Bridges Investment Management Inc. raised its holdings in shares of Chevron Co. (NYSE:CVX) by 1.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 227,492 shares of the oil and gas company’s stock after acquiring an additional 2,467 shares during the period. Chevron makes up about 1.3% of Bridges Investment Management Inc.’s portfolio, making the stock its 17th biggest position. Bridges Investment Management Inc.’s holdings in Chevron were worth $28,762,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. HPM Partners LLC lifted its stake in Chevron by 6.7% during the 2nd quarter. HPM Partners LLC now owns 33,035 shares of the oil and gas company’s stock valued at $4,177,000 after acquiring an additional 2,087 shares during the period. Cozad Asset Management Inc. acquired a new stake in Chevron during the 2nd quarter valued at approximately $2,875,000. Salem Investment Counselors Inc. lifted its stake in Chevron by 2.4% during the 2nd quarter. Salem Investment Counselors Inc. now owns 33,459 shares of the oil and gas company’s stock valued at $4,230,000 after acquiring an additional 769 shares during the period. Moneta Group Investment Advisors LLC lifted its stake in Chevron by 814.2% during the 2nd quarter. Moneta Group Investment Advisors LLC now owns 202,772 shares of the oil and gas company’s stock valued at $1,691,000 after acquiring an additional 180,592 shares during the period. Finally, Millennium Management LLC lifted its stake in Chevron by 478.5% during the 2nd quarter. Millennium Management LLC now owns 2,015,778 shares of the oil and gas company’s stock valued at $254,855,000 after acquiring an additional 1,667,339 shares during the period. Institutional investors and hedge funds own 64.67% of the company’s stock.
CVX opened at $115.91 on Friday. The company has a quick ratio of 1.01, a current ratio of 1.22 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $224.02 billion, a P/E ratio of 31.33, a PEG ratio of 2.05 and a beta of 1.13. Chevron Co. has a 1 year low of $107.54 and a 1 year high of $133.88.
Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, November 2nd. The oil and gas company reported $2.11 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.06 by $0.05. The company had revenue of $43.99 billion during the quarter, compared to analysts’ expectations of $47.17 billion. Chevron had a net margin of 8.79% and a return on equity of 8.19%. The firm’s revenue for the quarter was up 21.5% on a year-over-year basis. During the same period in the prior year, the business posted $1.03 earnings per share. As a group, equities research analysts forecast that Chevron Co. will post 8.18 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 10th. Shareholders of record on Friday, November 16th will be given a dividend of $1.12 per share. This represents a $4.48 dividend on an annualized basis and a yield of 3.87%. The ex-dividend date is Thursday, November 15th. Chevron’s dividend payout ratio is presently 121.08%.
CVX has been the subject of several analyst reports. Wells Fargo & Co decreased their target price on shares of Chevron from $160.00 to $158.00 and set an “outperform” rating for the company in a research note on Monday, November 5th. Bank of America reiterated a “neutral” rating and issued a $140.00 target price (up from $135.00) on shares of Chevron in a research note on Monday, November 5th. Credit Suisse Group upgraded shares of Chevron from a “neutral” rating to an “outperform” rating and set a $138.00 target price for the company in a research note on Monday, November 5th. Piper Jaffray Companies reiterated an “overweight” rating on shares of Chevron in a research note on Tuesday, October 23rd. Finally, Redburn Partners cut shares of Chevron from a “buy” rating to a “neutral” rating and decreased their target price for the company from $130.00 to $115.00 in a research note on Wednesday, October 3rd. Seven investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $139.13.
In other Chevron 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 completion of the transaction, the insider now directly owns 4,750 shares in the company, valued at $569,857.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold 23,750 shares of company stock valued at $2,821,833 over the last 90 days. 0.38% of the stock is currently owned by company 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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