Investment Partners LTD. lessened its holdings in shares of Chevron Co. (NYSE:CVX – Get Rating) by 61.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,576 shares of the oil and gas company’s stock after selling 13,434 shares during the period. Investment Partners LTD.’s holdings in Chevron were worth $1,539,000 at the end of the most recent reporting period.
Several other large investors have also modified their holdings of the business. Worth Asset Management LLC bought a new stake in shares of Chevron during the first quarter valued at approximately $36,000. JDM Financial Group LLC bought a new stake in shares of Chevron during the fourth quarter valued at approximately $42,000. Global Wealth Strategies & Associates bought a new stake in shares of Chevron during the fourth quarter valued at approximately $46,000. Hillsdale Investment Management Inc. raised its stake in shares of Chevron by 127.3% during the third quarter. Hillsdale Investment Management Inc. now owns 375 shares of the oil and gas company’s stock valued at $54,000 after acquiring an additional 210 shares in the last quarter. Finally, Piershale Financial Group Inc. bought a new stake in shares of Chevron during the fourth quarter valued at approximately $72,000. Hedge funds and other institutional investors own 69.37% of the company’s stock.
Analyst Ratings Changes
CVX has been the subject of several research analyst reports. Bank of America downgraded shares of Chevron from a “buy” rating to a “neutral” rating and lifted their price target for the company from $190.00 to $191.00 in a research note on Friday, January 6th. Morgan Stanley decreased their price target on shares of Chevron from $197.00 to $195.00 and set an “equal weight” rating for the company in a research note on Monday, January 30th. StockNews.com began coverage on shares of Chevron in a research note on Thursday, March 16th. They issued a “hold” rating for the company. BNP Paribas downgraded shares of Chevron from a “neutral” rating to an “underperform” rating and set a $190.00 price objective for the company. in a research note on Wednesday, December 14th. Finally, Wells Fargo & Company reduced their price objective on shares of Chevron from $204.00 to $199.00 and set an “overweight” rating for the company in a research note on Thursday, March 2nd. One research analyst has rated the stock with a sell rating, ten have given a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $189.50.
Chevron Stock Performance
Chevron (NYSE:CVX – Get Rating) last issued its quarterly earnings results on Friday, January 27th. The oil and gas company reported $4.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.16 by ($0.07). The business had revenue of $56.47 billion for the quarter, compared to analyst estimates of $53.97 billion. Chevron had a return on equity of 23.52% and a net margin of 14.40%. The business’s revenue for the quarter was up 17.1% on a year-over-year basis. During the same period in the previous year, the company posted $2.56 earnings per share. Analysts expect 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. Stockholders of record on Thursday, February 16th were issued a dividend of $1.51 per share. The ex-dividend date was Wednesday, February 15th. This is a positive change from Chevron’s previous quarterly dividend of $1.42. This represents a $6.04 dividend on an annualized basis and a dividend yield of 3.87%. Chevron’s payout ratio is 33.04%.
Chevron announced that its Board of Directors has authorized a share repurchase plan on Wednesday, January 25th that authorizes the company to buyback $75.00 billion in outstanding shares. This buyback authorization authorizes the oil and gas company to purchase up to 21.7% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
Insider Activity
In other news, VP Rhonda J. Morris sold 19,666 shares of the business’s stock in a transaction on Tuesday, February 7th. The shares were sold at an average price of $170.00, for a total transaction 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.32% of the company’s stock.
Chevron Company 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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