevron in a research note on Tuesday, September 11th. They issued a “hold” rating and a $135.00 target price for the company. Bank of America lowered shares of Chevron from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $150.00 to $135.00 in a research note on Thursday, September 6th. Goldman Sachs Group reaffirmed a “buy” rating and issued a $141.00 target price on shares of Chevron in a research note on Tuesday, July 31st. HSBC raised shares of Chevron from a “hold” rating to a “buy” rating in a research report on Tuesday, September 11th. Finally, Zacks Investment Research cut shares of Chevron from a “buy” rating to a “hold” rating in a research report on Monday, July 23rd. Eight equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $138.13.
In other news, insider James William Johnson sold 4,750 shares of the company’s stock in a transaction dated Thursday, September 13th. The shares were sold at an average price of $116.00, for a total value of $551,000.00. Following the sale, the insider now directly owns 4,750 shares of the company’s stock, valued at approximately $551,000. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.38% of the stock is currently owned by corporate insiders.
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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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