Fjarde AP Fonden Fourth Swedish National Pension Fund Reduces Stake in Chevron Co. (NYSE:CVX)
Fjarde AP Fonden Fourth Swedish National Pension Fund lowered its stake in shares of Chevron Co. (NYSE:CVX) by 5.3% in the 1st quarter, HoldingsChannel reports. The firm owned 529,982 shares of the oil and gas company’s stock after selling 29,600 shares during the quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund’s holdings in Chevron were worth $38,402,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds also recently modified their holdings of the company. Sailer Financial LLC purchased a new position in Chevron in the fourth quarter valued at approximately $25,000. Filbrandt Wealth Management LLC bought a new stake in shares of Chevron in the fourth quarter valued at $25,000. Corbenic Partners LLC lifted its position in shares of Chevron by 276.0% during the 1st quarter. Corbenic Partners LLC now owns 361 shares of the oil and gas company’s stock valued at $26,000 after buying an additional 265 shares during the last quarter. Roffman Miller Associates Inc. PA bought a new position in shares of Chevron during the 4th quarter worth $27,000. Finally, Advocacy Wealth Management Services LLC increased its holdings in Chevron by 84.2% in the 1st quarter. Advocacy Wealth Management Services LLC now owns 396 shares of the oil and gas company’s stock worth $27,000 after acquiring an additional 181 shares during the last quarter. Institutional investors own 66.54% of the company’s stock.
A number of equities analysts have weighed in on CVX shares. Morgan Stanley cut their target price on shares of Chevron from $137.00 to $103.00 and set an “overweight” rating for the company in a research report on Monday, March 16th. Wells Fargo & Co raised their price objective on shares of Chevron from $107.00 to $111.00 and gave the stock an “overweight” rating in a report on Monday, May 4th. Mizuho reduced their price objective on shares of Chevron from $140.00 to $100.00 and set a “buy” rating for the company in a research note on Wednesday, April 8th. JPMorgan Chase & Co. increased their target price on Chevron from $97.00 to $103.00 and gave the stock an “overweight” rating in a research report on Monday, May 4th. Finally, Raymond James cut their price target on Chevron from $125.00 to $105.00 and set an “outperform” rating for the company in a report on Tuesday, March 17th. Seven equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $113.05.
Shares of NYSE CVX traded down $1.76 during midday trading on Friday, hitting $90.28. 8,560,331 shares of the company’s stock were exchanged, compared to its average volume of 10,544,008. The company has a current ratio of 1.01, a quick ratio of 0.78 and a debt-to-equity ratio of 0.16. The business’s fifty day moving average price is $86.77 and its two-hundred day moving average price is $102.43. The company has a market cap of $171.84 billion, a price-to-earnings ratio of 44.04 and a beta of 1.31. Chevron Co. has a 12-month low of $51.60 and a 12-month high of $127.00.
Chevron (NYSE:CVX) last announced its earnings results on Friday, May 1st. The oil and gas company reported $1.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $1.29. The business had revenue of $31.50 billion during the quarter, compared to analyst estimates of $30.46 billion. Chevron had a net margin of 2.71% and a return on equity of 8.28%. Chevron’s revenue for the quarter was down 10.5% on a year-over-year basis. During the same period in the previous year, the business posted $1.47 earnings per share. Equities analysts expect that Chevron Co. will post -0.39 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th will be issued a dividend of $1.29 per share. This represents a $5.16 dividend on an annualized basis and a dividend yield of 5.72%. The ex-dividend date of this dividend is Monday, May 18th. Chevron’s dividend payout ratio is currently 82.30%.
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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