Northwest Investment Counselors LLC reduced its holdings in Chevron Co. (NYSE:CVX – Get Rating) by 3.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,098 shares of the oil and gas company’s stock after selling 67 shares during the period. Northwest Investment Counselors LLC’s holdings in Chevron were worth $377,000 as of its most recent SEC filing.
Several other institutional investors also recently modified their holdings of the company. Renaissance Technologies LLC boosted its stake in Chevron by 600.7% in the 2nd quarter. Renaissance Technologies LLC now owns 5,786,295 shares of the oil and gas company’s stock valued at $837,740,000 after buying an additional 4,960,475 shares in the last quarter. New England Asset Management Inc. grew its position in Chevron by 106.3% in the third quarter. New England Asset Management Inc. now owns 4,439,965 shares of the oil and gas company’s stock valued at $637,889,000 after acquiring an additional 2,288,050 shares during the period. Legal & General Group Plc grew its position in 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 valued at $1,964,620,000 after acquiring an additional 1,899,104 shares during the period. Dimensional Fund Advisors LP grew its position in Chevron by 7.6% in the third 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 period. Finally, Neuberger Berman Group LLC grew its position in Chevron by 28.3% in the third quarter. Neuberger Berman Group LLC now owns 3,477,683 shares of the oil and gas company’s stock valued at $499,801,000 after acquiring an additional 767,699 shares during the period. Institutional investors and hedge funds own 69.37% of the company’s stock.
Wall Street Analyst Weigh In
A number of brokerages have weighed in on CVX. Cowen lowered their price target on Chevron from $185.00 to $170.00 and set an “outperform” rating on the stock in a research report on Friday, February 24th. Wells Fargo & Company decreased their target price on Chevron from $204.00 to $199.00 and set an “overweight” rating on the stock in a report on Thursday, March 2nd. Mizuho restated a “neutral” rating and set a $206.00 target price on shares of Chevron in a report on Friday, March 17th. Barclays increased their target price on Chevron from $196.00 to $212.00 and gave the stock an “overweight” rating in a report on Tuesday, January 3rd. Finally, HSBC increased their target price on Chevron to $187.00 in a report on Friday, December 2nd. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, Chevron currently has an average rating of “Hold” and a consensus target price of $189.50.
Chevron Stock Up 1.0 %
Chevron (NYSE:CVX – Get Rating) last posted its earnings results 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). 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 firm’s revenue was up 17.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.56 earnings per share. As a group, research analysts anticipate that Chevron Co. will post 14.73 EPS for the current year.
Chevron Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, March 10th. Investors of record on Thursday, February 16th were paid a $1.51 dividend. The ex-dividend date of this dividend was Wednesday, February 15th. This is an increase from Chevron’s previous quarterly dividend of $1.42. This represents a $6.04 annualized dividend and a yield of 3.87%. Chevron’s payout ratio is 33.04%.
Chevron announced that its board has authorized a share repurchase plan on Wednesday, January 25th that authorizes the company to buyback $75.00 billion in shares. This buyback authorization authorizes the oil and gas company to repurchase up to 21.7% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its stock is undervalued.
Insider Activity at Chevron
In related news, VP Rhonda J. Morris sold 19,666 shares of the business’s 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 completion of the sale, the vice president now directly owns 3,967 shares in the company, valued at approximately $674,390. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.32% of the stock is currently owned by corporate 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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