Chevron Co. (NYSE:CVX) Shares Acquired by Nexus Investment Management ULC
Nexus Investment Management ULC raised its holdings in shares of Chevron Co. (NYSE:CVX) by 6.2% in the 2nd quarter, HoldingsChannel reports. The fund owned 11,950 shares of the oil and gas company’s stock after buying an additional 700 shares during the quarter. Nexus Investment Management ULC’s holdings in Chevron were worth $1,066,000 as of its most recent SEC filing.
Other large investors have also added to or reduced their stakes in the company. Sailer Financial LLC acquired a new position in shares of Chevron during the 4th quarter worth about $25,000. Filbrandt Wealth Management LLC purchased a new stake in shares of Chevron in the 4th quarter valued at about $25,000. Corbenic Partners LLC lifted its holdings in shares of Chevron by 276.0% in the 1st quarter. Corbenic Partners LLC now owns 361 shares of the oil and gas company’s stock valued at $26,000 after purchasing an additional 265 shares during the last quarter. Advocacy Wealth Management Services LLC lifted its holdings in shares of 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 valued at $27,000 after purchasing an additional 181 shares during the last quarter. Finally, HighMark Wealth Management LLC purchased a new stake in shares of Chevron in the 4th quarter valued at about $58,000. 64.86% of the stock is owned by institutional investors and hedge funds.
CVX has been the subject of several research reports. Royal Bank of Canada downgraded Chevron from a “sector perform” rating to an “underperform” rating and set a $100.00 target price for the company. in a report on Wednesday, June 10th. Goldman Sachs Group downgraded Chevron from a “conviction-buy” rating to a “buy” rating in a report on Monday, May 4th. Credit Suisse Group boosted their target price on Chevron from $81.00 to $100.00 and gave the company an “outperform” rating in a report on Monday, May 4th. Raymond James reduced their target price on Chevron from $125.00 to $105.00 and set an “outperform” rating for the company in a report on Tuesday, March 17th. Finally, ValuEngine downgraded Chevron from a “buy” rating to a “hold” rating in a research note on Thursday, April 2nd. One analyst has rated the stock with a sell rating, eight have given a hold rating and sixteen have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $112.55.
Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.93 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $1.29. The business had revenue of $31.50 billion for the quarter, compared to analysts’ expectations of $30.46 billion. Chevron had a return on equity of 8.28% and a net margin of 2.71%. The company’s revenue was down 10.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.47 EPS. As a group, analysts predict that Chevron Co. will post 0.27 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Tuesday, May 19th were issued a $1.29 dividend. This represents a $5.16 dividend on an annualized basis and a dividend yield of 5.98%. The ex-dividend date was Monday, May 18th. Chevron’s dividend 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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