Fifth Third Bancorp lifted its holdings in shares of Chevron Co. (NYSE:CVX – Get Rating) by 1.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,084,143 shares of the oil and gas company’s stock after acquiring an additional 19,356 shares during the quarter. Chevron makes up 0.9% of Fifth Third Bancorp’s portfolio, making the stock its 22nd biggest position. Fifth Third Bancorp owned 0.06% of Chevron worth $194,593,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently made changes to their positions in CVX. New England Asset Management Inc. raised its holdings in shares of Chevron by 106.3% during 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 in the last quarter. Legal & General Group Plc raised its holdings 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 worth $1,964,620,000 after purchasing an additional 1,899,104 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings 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 worth $1,731,739,000 after purchasing an additional 847,841 shares in the last quarter. Neuberger Berman Group LLC raised its holdings 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 worth $499,801,000 after purchasing an additional 767,699 shares in the last quarter. Finally, California Public Employees Retirement System raised its holdings in Chevron by 18.3% in the third quarter. California Public Employees Retirement System now owns 4,550,363 shares of the oil and gas company’s stock worth $653,751,000 after purchasing an additional 703,646 shares in the last quarter. Institutional investors own 69.37% of the company’s stock.
Analyst Ratings Changes
A number of research firms have issued reports on CVX. StockNews.com began coverage on Chevron in a report on Thursday, March 16th. They issued a “hold” rating for the company. Mizuho reiterated a “neutral” rating and issued a $206.00 price objective on shares of Chevron in a report on Friday, March 17th. Cowen decreased their price objective on Chevron from $185.00 to $170.00 and set an “outperform” rating for the company in a report on Friday, February 24th. Morgan Stanley decreased their price objective on Chevron from $195.00 to $192.00 and set an “equal weight” rating for the company in a report on Monday, March 27th. Finally, Barclays increased their price objective on Chevron from $196.00 to $212.00 and gave the stock an “overweight” rating in a report on Tuesday, January 3rd. Eleven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $189.76.
Chevron Trading Down 1.3 %
Chevron (NYSE:CVX – Get Rating) last released its quarterly earnings data on Friday, January 27th. The oil and gas company reported $4.09 EPS for the quarter, missing the consensus estimate of $4.16 by ($0.07). Chevron had a net margin of 14.40% and a return on equity of 23.52%. The business had revenue of $56.47 billion for the quarter, compared to analysts’ expectations of $53.97 billion. During the same period last year, the business earned $2.56 earnings per share. The company’s quarterly revenue was up 17.1% on a year-over-year basis. On average, sell-side analysts predict that Chevron Co. will post 14.56 EPS for the current year.
Chevron Increases Dividend
The firm 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. The ex-dividend date of this dividend was Wednesday, February 15th. This is a boost from Chevron’s previous quarterly dividend of $1.42. This represents a $6.04 annualized dividend and a dividend yield of 3.60%. Chevron’s dividend payout ratio (DPR) is 33.04%.
Chevron declared that its Board of Directors has initiated a stock repurchase program on Wednesday, January 25th that permits the company to repurchase $75.00 billion in outstanding shares. This repurchase authorization permits the oil and gas company to repurchase up to 21.7% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
Insider Activity at Chevron
In other Chevron news, VP Rhonda J. Morris sold 19,666 shares of the firm’s stock in a transaction dated 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 transaction, the vice president now directly owns 3,967 shares of the company’s stock, valued at $674,390. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.32% of the stock is currently owned by insiders.
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.
Featured Articles
- Get a free copy of the StockNews.com research report on Chevron (CVX)
- Hypercharge Networks: Up Triple Digits, But What’s The Big Deal?
- 3 Reasons Why Apple’s 30% Rally Has Legs
- 3 Reasons to Pick First Citizens Instead of First Republic Bank
- 3 April Earnings Plays for Bullish Swing Traders
- Is Constellation Brands Star About To Rise?
Receive News & Ratings for Chevron Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Chevron and related companies with MarketBeat.com's FREE daily email newsletter.
