1832 Asset Management L.P. Boosts Stock Holdings in Chevron Co. (NYSE:CVX)
1832 Asset Management L.P. grew its position in shares of Chevron Co. (NYSE:CVX) by 32.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 250,771 shares of the oil and gas company’s stock after purchasing an additional 60,987 shares during the quarter. 1832 Asset Management L.P.’s holdings in Chevron were worth $18,138,000 as of its most recent SEC filing.
Other large investors have also recently bought and sold shares of the company. Capital Wealth Planning LLC raised its stake in shares of Chevron by 6.2% in the 4th quarter. Capital Wealth Planning LLC now owns 626,966 shares of the oil and gas company’s stock valued at $75,556,000 after purchasing an additional 36,574 shares during the period. AXA increased its position in shares of Chevron by 6.3% in the fourth quarter. AXA now owns 661,816 shares of the oil and gas company’s stock valued at $79,755,000 after buying an additional 39,182 shares in the last quarter. Americana Partners LLC purchased a new position in shares of Chevron in the fourth quarter valued at $3,902,000. Keebeck Wealth Management LLC purchased a new position in shares of Chevron in the fourth quarter valued at $520,000. Finally, CVA Family Office LLC purchased a new position in shares of Chevron in the fourth quarter valued at $432,000. 64.86% of the stock is owned by hedge funds and other institutional investors.
A number of research firms recently commented on CVX. Zacks Investment Research upgraded Chevron from a “hold” rating to a “buy” rating and set a $96.00 price objective for the company in a research report on Tuesday, May 26th. Argus reaffirmed a “buy” rating and set a $88.00 target price (down from $150.00) on shares of Chevron in a research report on Thursday, March 26th. Raymond James cut their target price on Chevron from $125.00 to $105.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 17th. Goldman Sachs Group lowered Chevron from a “conviction-buy” rating to a “buy” rating in a research report on Monday, May 4th. Finally, Mizuho cut their target price on Chevron from $140.00 to $100.00 and set a “buy” rating on the stock in a research report on Wednesday, April 8th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and sixteen have given a buy rating to the company. The company has an average rating of “Buy” and an average price target of $112.55.
Chevron (NYSE:CVX) last issued its earnings results on Friday, May 1st. The oil and gas company reported $1.93 earnings per share for the quarter, topping the consensus estimate of $0.64 by $1.29. Chevron had a return on equity of 8.28% and a net margin of 2.71%. The company had revenue of $31.50 billion for the quarter, compared to analyst estimates of $30.46 billion. During the same period in the prior year, the firm posted $1.47 EPS. The business’s revenue was down 10.5% compared to the same quarter last year. As a group, sell-side analysts expect that Chevron Co. will post 0.27 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th were given a $1.29 dividend. This represents a $5.16 annualized dividend and a yield of 5.97%. The ex-dividend date of this dividend was Monday, May 18th. Chevron’s payout ratio is currently 82.30%.
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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