Steigerwald Gordon & Koch Inc. raised its holdings in shares of Chevron Co. (NYSE:CVX – Get Rating) by 14.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,078 shares of the oil and gas company’s stock after acquiring an additional 264 shares during the period. Steigerwald Gordon & Koch Inc.’s holdings in Chevron were worth $373,000 at the end of the most recent reporting period.
Other large investors have also recently made changes to their positions in the company. Northern Trust Corp raised its position in Chevron by 1.5% in the 2nd quarter. Northern Trust Corp now owns 25,219,717 shares of the oil and gas company’s stock worth $3,651,311,000 after purchasing an additional 371,458 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Chevron by 1.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 14,697,160 shares of the oil and gas company’s stock valued at $2,393,138,000 after buying an additional 189,762 shares during the last quarter. Legal & General Group Plc increased its holdings in shares of Chevron by 16.3% in the second quarter. Legal & General Group Plc now owns 13,569,692 shares of the oil and gas company’s stock worth $1,964,620,000 after buying an additional 1,899,104 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Chevron by 7.6% in the 3rd quarter. Dimensional Fund Advisors LP now owns 12,052,751 shares of the oil and gas company’s stock valued at $1,731,739,000 after acquiring an additional 847,841 shares during the last quarter. Finally, Nuveen Asset Management LLC boosted its holdings in Chevron by 1.6% during the 3rd quarter. Nuveen Asset Management LLC now owns 9,953,548 shares of the oil and gas company’s stock valued at $1,430,026,000 after acquiring an additional 155,955 shares during the period. 69.37% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of brokerages have commented on CVX. Morgan Stanley decreased their price target on Chevron from $197.00 to $195.00 and set an “equal weight” rating on the stock in a research note on Monday, January 30th. Mizuho reiterated a “neutral” rating and set a $206.00 price target on shares of Chevron in a report on Friday, March 17th. HSBC raised their price target on shares of Chevron to $187.00 in a report on Friday, December 2nd. Bank of America downgraded shares of Chevron from a “buy” rating to a “neutral” rating and upped their price objective for the company from $190.00 to $191.00 in a research note on Friday, January 6th. Finally, Barclays raised their target price on Chevron from $196.00 to $212.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 3rd. One analyst has rated the stock with a sell rating, ten have issued a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $189.50.
Chevron Stock Performance
Chevron (NYSE:CVX – Get Rating) last announced its quarterly earnings data on Friday, January 27th. The oil and gas company reported $4.09 earnings per share for the quarter, missing analysts’ consensus estimates of $4.16 by ($0.07). Chevron had a return on equity of 23.52% and a net margin of 14.40%. The business had revenue of $56.47 billion during the quarter, compared to analysts’ expectations of $53.97 billion. During the same quarter last year, the company posted $2.56 EPS. Chevron’s revenue for the quarter was up 17.1% compared to the same quarter last year. On average, equities analysts forecast that Chevron Co. will post 14.73 earnings per share for the current fiscal year.
Chevron Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, March 10th. Investors of record on Thursday, February 16th were given a dividend of $1.51 per share. This represents a $6.04 dividend on an annualized basis and a yield of 3.87%. The ex-dividend date was Wednesday, February 15th. This is a positive change from Chevron’s previous quarterly dividend of $1.42. Chevron’s dividend payout ratio (DPR) is 33.04%.
Chevron announced that its Board of Directors has approved a stock buyback plan on Wednesday, January 25th that permits the company to buyback $75.00 billion in outstanding shares. This buyback authorization permits the oil and gas company to purchase up to 21.7% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board believes its stock is undervalued.
Insider Buying and Selling at Chevron
In other news, VP Rhonda J. Morris sold 19,666 shares of the stock in a transaction on Tuesday, February 7th. The stock was sold at an average price of $170.00, for a total value of $3,343,220.00. Following the sale, the vice president now directly owns 3,967 shares of the company’s stock, valued at $674,390. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.32% of the stock is owned by company insiders.
Chevron Profile
Chevron Corp. engages in the provision of administrative, financial management, and technology support for energy and chemical operations. It operates through the Upstream and Downstream segments. The Upstream segment consists of the exploration, development, and production of crude oil and natural gas, the liquefaction, transportation, and regasification associated with liquefied natural gas, the transporting of crude oil by major international oil export pipelines, the processing, transporting, storage, and marketing of natural gas, and a gas-to-liquids plant.
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