Metropolitan Life Insurance Co. NY reduced its holdings in shares of Chevron Co. (NYSE:CVX) by 2.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 289,065 shares of the oil and gas company’s stock after selling 8,143 shares during the period. Chevron accounts for about 0.6% of Metropolitan Life Insurance Co. NY’s investment portfolio, making the stock its 23rd largest holding. Metropolitan Life Insurance Co. NY’s holdings in Chevron were worth $36,546,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Charles Schwab Investment Advisory Inc. bought a new stake in Chevron during the 2nd quarter valued at about $413,622,000. Standard Life Aberdeen plc increased its stake in Chevron by 78.9% during the 2nd quarter. Standard Life Aberdeen plc now owns 6,790,689 shares of the oil and gas company’s stock valued at $858,547,000 after purchasing an additional 2,994,612 shares in the last quarter. Cornerstone Wealth Management LLC increased its stake in Chevron by 12,404.4% during the 2nd quarter. Cornerstone Wealth Management LLC now owns 1,938,051 shares of the oil and gas company’s stock valued at $15,598,000 after purchasing an additional 1,922,552 shares in the last quarter. Investec Asset Management LTD bought a new stake in Chevron during the 2nd quarter valued at about $143,820,000. Finally, Summit Trail Advisors LLC increased its stake in Chevron by 9,968.8% during the 1st quarter. Summit Trail Advisors LLC now owns 1,145,531 shares of the oil and gas company’s stock valued at $1,146,000 after purchasing an additional 1,134,154 shares in the last quarter. 64.67% of the stock is owned by institutional investors.
A number of analysts have weighed in on the stock. Berenberg Bank assumed coverage on shares of Chevron in a research note on Tuesday, September 11th. They set a “hold” rating and a $135.00 price objective for the company. Bank of America lowered shares of Chevron from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $150.00 to $135.00 in a research note on Thursday, September 6th. HSBC upgraded shares of Chevron from a “hold” rating to a “buy” rating in a research note on Tuesday, September 11th. Goldman Sachs Group upgraded shares of Chevron from a “buy” rating to a “conviction-buy” rating in a research note on Tuesday, October 2nd. Finally, Credit Suisse Group upgraded shares of Chevron from a “neutral” rating to an “outperform” rating and set a $138.00 price target for the company in a research note on Monday, November 5th. Seven analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $139.13.
Shares of NYSE:CVX opened at $117.24 on Thursday. The company has a current ratio of 1.22, a quick ratio of 1.01 and a debt-to-equity ratio of 0.19. Chevron Co. has a 1-year low of $107.54 and a 1-year high of $133.88. The company has a market cap of $224.02 billion, a price-to-earnings ratio of 31.69, a PEG ratio of 2.05 and a beta of 1.13.
Chevron (NYSE:CVX) last released its earnings results on Friday, November 2nd. The oil and gas company reported $2.11 EPS for the quarter, topping the consensus estimate of $2.06 by $0.05. Chevron had a net margin of 8.79% and a return on equity of 8.19%. The firm had revenue of $43.99 billion for the quarter, compared to the consensus estimate of $47.17 billion. During the same quarter in the previous year, the firm earned $1.03 earnings per share. The company’s quarterly revenue was up 21.5% compared to the same quarter last year. On average, equities research analysts predict that Chevron Co. will post 8.18 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, December 10th. Investors of record on Friday, November 16th will be paid a dividend of $1.12 per share. This represents a $4.48 dividend on an annualized basis and a yield of 3.82%. The ex-dividend date of this dividend is Thursday, November 15th. Chevron’s payout ratio is 121.08%.
In related news, insider James William Johnson sold 4,750 shares of the company’s stock in a transaction on Thursday, October 11th. The shares were sold at an average price of $119.97, for a total transaction of $569,857.50. Following the sale, the insider now owns 4,750 shares of the company’s stock, valued at $569,857.50. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In the last ninety days, insiders have sold 19,000 shares of company stock worth $2,247,463. 0.38% of the stock is owned by 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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